# Real Estate - anyone knowledgeable?



## HoosierShadow (Apr 20, 2010)

I'm so completely lost...

We're toying with eventually moving and selling our place so we can get more acreage. We have no idea how to go about doing this. When we bought our place we bought it from the seller, paid him 1/2 down, and made monthly payments and quickly paid it off - contract through his attorney. 
I know it's not easy to find a deal like that, and most likely it will take us more time to pay off a bigger more expensive place.

Let's say we find a place we want to buy, but haven't sold our place yet. How would we move forward? We'd eventually want to put the $$ from selling our place towards the new place.
We don't want 15-30 year loans. 

Any insight would be great. I just have no clue what we should be considering or doing if we truly found the right place.


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## Suzanne_Tyler (Jul 19, 2014)

Find a realtor.


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## ksalvagno (Oct 6, 2009)

Best to talk to a realtor. You could just get the loan and pay it off early. There is no penalty to pay off early.


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## wifeof1 (Mar 18, 2016)

I am a 25+ year licensed realtor in CA. My advice to you is to find a Realtor, who is knowledgeable in your area. Ask them how many buyers they have represented and sellers in your zip code. Find the one that has the best track record. Preferably one that lives or owns property in your area. Their money is where your money is. 
Green Agents, and family friends are very poor choices, because they dont normally have an expertise in your area or experience to understand the entire sale picture in your market. Internet data can be misleading. Sales occur like yours, and are not accounted for correctly by internet reporting. Experience matters.
Cheryl


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## toth boer goats (Jul 20, 2008)

Really good advice.


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## TDG-Farms (Jul 12, 2013)

Often times you can work out a deal / contract with the seller you are wanting to buy from that they will give you so long to sell your place. As suggested, a realtor will be able to work you through that.


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## wifeof1 (Mar 18, 2016)

True. But it really impacts your negotiating power. Depending on your market, your sale could be contingent upon finding suitable housing, prior to close. OR, there are bridge loans available for this exact purpose.


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## HoosierShadow (Apr 20, 2010)

Thanks Everyone, this is definitely a huge learning curve! I think my 16 year old son is learning more than me at this point lol! But I haven't had much time to read on line. We did meet with a realtor at a house we wanted to see. But it's not the place for us. She sent us some listings and I am going to go through them. 

Finding the right place for the right price will be hard. We really got lucky when we found our place, even if it's a 'hole in the wall!' It's hard to find a 3bdrm/1-2ba house with at least 5 acres for less than $300,000-$350,000 in this area. I'm not sure if it's like that in a lot of the country, but land here just seems so expensive.


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## goathiker (Apr 14, 2011)

Land is expensive everywhere, it's a seller market right now.


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## toth boer goats (Jul 20, 2008)

Good luck, hope you get what you are seeking.


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## HoosierShadow (Apr 20, 2010)

We're just going to take it slow and easy, no rush. Everything is so high right now. Most places have houses that are just too big, or too fancy and either have only 5 acres, or no barn/fence. We don't want the expense or time it would take to start over with barn/fence on top of a $350,000 price tag for the house/land. 

We currently have 2 acres, a creek that runs through the land, so it limits us on building on to our barn and making it bigger to accommodate our needs.


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## wifeof1 (Mar 18, 2016)

Here is what I would do. Think about the 30 year picture. If a house costs 350K now, it will be more every year. Its a number. 
Keep looking. When you find the right home, you wont be reluctant. 
In thirty years when you look back, you wont be thinking 350K is too much. 
We own 15 houses, use them as rentals, however we just spent 310K in Nov. last year to buy a place with barns for my goats. Tennants finance my hobby 100%. 
Use your current house to offset the mortgage, AND, you have a great Tax Deduction.
Sorry for the long post. RE is my passion.

Sent from my SM-J700T using Goat Forum mobile app


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## toth boer goats (Jul 20, 2008)

Did anyone hear about manufactured homes, manufactured homes on land, or mobile homes ect, a law passed a few years ago, that a lot of finance companies will not loan on them at all, the law states, if they were used and moved from one place to another, they will not loan on them.
Brand new they will, but used and moved onto a site, they will not. 
There are very few out there who will finance them but the percentage rate is over the top and double the price of a regular home. I wonder if any loan company out there exists with reasonable rates?
So buyer/seller beware, they don't tell you until someone tries to get a loan on it.


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## wifeof1 (Mar 18, 2016)

That is why it is important to use a seasoned licensed Realtor. In CA. The certificate of origin, is a document that states where the home shipped to from the factory. The 433a is the recorded document, that has the serial numbers and date of manufacturing AND the date it is installed on a permanent foundation, making it real property. 
A seller is required to disclose in CA. 
The Preliminary Title Report helps the agent know what the seller is selling or the buyer is buying, so can advise the proper purchase scenario. CASH, CONVENTIONAL, FHA, VA, USDA.
If the documents are not available, the value is closer to Vacant Land, with amenities.
If a person STILL wants the property, the options are seller financing, ugly money, or pay the taxes and withdraw 401k retirement funds.

