Hi!

I concur with Marian Schaffer of North Carolina. The "rule of thumb" is still 20% down to get the best
interest rates. Many lots have been reduced recently to faster sales. Check on my website to see
photos and prices of these lots. Lot sales nearly doubled here in St George last month from the previous three months while home sales were still low. I believe this shows that the market is responding to
these lower prices.

Happy lot hunting,

Annette Taylor, Realtor
Windermere Real Estate Southland
St George, UT

Sun May 4 2008, 08:24

A Looker,
Be careful buying lots as any type of "investment" right now. Especially if you are putting it mostly on credit and don't plan on building a home on it in the very near future. I'm not 100% certain we have hit the "bottom" of the market yet at least as far as new developments and newly constructed homes goes. But we are not far from it, if it hasn't happened already. Lenders are going to be hesitant to loan on just a lot and if you find one that will lend, pay close attention to the terms and interest rate. If you think the rate is too high or the terms sound odd, then they probably are. Get a second opinion from a different lender. If you have cash, or a large down payment (30 to 50% of the purchase price), you may be able to get a decent loan for the rest. Lenders in specifice areas may not even touch a lot loan without a construction loan to build a home tied to it. With the large inventory of empty lots and newly constructed homes, both developers and builders typically are willing to deal a bit, so you could find a bargain on an otherwise too pricey lot. You sound like you have your "ducks in a row" as far as your credit scores, debt load and employment history. Consider your intended purpose for buying a lot and decide if that is the best move for you and your family financially and if the risk is acceptable to you. St. George, Utah is one of the most beautiful places in the state, the weather is out standing (golf in january!) and there are some good deals to be had if you plan on holding your property for a few years. Even though it is in a low point now, that area is going through a natural pull back after the exposive growth that it has seen over the last few years. That place has nowhere to go but back up, but it may take another year or two to see a noticable change.
I highly recommend that you seek a Realtor who is familiar with the areas you are interested in. They will be able to provide you with detailed information and guide you to the best deals around.
Hope this helps.
Joe Patton
Century21 Golden Spike Realty
Ogden Utah
(801) 391-9811

Sun May 4 2008, 08:08

Dear A Looker,
Lenders are being more conservative these days when funding lot loans. The question really should not center around the minimal amount required, but rather the amount down that will give you the most favorable interest rate. The more cash you can put down, the better and more options you should have with lenders. Also, don't credit a monthly strain on your family by purchasing something that could potential become an unnecessary burden to you later. This is a great time to buyer a lot. Don't just accept the "offering price". There is a real science to the development world. I would be more then glad to help you get the very best opportunity. This is all we do...and it is at NO cost to you.
Marian Schaffer
The Schaffer Realty Group
877-886-8388
contact: terry@marianschaffer.com

Sat May 3 2008, 23:19