Posted: 1/3/2005 3:47:37 PM EDT
| I was thinking of buying up some land near where I live. Its only a 2 acre lot which will big enough me to build a house on some day. Anyway I really don't know the process that I have to go through such as going through the bank and paying it out. Really my question is this like buying a house where you can make payments over 10,15 or 30 years? |
|
You can finance for as long as 30 years, but for just a couple acres, that is not practical. How much are they asking? How much cash do you have on hand? Is your vehicle paid for, if so, can you borrow enough on it to pay cash for the land? When I bought the land where I built my house, I paid cash for it, I borrowed on my truck, which was paid for, went to the real estate agent, told him I was here to buy the land located HERE, filled out a offer to buy, gave him the cash to put into a escrow account, the seller came back with a yes, abstract went to attorny to be read, then read again, then land passed a pert-test, then 2 weeks later, I met with the real estate agent, signed a couple papers, paid the closing cost, and owned some dirt, simple as that. Now if you are going to finance through a bank, get ready for loan app fees, and lots of paper work, if you can it will be faster and easier if you can pay cash, THEN when you are ready to build a house, go get a construction loan, use the land as collateral, and your down payment. Good luck. |