Appraisals - the dilemma.

[MossRoad]

Does this mean your major focus is getting an appraisal?

I was just thinking that. I had some more loan advice regarding blanket mortgages, but I guess I'll hold off now that I know he's not gonna listen.

 

[beowulf]

I was just thinking that. I had some more loan advice regarding blanket mortgages, but I guess I'll hold off now that I know he's not gonna listen.

 

[beowulf]

Be careful

At least that is what my wife (a retired real estate attorney) tells me.

Newbury, smart lady - your wife. Very good advice re not representing yourself, but I think more applicable to courtrooms than transactional law. Anyway, I am low maintenance and have had lots of time to work it all out.

 

[MossRoad]

Here's some fun reading...

Working RE Magazine

Working RE Magazine is the news and information resource for Real Estate Appraisers, Home Inspectors, Agents & Brokers, and other Real Estate Professionals.

www.workingre.com

 

[beowulf]

Here's some fun reading...

Working RE Magazine

Working RE Magazine is the news and information resource for Real Estate Appraisers, Home Inspectors, Agents & Brokers, and other Real Estate Professionals.

www.workingre.com

Interesting reading. Thank for the link.

 

[dodge man]

I’d start by getting an appraisal and then find a good lawyer.

Sorry, I shouldn’t pile on. It funny when someone doesn’t read the entire thread and the brings something up that’s been answered, and I’ve been guilty of it.

 

[beowulf]

I’d start by getting an appraisal and then find a good lawyer.

Sorry, I shouldn’t pile on. It funny when someone doesn’t read the entire thread and the brings something up that’s been answered, and I’ve been guilty of it.

It can be maddening until you realize everyone is trying to help and that is a good thing.

I have done it as well - particularly when there are 20 pages or more and I think I have something brilliant to contribute that just can't wait.

 

[MossRoad]

I can't resist talking about my blanket mortgages!!!!

We bought our first home for $20K in 1985. 4 years later we wanted to buy vacant farm land. 20 acres for $30K. Farm Credit Services suggested we use a local Savings and Loan and get a blanket mortgage. Normally, they'd want 25% down on vacant land. So we'd need to come up with $7500 down payment for the land. However, the blanket mortgage covered the value of the land plus the value of the equity in our home in one mortgage. Since the house was paid off, the combined value of the house and the vacant land was $50K. We already owned $20K in equity on the $50K total value. That's 40% in equity, which is more than the required 25% down. So we were able to purchase the land with no money down. Seems shady, but it's perfectly legal. So we did it.

4 years later the land was paid off and we wanted to move to a larger house. The current house was worth $30K, and the one we wanted to buy was $65K. We took out another blanket mortgage on both houses. So $95K in total value, of which, we already owned $30K in equity, so a bit over 33% of the total value. Again, no money down to buy the 2nd house. Only stipulation was when we sold the 1st house, we had to give the S&L enough cash to bring up the equity in the 2nd house to at least 25%.

None of this applies to you. I just couldn't hold it in any more.

 

[Jstpssng]

It can be maddening until you realize everyone is trying to help and that is a good thing.

I have done it as well - particularly when there are 20 pages or more and I think I have something brilliant to contribute that just can't wait.

What's even worse is when you've only read 2 pages of the 20 before posting that idea which will save the world... then go back to page three and discover that somebody has already posted the same thing almost verbatim.

My great contribution to this, since you say that you could finance it yourself; would be to start building now and pay yourself back when the loan goes through. I'm sure that you've already considered that though...

 

[beowulf]

What's even worse is when you've only read 2 pages of the 20 before posting that idea which will save the world... then go back to page three and discover that somebody has already posted the same thing almost verbatim.

My great contribution to this, since you say that you could finance it yourself; would be to start building now and pay yourself back when the loan goes through. I'm sure that you've already considered that though...

Jstpssng, actually, we have started doing that - drilled the well, put in the pump, ordered water storage tanks, had a pad done and road cut to the pad, water yield test, and will start on the septic and power run. We already paid for all that, and will be cutting a check to the builder next week to kick that off. We will continue to use cash and won't draw on the HELOC right away. Interest free money is better.