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Started By
Message
School me on Land Purchases
Posted on 5/15/16 at 8:58 am
Posted on 5/15/16 at 8:58 am
I have found a property here in Texas that I'd love to buy but I am new to purchasing land. It does look like there was home here previously but it burned down.
It's 3 acres, wooded, city utilities, private water well, has a pond, an existing 1500 sqft workshop/building, and a 2700sqft slab (looks like the original house burned down). Overall cool piece of property. Our intent isn't to redevelop the land for a home but to use it for recreation and MAYBE a cabin on the land later down the road.
Asking Price is $200k but assessor has it valued at around $90k. Probably will offer something in between based upon comps review.
But I am clueless on how to go about purchasing it.
What type of realtor do I get for this?
What type of Loan do I get for this type of property?
Since it's a land deal, do I ask the seller to pay closing costs or is this something generally done by the buyer?
Anything else I should know before I start the process of going after this property?
It's 3 acres, wooded, city utilities, private water well, has a pond, an existing 1500 sqft workshop/building, and a 2700sqft slab (looks like the original house burned down). Overall cool piece of property. Our intent isn't to redevelop the land for a home but to use it for recreation and MAYBE a cabin on the land later down the road.
Asking Price is $200k but assessor has it valued at around $90k. Probably will offer something in between based upon comps review.
But I am clueless on how to go about purchasing it.
What type of realtor do I get for this?
What type of Loan do I get for this type of property?
Since it's a land deal, do I ask the seller to pay closing costs or is this something generally done by the buyer?
Anything else I should know before I start the process of going after this property?
2
Posted on 5/15/16 at 9:01 am to lsufanintexas
It's not in Rock Island is it ?
Posted on 5/15/16 at 9:08 am to Teauxler
quote:
It's not in Rock Island is it ?
No. Rural Area, north of Dallas.
This post was edited on 5/15/16 at 9:09 am
Posted on 5/15/16 at 10:01 am to lsufanintexas
You don't need a realtor, if the seller does not already have it listed with one it will just cost more
Most properties are assessed by tax assessor well below what they are worth, so that value does not hold much weight, but negotiate the best you can
Closing costs are negotiable just as in any real easte transaction
Start shopping loans, go to a credit union, look at penfed, if you already have a house mortgage then this would be a vacation home type loan, expect not as good of rates, shorter terms and higher down payments, also will not qualify for homestead exemption, or income tax deduction....unless you have enough equity in your home and do a refi?
Most properties are assessed by tax assessor well below what they are worth, so that value does not hold much weight, but negotiate the best you can
Closing costs are negotiable just as in any real easte transaction
Start shopping loans, go to a credit union, look at penfed, if you already have a house mortgage then this would be a vacation home type loan, expect not as good of rates, shorter terms and higher down payments, also will not qualify for homestead exemption, or income tax deduction....unless you have enough equity in your home and do a refi?
This post was edited on 5/15/16 at 10:35 am
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