dream house rant

[terryknight]

Plus, by the time you go through all of the contracts, title searching, loan approvals, etc., you might be close to the end of July anyway.

i did, but it might be good for others reading along. and i wouldn't have settlement before i get my money back anyway. like you said it would probably take close to that amount of time to get every thing together

 

[jrclark]

two things... 1. no mater if the bank looses $$$ or not, FDIC pays the bank the difference. 2. Youll be hard pressed to find any bank nowdays that will finance raw land. i have 10 acres from me up for sale, no banks will touch a loan no matter what i put down. Im holding off to see if owner will sell to me and hold a 10 year note. shes thinking about it. I have a chunk of $$ but dont want to tie it up in raw land either. have no intention of building on property. just would like to keep someone else from building on it and spoiling my view. but its priced way over what i feel its worth. I figured if a bank would carry a 15 - 20 year note on it id agree to the price, but not a 100% cash deal. and after talking to 3 banks...ones ive had dealings with for over 15 years, no one will budge on raw land

My wife and I found a bank that would loan us money for our lot. You are right, not a lot of banks will do it, though. Our title company found tons of issues as well, which had to all be rectified by the property owner up front. Our problem now is finding a builder that isn't smoking crack when it comes to pricing. Basic 1650 sq ft rancher at $225/sq ft!!!