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## toth boer goats (Jul 20, 2008)

Thanks for you input.

Most manufactured home owners do not know of this act, that is in place. 
A realtor I know was surprised when the finance company told the buyers, they will not loan on it. 
Or those who would had outrageous % prices.

There are a lot of nice manufactured "used homes" out there and it is unfair for this act to pick on those who want to sell and the buyers who don't have a lot of money for a structure home.

Dodd-Frank Act passed in the house to erase some of it. June 8th 2017. Not sure if this will be part of it.
Now to the senate, but it most likely won't be until next year.

https://www.nytimes.com/2017/06/08/business/dealbook/house-financial-regulations-dodd-frank.html


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## wifeof1 (Mar 18, 2016)

This has been an issue for many years. 
The problem with used manufactured homes is that they were never built to be moved about. 
Because they dont have the quality constriction of a stickbuilt, the lender is taking a much bigger risk. 
Because they are less expensive the buyer has little skin in the game. Historically when times get hard, home maintenance is pushed aside. These homes need much more maintenance than stickbuilts. 
Back to the 30 year picture. 30 years ago, our first home mortgage was 12%. The next was 14%. So what seems high now, is not so bad coming from that.
For a seller, there is the option of carrying the note, once it is seasoned, its possible to sell the note.
I deal with these issues at least once a year here. The other one is entire homes being built without permits. 
Back to land value with amenities.

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## Madgoat (Jan 8, 2017)

Here in Florida, a bank won't finance a single wide MH. Nor a DW over a certain age. After Charlie/Andrew you can't purchase any MH that doesn't meet the new "wind" requirements. We have 7 acres up in the panhandle that we use as a rental, and our neighbor had a really nice DW they were selling (they upgraded). But it didn't "meet" the new wind requirement. So they were stuck with it. I guess they sold it for scrap.


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## toth boer goats (Jul 20, 2008)

Wow, awful isn't it.


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## wifeof1 (Mar 18, 2016)

It sure is awful. I dont know how the young folks manage these days. Were getting back to big houses with multiple families sharing the mortgage.
Out here a 1 bedroom rents for $1000.00 a month!!! Insane.

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## toth boer goats (Jul 20, 2008)




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## Goats Rock (Jun 20, 2011)

A few years back, our little town had a huge jump in price per acre. Farm land was $8000 an acre. Suddenly it is back down to $2500 an acre! When the economy tanks, we are the first to go and the last to recover. (why do my property taxes keep creeping up? )


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## toth boer goats (Jul 20, 2008)

Not fair at all. If the property values drop the property taxes should to. But they don't.


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## HoosierShadow (Apr 20, 2010)

All very interesting! It's very sad that mobile homes are looked down upon, especially for people who can't afford a better alternative.
Our home is a mobile home, can't tell from the outside as it has wood siding over the original siding. It's old, been here for many years. Nothing fancy, and we are lousy decorators lol, but it is home, and we are comfortable here. 
Which is what makes me nervous about considering moving. Losing that sense of security. We know what we've done to this place, and have an idea of what it needs vs. getting into something we know nothing about or what we're truly getting into.

As far as putting a mobile home on land, the sad part is, many of the counties have laws stating if you live out of city limit you have to have so many acres in order to build a home, or especially have a mobile home. I think one county northeast of us, you have to have 30+ acres in order to install a mobile home! Crazy  
It seems like years ago I was told you have to have a minimum of 5 acres here to have one. 

We are in no rush to try and move. I figure if we find the right place with the right place then it will happen at the right time.


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## HoosierShadow (Apr 20, 2010)

That is awful!  I think this is another reason I am nervous about moving. It's bad enough that we pay over $1000 a year on 2 acres and a mobile home!  I can't imagine having 5-10 acres and a decent, solid home, barns, etc.

The average cost of an acre in this county, or at least the northern 2/3 of the county is $25,000-$50,000 an acre. Especially anything that has farm in the name. 
Any farm with decent acreage around here is $500,000+ but they generally have decent horse barns/houses or mansions. The sad part is, there are some that sit empty for years and deteriorate. 
There is one right down the road from us right now that has been empty for 2-3 years now, and it's so sad seeing it sit like that. Even the photos on the real estate sites are old. They've had to tear down wood plank fencing that was falling down. I drive by there, and think, wow if we turned that into a goat farm... haha.
And a few horses too.
http://www.realtor.com/realestatean...-Pike_Versailles_KY_40383_M37254-40730#photo1


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## ksalvagno (Oct 6, 2009)

Too bad they don't break up the land and sell in lots.


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## toth boer goats (Jul 20, 2008)

It is devastating for a lot of people. 

I just hope Dobbs/frank thing will get reversed. 
There are a lot of manufactured and mobile homes out there, and with the way the law is now, a cash buyer is the only way to get it sold, so one can move. 
Not many have cash at hand.


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