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#1
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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 |
#2
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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 |
#3
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"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 |
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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 |
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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. |
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#7
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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 |
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#9
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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 |
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