Re: Re: Buying land on contract

Posted by dhermesc on October 15, 2003 at 11:52:11 from (65.149.3.234):

In Reply to: Re: Buying land on contract posted by SuperHank on October 15, 2003 at 08:59:13:

Thats the problem - she wants to spread the recognized gain out over three years with three balloon payments. In the meantime she holds the deed, and the bank isn't willing (guessing) to make two $25,000 loans over the course of two years based on my good looks. If she would do 10 years or sell it in one lump sum it would make my life a lot easier. Currently the title is clear, how can I insure that it stays clear? If she runs into financial problems (mounting health costs) or gets her self sued (old lady hits school bus) is there anyway I can protect myself from having a lien attached to the property before I take possesion?

I don't know about the Farm Credit lender you are dealing with but the one in my area is worthless. On my original farm loan I couldn't get the time of day out of them, let alone a loan and I had 30% down for that one too. My current lender was willing write the mortgage when they stretched the value of the house to say it made up 70% of the loan and the land only made up 30% when it was actually closer to 50/50. That also limits my ability to refinance my current farm to pay for the next one.

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• Re: Re: Re: Buying land on contract VaTom 16:30:46 10/15/03 (0)

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