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Re: Re: Re: Buying land on contract
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Posted by kyhayman on October 15, 2003 at 19:21:09 from (205.188.208.73):
In Reply to: Re: Re: Buying land on contract posted by dhermesc on October 15, 2003 at 07:56:36:
I dont know of any lenders who will loan at mortgage loan rates if they dont hold the first lien. As she will hold title I dont see that happening. First thing I'd recommend is hiring a local attorney who does real estate. Money spent up front on the lawyers is an investment, money spent on litigation after the fact is throwing good money after bad. Only way I can see doing it if you want to play her game is to pay the 40% down, take a 2nd lien on your place for the first 20% and then refinance the new place for th elast 20%. It sounds like a lot of debt load with a lot of risk. Were it me I would probably respectfully tell her that you want to buy it, will pay for it (cash on the barrel head, take out a loan). One wasy to look at it is capital gains rate is 20%. It would be worth it to me to pay 120% of the 60% extra (only increase the sale price 12%) to have the deed and then it's all between you and the bank. Local laws vary but the only way I would consider letting her keep the deed is to set up an LLC to buy that tract. That way if the deal goes sour you dont lose everything. Costs me about $600 to get one set up. Each farm I own is an LLC, the the business itself is another one which leases the land and operating assets from the farm.
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