OT, Back to 1 squared

On 12 Jul 2003 15:56:08 GMT, dogsnus wrote:

Had two buyers, competing for our place, but one dropped
out and the other qualified for thier loan, under the
conditions of interest rate mentioned in the agreement,
but the blasted, O*()*& underwriters freak out over
anything over 5 acres.
This buyer tried 2 different places and they both
puked all over the deal.
They actually asked us if we'd carry the loan.
NO!

Did they try Wells Fargo? I had a similar problem when I bought this
place (7 acres). Lots of lenders were anxious to lend me money, until
they found out how much land I wanted to buy.

--Terri & Harlan (Big babies)

--
When I'M trying to get somebody fired, I always walk a mile in their
shoes first. That way, when I get them fired and they get all angry
with me, I'm a mile away, and I'VE GOT THEIR SHOES! HAW HAW!
--Beable van Polasm, alt.religion.kibology

Aw, Terri. I hate dissappointments like that. I think you probably deserve
to be in a pissy mood. This too shall pass.
Perry
bentcajungirl
"Theresa Willis" wrote in message
...
On 12 Jul 2003 15:56:08 GMT, dogsnus wrote:

Had two buyers, competing for our place, but one dropped
out and the other qualified for thier loan, under the
conditions of interest rate mentioned in the agreement,
but the blasted, O*()*& underwriters freak out over
anything over 5 acres.
This buyer tried 2 different places and they both
puked all over the deal.
They actually asked us if we'd carry the loan.
NO!

Did they try Wells Fargo? I had a similar problem when I bought this
place (7 acres). Lots of lenders were anxious to lend me money, until
they found out how much land I wanted to buy.

--Terri & Harlan (Big babies)

--
When I'M trying to get somebody fired, I always walk a mile in their
shoes first. That way, when I get them fired and they get all angry
with me, I'm a mile away, and I'VE GOT THEIR SHOES! HAW HAW!
--Beable van Polasm, alt.religion.kibology

"bentcajungirl" wrote in
:

Aw, Terri. I hate dissappointments like that. I think you probably
deserve to be in a pissy mood. This too shall pass.
Thanks, Perry.
I know it will, but damn, now I have to cool my jets and unpack
a bunch of stuff to make the house look lived in.
This has also been a good experience for the dogs, though.
New routines, habits and the comings and goings of people
in my remote rural home, has been a real plus for them.
They've adjusted to it like real troopers.

terri

Theresa Willis wrote in
:

snip

Did they try Wells Fargo?

You know? I have no idea what lending organization they
tried, both times.
You would think, as the buyer is a real estate agent,
that she would know about Wells Fargo and other agencies
that are friendly to over 5 acres of land.
I half want to call her up and mention it to her, but
I'm already paying "someone" 3% to do their job and I'd
like to think that "someone" would do the job they're being
paid for.
(Yeah, that's 3% not 6%, I got a great deal at the time.)
Or, not.



I had a similar problem when I bought this
place (7 acres). Lots of lenders were anxious to lend me money, until
they found out how much land I wanted to buy.

What IS it with this 5 acre limit thingiemajiggie, anyway?
I was always under the impression that more land is GOOD, not bad.


snip
Meat Terri
Thanks for the tip and for letting me vent.


When I'M trying to get somebody fired, I always walk a mile in their
shoes first. That way, when I get them fired and they get all angry
with me, I'm a mile away, and I'VE GOT THEIR SHOES! HAW HAW!
--Beable van Polasm, alt.religion.kibology

What IS it with this 5 acre limit thingiemajiggie, anyway?
I was always under the impression that more land is GOOD, not bad.


Harder to sell. I learned that the hard way.

(Tricia9999) wrote in
:

What IS it with this 5 acre limit thingiemajiggie, anyway?
I was always under the impression that more land is GOOD, not bad.


Harder to sell. I learned that the hard way.


Yeah, but WHY?
(And, what did you do to sell it?)


Terri

Tricia9999 wrote:

Harder to sell. I learned that the hard way.

Really? People have some sort of mental block against parcels larger
than 5 acres?

Maybe it is because they feel that the extra acerage is wasted?? Around
here, the most restrictive residential zoning (RC) means 0.20
houses/acre, so 5 is the minimum you need to put up a house. Unless you
have 10, in which case you could subdivide the lot at some point, the
extra acerage is "useless".

Heck, we get people asking us all the time if we're going to have our
property rezoned (we have 5 acres) and sell off the other parcels -
that's exactly the reason I wanted a large lot, so I could have other
people living so close to me that I can reach out and poke them.

Suja

(Tricia9999) wrote in
:

Yeah, but WHY?
(And, what did you do to sell it?)


Terri

Because most want to live in the burbs with neighbors on top of them and
stores close by.
Sorry.I meant why is a big deal the lenders, not the folks
buying over 5 acres. Obviously some folks do want to live outside the burbs,
as we do and the prospective buyers do, who, btw, are still interested
and persuing things even though we put the house back on the market.


We lowered the price and lost money, of course (6
acres).

We can't/won't do that and still get what we need to buy
into a new place for cash, and no mortgage.
We're not looking to make a huge profit, just get out
of it what we put into it. It will be enough.

I think we're just going to have to sit tight. Apparently,
while it was off the market, we had several other folks
call who were interested in it.

Oh, and REALLY off topic, I'm attempting to make my first
quilt for my impending Grandson. Well, step-grandson, but
I'll take what I can get.
We're pretty excited around here right now!

Terri

dogsnus wrote:

(Tricia9999) wrote in
:

Yeah, but WHY?
(And, what did you do to sell it?)


Terri

Because most want to live in the burbs with neighbors on top of them and
stores close by.
Sorry.I meant why is a big deal the lenders, not the folks
buying over 5 acres.

The lenders are thinking about what will happen if the buyer defaults
and they get stuck with the property. They want something that will
sell fast without much rehabbing before putting it on the market and at
a price that will recover as much as possible of what is owed. The more
land to go to pot when someone knows they are going to lose it anyway,
the slower the resale market, and the lower the price to get it sold if
you need to sell means they are much more at risk should they end up in
a foreclosure.

--
Paula
"Some of my wife's relatives, to drive them crazy, you'd
have to put the car in reverse." -- Doctroid Holmes