Tn Land for sale by owner questions ?

[Grumpy Old Man]

Talk about a gross generalization. In many cases this is true, but you have no idea his family's situation. It really comes down to good parenting, if you do it, they will have been "earning it" their whole life.

yes ,they have earned it ,daughters a school teacher and son in private aviation running my old business ,No late night phone calls from police stations or drug issues ever ,But I would be leaving it to them not giving it as a gift .They are 27 and 31 so not really kids anymore even if I see them that way !:cloud9:

 

[kootch88]

I sold my camp this way in September with a balloon payment in 24 months. I wouldn't have done it for just anyone, but this person seemed "right" and his Dad was a lawyer. He drew up the contract and my lawyer reviewed and modified it. it saved me a bunch of money in drawing up a contract and has us both protected. The big concern for me with the house and barn was what changes he would make if any. I wanted control of that process since I just redid the entire interior a year ago. That was not a big hurdle at all, but was a concern.

 

[IXLR8]

I purchased some land in Colorado this way. It was set up so I sent the checks to the sellers bank to be deposited into the sellers account. The seller, and their bank, was in California, I was living in New Mexico. I paid it off in 4 years, never did anything with the property and 8 years later I went to sell it. Turns out the seller died 3 years into the 4 years of payments, I never got a note from the seller, sellers estate or the sellers bank stating I had paid the note off. To compound issue, the bank had been sold and nobody was around who knew anything about the loan. I was never able to track down any of the heirs to the estate. Paper trail through the seller, sellers estate, sellers bank was non-existent, all I had was my canceled checks and the original note. It was a major hassle, numerous legal hurdles to get over to be able to sell the property. Something to keep in mind.

 

[lakngulf]

I sold about 75 acres of farmland this way. Many good points in above posts--title search for good clear title, owner-buyer agree on terms, lawyer draws up contract and administers the closing, deeds along with mortgage and note are recorded in county probate office. Title search revealed that my grandfather retained 1/2 mineral rights when he deeded the property over to my dad. My dad deeded it over to me. So, my grandfather's heirs still had 1/2 mineral rights. I had to get paper work drawn up, signed and recorded that the siblings granted to me those rights.

For years I received a monthly payment, interest higher than I could have gotten elsewhere. Later, the farmer took out another loan (Farmers Coop or something) and paid the balance. No problem, as I paid off my house and car, and now ready to retire. I have thanked my Mom for that, because the property made it possible. And I still own about 100 acres for good "piddlin'" time.

 

[Robert_in_NY]

I purchased a 40 acre farm from a guy for $30k. He asked us to give him $3k a year for 10 years. He didn't want to take a huge hit all at once and we were happy having him hold the note. It was a standard puchase agreement with him having the same rights as any bank if we default on the payment. The price was great for the property, no banks to deal with and no interest. I jumped at the deal. I would have even paid standard interest rates on this deal if asked but he was happy we agreed to his asking price without negotiating. He had it priced fair and we were happy with that.

 

[Grumpy Old Man]

I purchased a 40 acre farm from a guy for $30k. He asked us to give him $3k a year for 10 years. He didn't want to take a huge hit all at once and we were happy having him hold the note. It was a standard puchase agreement with him having the same rights as any bank if we default on the payment. The price was great for the property, no banks to deal with and no interest. I jumped at the deal. I would have even paid standard interest rates on this deal if asked but he was happy we agreed to his asking price without negotiating. He had it priced fair and we were happy with that.

Well after a little running around today and after talking to a few sellers and my attorney ,looks like I just bought another property 27 acres private loan no interest no penalty for early pay Paved road and services , 17 miles from town for less than I have paid for one of my trucks ~!

 

[Tororider]

Congrats Grumpy. With all these new toys you are getting, you're going to have to change your name.

 

[Grumpy Old Man]

Congrats Grumpy. With all these new toys you are getting, you're going to have to change your name.

I have been called Grumpy for 20 years by my kids ,It kind of stuck !

 

[Grumpy Old Man]

And This property is privately financed with a super low down payment , I wont own it for several yrs .

 

[survriggs]

Congratulations Grumpy on your new piece of land. I hope you enjoy it. The only concern I have about the "lease/purchase", or as is common in our area the "contract for deed" is that the title to the land remains in the lienholder/owner until the land is paid for in full. ( I have no idea if yours is either one so these may not apply) A couple of things could happen; if you build any permanent structure on the property and the owner loses the land through foreclosure, your buildings may become property of the bank. Also, if the owner files bankruptcy, the land is still part of his assets. I'm sure your attorney has covered this and has you protected. Again, good luck and enjoy your new property!