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Home Buying in Shenandoah County : Real Estate Advice

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Activity 8
Tue Oct 21, 2014
Bmbvideo%40gmail.com asked:
For example, paid 10k on land that cost 50k (20% down).
Use that 10k in collateral already invested into the land toward a 200k construction loan (representing the required 5% down for…
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Thu May 16, 2013
Abby Walters answered:
Quickclaim Deed? Usually the bank provides a special warranty deed with a foreclosure. You aren't protected as much as you are with a standard sale and a general warranty deed. But get title insurance and you should be fine! ;) ... more
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Thu May 16, 2013
Abby Walters answered:
Not right now, there aren't. Every once in awhile we get some though. Keep checking in!
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Sat Sep 8, 2012
Kate & Kevin Brennan answered:
Ok, just give me a call at 240 888-3603 and I'll see if I can help you answer your question,
Kate and Kevin
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Sun Jul 8, 2012
Richard Coffelt answered:
Cabin Hill Homes, LLC, phone (540) 477-2686, is a local builder capable of building a home to your specifications or can provide you with many floor plan alternatives. If you need a building lot, I have a 5.3 acre tract located just across from Georges Poultry available. ... more
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Thu Oct 29, 2009
Matt Oesterle answered:
my recommendation would be to purchase the land and old cabin separately. this gives you the most optionality and, most likely, the best end result.

there are a few places to purchase existing cabins, one of which is here: http://www.oldbarnwoodsite.com/old_log_cabins.htm

for land, without doing your own research, i would caution against starting by engaging small realty firms who will often push a limited subset of property that they directly represent. you can check MLS listings yourself for free by doing a google search for "MLS search virginia". a variety of websites will let you search all properties by just providing an email address. larger agencies like Remax.com will also have pretty wide coverage.

you'll also want to be careful to be familiar with zoning / code / etc. restrictions on the land you look at, or else you might end up with an empty piece of land and pile of old wood. the land sellers will not go out of their way to make you aware of these things. it's much more important to have a local real estate lawyer prior to making a purchase, than a local realty agency.

good luck
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Wed Jul 22, 2009
Fred Griffin answered:
Good Credit is almost always required.

No Down Payment loans include USDA Rural, VA, and perhaps owner financing. There may be others that are not as common.

Taking over Payments?
There are very few "non-qualifying assumable mortgages" out there.
You will [most likely] be required to qualify to assume the loan.

If you try something like "Subject to the Mortgage" or "Rent with Option to Buy", please see a Real Estate Attorney for legal advice. Have the Attorney draw up the Contracts and other Documents.


Please speak with a Lender or Lenders regarding this situation. You may wish to call the Bank or Credit Union where you do your checking and savings, and tell them you want to talk about a Mortgage Loan.

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Best wishes to you,
Fred
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