All Forum Posts by: N/A N/A

I also posted this on "Land" section...

In a nutshell - looking at land 2,000 miles way. Off grid, mountain property. I'm familiar with the area having spent some time out there but need to know what to be careful off and what questions to ask.

Also, what's the easiest way to close without going back out ?

I'm buying to simply hold long term...maybe build a cabin on it someday.

thanks.

I'm considering purchasing some rural land in another state. Other than being familiar with the area by having spent some time there, I know nothing about the current owner, zoning, or other possible issues for the area. We are talking mountain property, off the grid, definately unimproved. I'll be buying the land to simply hold...maybe someday building a small cabin on it.

Can someone offer some ideas on what to be careful of and what information to get before I make an offer ?

Also, can I work out a way to not have to be present at the closing? (it's 2,000 miles away) I'll be viewing the land next time I'm out there and may make an offer but would prefer to not have to go back to close. I understand I could give the local realtor a limited power of attorney ??...but since I do not know them that would be a bit scary.

All cash - thanks for the response.

Ok. I'll use the closing attorney I've used before.

Do I just contact them and discuss the sale, they complete the appropriate paperwork (contract for the sale and all closing paperwork) and a closing date is set up? My buyer, another newby, would simply arrange financing and have his mortgage company contact the closing
attorney so they can work out the details ?

Sorry for the dumb questions. Bought and sold homes before but never without a RE agent so the details are new to me.

pfinder

sorry...selling price would be $112k...

Considering selling my rental property. I've got a potential buyer so no need for a real estate agent. I financed 100%, the property is about 1 year old and I've offered it at my original purchase price. The buyer would also be financing 100%.

What's the cheapest way to conduct the sale - i.e. minimize closing costs.
I'm guessing closing costs to be around $2-3k ??

How should I look to insure rehab properties ? I understand that I can't simply buy "homeowners" insurance for the 60-120 days I'll actually "own" a house...

Ya...I did some digging. You must be a broker in SC and then pay $5k initially to join, plus an annual fee. I'll just have my agent pull comps when I need them.

Thanks.

I'm curious how some of you are viewing comp's if you are not using a realtor?

Thanks. I'll check them out!!

I plan on sitting down with my local, or maybe not local, banker / mortage company and sharing my business plan in an attempt to get pre qualified before I go property hunting. Just like purchasing a primary residence, it only makes sense to know how much you can spend before you go shopping.

With solid credit scores but not much cash am I going to have problem getting a commercial loan for my newly established S-corp. (I have one rental house) I'm not looking to spend $500k on my first attempt - looking more in the $50-75k range. Where I live the average 3/2 is about $150k. So we are talking small house to start - something I can swallow the note on for a few months if need be until it sells.

Can anyone offer some advise and definate "Do's' and "Don'ts" when talking with the bank. I'm not talking obvious stuff like "look professional" etc etc. but points to make, questions to ask.