Home Buying in 94568>Question Details

Leslie1974le…, Home Buyer in Oakland, CA

Do have to pay an agent for advice?

Asked by Leslie1974lelaind, Oakland, CA Sat Oct 20, 2012

Ilive in California and in a few years will be moving next to my mother on her property in rural Arkansas. However, I want to own my share of her land and build my own home. I'm on social security and believe I will qualify for the Federal Low Income Housing Loan, or may a USDA loan. I haveno idea really, so, that's why I need serious advice and I'm willing to pay for it if Ihave too, but do I have to?

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Answers

4
Folks who can help you at this point:

Whether or not the property can be subdivided is something you need to know first. And then you will need to know the restrictions regarding the type of structure you can build on it. Go to the city/county building department and ask what the property is zoned for, what you can build on it, minimum criteria, etc. The city/county may charge for application for some of these services (permits, getting copies of documents, etc).

A real estate attorney can advise you and your mother regarding parceling the land and having you own part of it and type of ownership. And he can draw up the documents to make you a legal owner and have this recorded. He will most likely charge for you.

A lender can advise you on what type of loan you can qualify for to build. I don't think lenders will charge to get you prequalified and preapproved.
0 votes Thank Flag Link Sat Oct 20, 2012
I agree that you should be speaking with a loan officer, not a Realtor at this time. Information is generally given freely.
0 votes Thank Flag Link Sat Oct 20, 2012
In addition to Ramon's advise, you may want to speak to a real estate attorney who knows Arkansas real estate law regarding splitting up parcels of land, and non arms length transactions. It may be that you can even do this without a real estate agent.

You would have to pay the attorney, which actually should be cheaper than an agent.
0 votes Thank Flag Link Sat Oct 20, 2012
No you don't have to pay for this type of advice. The person you should be speaking with though should be a Loan Officer. They will be able to let you know if you can qualify for a USDA Loan, based upon your financial situation.

Best Regards,

Ramon Concepcion
0 votes Thank Flag Link Sat Oct 20, 2012
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