John Galbreath Jr.
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bad80cj said:
If you are serious, go to the bank and get pre-approved for the loan and take that paper to him and present it as an offer.
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- Thread starter bad80cj
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If you are serious, go to the bank and get pre-approved for the loan and take that paper to him and present it as an offer.
bad80cj
Well-Known Member
According to records he pays 98k value taxes a year. What should I ask from the bank? I have never been in this situation before. I do personally know the loan officer and he is vp of metro bank in Pell city where I do my banking. I also know his father who is the president. Maybe that will help along with my dad as a cosigner maybe this could be a possibility? ????
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lowbudgetjunk
Guest
Go to bank with the parcel in question. Ask what needs to be done to get approved for a loan of $85k for said property: might be cosigner, xxxx amount down, etc. The bank may or may not want an appraisal. I would say probably not, due to the bulk of the value being the land. Put a formal offer to the owner and sit back and wait. Counter if he is serious and either agree or come back to him with a better offer. Hopefully purchase and start moving your junk again. 
bad80cj
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bad80cj
Well-Known Member
bad80cj
Well-Known Member
LandSpeeder
King of the Bammers
Any lender close to $100k mark should/will want an appraisal. If they do not, then chalk that up in the "hell yeah!/ROH TAHDE" Column.
It having a structure on it, it definitely will need to be inspected, but be ready for a bank AND CU to balk at that structure being a "home" for purposes of mortgage. The bank I work at, along with the Credit Union I do lots of personal business with... Neither would so much as entertain a pole-barn as a conventional mortgage. (So I'm renting until I find raw land to build with cash).
His tax records could be any number of things, it may be how much he has in lein on the property so the tax assessor uses that number mark to tax him, or it could be the value that he has used in years passed, so the tax assessor uses that value. Who knows. You can actually bring paperwork to the court house and get your taxes lowered if you can show the value to be lower. May take half a dozen trips, but it can be done.
Good luck to you! Cause it looks fuggin AWESOME! Hope it works out. Wish I could find that building on a 5 acre parcel over here... South of bham where I need it to be... They keep popping up in West Jefferson and near Cullman, not near where I need it to be.
It having a structure on it, it definitely will need to be inspected, but be ready for a bank AND CU to balk at that structure being a "home" for purposes of mortgage. The bank I work at, along with the Credit Union I do lots of personal business with... Neither would so much as entertain a pole-barn as a conventional mortgage. (So I'm renting until I find raw land to build with cash).
His tax records could be any number of things, it may be how much he has in lein on the property so the tax assessor uses that number mark to tax him, or it could be the value that he has used in years passed, so the tax assessor uses that value. Who knows. You can actually bring paperwork to the court house and get your taxes lowered if you can show the value to be lower. May take half a dozen trips, but it can be done.
Good luck to you! Cause it looks fuggin AWESOME! Hope it works out. Wish I could find that building on a 5 acre parcel over here... South of bham where I need it to be... They keep popping up in West Jefferson and near Cullman, not near where I need it to be.
bad80cj
Well-Known Member
bad80cj
Well-Known Member
Eric your day will come as will mine. Right now stay focused on the things that matter. Health and Your heart :****:
What are the available utilities, water, sewer, etc? Is there a recent Perk test if no sewer available? Recent survey? 
bad80cj
Well-Known Member
What I do know is it has water, power, and a septic tank. There is 2 other setups where there where mobile homes setup. So basically 3 septic systems. No clue about perk test. Still don't even know if he is serious about selling. I know from his own words it paid off and he owns it outright.
LandSpeeder
King of the Bammers
I know my CU, personally, just stopped issuing any type of loan to properties with mobile homes on it. No real clue why... But it's not area specific, they just don't do it anymore as of July 2015. If it has or ever has had a mobile home... No loan. Just a new policy they have. My employer, can't even discuss a mobile home with the mortgage dept. Totally not sure why on this as I'm from a part of the state where mobile homes are a status symbol and EVERYONE gets one approved, including the Dollar General Door-Greeters...
John Galbreath Jr.
38 Special & Solo Buggy
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Re: I'm free!
You can bet the value on tax records is low or correct. It will not be high as he would have contested the tax bill. As to the amount to get approved for, the absolute max you are willing to pay. If a hundred higher, you would walk. Also add for potential closing costs, and lower for any down payment in hand.
Sent using left thumb.
You can bet the value on tax records is low or correct. It will not be high as he would have contested the tax bill. As to the amount to get approved for, the absolute max you are willing to pay. If a hundred higher, you would walk. Also add for potential closing costs, and lower for any down payment in hand.
Sent using left thumb.
bad80cj
Well-Known Member
I don't know much more than I have told ya at this point.
LandSpeeder
King of the Bammers
I'm baffled at the amount of properties I've recently seen that have higher taxes than are currently valued... And why on earth folks are continuing to pay them...
I agree. No one SHOULD be paying a dollar more than they NEED to... But as an example, a property with a burned house 3 years ago, was still being taxed annually like it had a $250k structure on it. And the owners were paying the $1200/yr tax on the 3/4 acre property. WHY?! The value is $200-300/yr at most.
So, paying a value to the tax assessor, is truly a "minding the store" type of activity.
General rule, yeah, tax assessment is lower than value, but there are always exceptions to the rule. The property in question seems to be one. If he owns it outright, and is paying the tax assessor a tax that is more in value than he is willing to ask for it... "Sum ting Wong", and it may just be him not knowing.
I agree. No one SHOULD be paying a dollar more than they NEED to... But as an example, a property with a burned house 3 years ago, was still being taxed annually like it had a $250k structure on it. And the owners were paying the $1200/yr tax on the 3/4 acre property. WHY?! The value is $200-300/yr at most.
So, paying a value to the tax assessor, is truly a "minding the store" type of activity.
General rule, yeah, tax assessment is lower than value, but there are always exceptions to the rule. The property in question seems to be one. If he owns it outright, and is paying the tax assessor a tax that is more in value than he is willing to ask for it... "Sum ting Wong", and it may just be him not knowing.
bad80cj
Well-Known Member
I'm gonna let it sit in his mind for another week and then call him to see if he has thought anymore about it.
John Galbreath Jr.
38 Special & Solo Buggy
- Joined
- May 24, 2007
- Messages
- 8,613
bad80cj said:
I will take you that long to get your ducks in a row if you start this morning.
bad80cj
Well-Known Member
JohnG said:
Dr Thursday 1:45 baby steps
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lowbudgetjunk
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bad80cj said:Dr Thursday 1:45 baby steps
I will accept this and toss this out. Baby step number two is to at least make an appointment with the bank to see where you stand. Figure out what they require. I am checking on a potential rental property and this is the list they required of me:
2-3 years of business tax returns
Balance sheets
Profit & Loss
Current Lease Agreements
Recent Survey/last Survey of Record
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lowbudgetjunk
Guest
Another thing you need to consider is something Kenny ran into. insurance. Will someone insure this? Kenny's situation helped due in part to him building a home inside of his warehouse. I am guessing this isn't going to be the case for you. It will also mean homesteading it will not be an option more than likely. If so, your property taxes will be double what they would be if it was. The property taxes shouldn't be more than 7-800 bucks I wouldn't think, but 350-400 means 350-400 more in your pocket or out of your pocket depending on which way it goes.
