Financing in Stonewall>Question Details

Thomas, Home Buyer in Mississippi

HOW CAN I BUY LAND BUT DON'T HAVE GOOD CREDIT?

Asked by Thomas, Mississippi Wed Dec 12, 2007

I HAVE FOUND 83 ACRES OF LAND FOR $60,000.THAT I WOULD LIKE TO BUY FOR ME AND MY TO HAVE A PLACE TO HUNT.HOW CAN I GET THE MONEY TO BUY THIS PLACE WITH BAD CREDIT

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If it is worth more than your paying , you could try to get a "hard Money" loan. Talk to a hard money lender or private money, they can get creative, BUT you will pay a high rate and fees to get it done.
Web Reference: http://www.atladenver.com
0 votes Thank Flag Link Wed Dec 12, 2007
To add to that, ask for a "bond for Deed" type loan / owner financing at 8% INTEREST for 30 yrs, with monthly payments, plus your money you negotiate down on the property...and if you can, say you want a quick close.

You will need another $2500 at least for closing costs..and then you have to consider the taxes.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed Dec 12, 2007
By it with owner financing, 10 % or 5% down. Worse case, do a "bond for deed"....ask a local Realtor in the area to draw the contract up for you.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed Dec 12, 2007
Have you tried to find other hunters that would like to buy the property with you and start a hunt club under a LLC?
0 votes Thank Flag Link Wed Dec 12, 2007
You may want to see if the Owner/Seller is interested in Owner Financing.....With today's mortgage industry crack down, it is difficult for buyers to qualify for loans even with money down, and especially if there are credit issues.

If the seller is in a position to owner finance, then this may be a win-win situation. He can earn interest on his loan and you have a place to hunt :)

Good luck!
0 votes Thank Flag Link Wed Dec 12, 2007
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