Asked by Jeff, 72936 • Wed Aug 12, 2009
I bought a lot in a lake resort which are extremely rare to find in this particular resort. I can't get a fixed loan because there aren't any comparable homes that have sold in the last year. I'm building 1,800 sq ft and the only thing that has sold is 4,000 sq ft. Sells are rare as most people hold on to what they have and pass it down to their kids. Bank said they would give me a 15/30 year loan if my lot was paid for. Was going to refinance my primary home and pull out $78,000 to pay off the lot. I live in an exclusive neighborhood in a small town and appraiser doesn't have three comparables that have sold in the last six months to make a value for my home. So, because of comparables I can't build a lake house and can't refinance my primary home which I owe $211,000 on and market value last year was $395,000. Arkansas values can't move that much. No value, why pay insurance and taxes??????
Real Estate in Greenwood
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