from what i understand, the court takes control of the property and then assigns a management team or property manager to run it until the property is either out of debt or sold off.
Consider a lease option on the entire property with your down payment as the option price. You would write in exclusive access to the five acres and have all or nothing purchase ability on entire parcel on a predetermined future date. Best of luck getting something figured out.
ddstew, thanks for taking a moment to offer your suggestion. not sure if i follow your idea though. could you break it down some, or give me a little more in-depth regarding how the details might work out? appreciate that!
Negotiate a lease agreement for the 5 acres you want, with a monthly payment--rent. As part of the lease write an option to purchase all 40 acres for a agreed upon amount and give them a down-payment. You will have an option to purchase the property in entirety for a set price on or before whatever date you two decide. If you change your mind the owner keeps the down payment. If prices go up, you still get it for the set price. Once you can raise the money or get a loan, then you take the entire 40 acres. Many examples on the web, you can modify for your situation, or ask a lawyer to draft. Hope that helped clarify...[ Edited by ddstew on Date 01/17/2011 ]
I suggest talking to a sharp local Real Estateattorney who knows local law and rulings in regards to the 25 acre ordinance.
Local variences and exceptions are well-known to the best attorneys. How can you negotiate the situation to achieve your goals? Your attorney will show you how!
Then it will be up to you to convince the present owner to configure his wishes to the rational application of local law. Good luck.
[addsig]
Option 1: Hm 40/2 = 20. Very close to 25. I would simply ask the county if they would approve a subdivision into 2.
Option 2: get an easement to use the property you want (the 5 acres). Depending on the territory a perpetual easement will run you around 40% of the market value, so you may be able to get more acreage.
Option 3: 99 year lease (similar to easement).
...
There are not to many tradtional lenders loaning money at this particular time. If your really interested in small commercial my suggestion to you is to use hard money. I have numerous hard money lenders, but normally they are looking to do deals greater then 250,000. There maybe a local hard money lender in your area that will do a smaller deal. If you cannot find one let me know. I may have a few contacts in your area. But be mindful the interest rates and points are hefty.
I agree ... the only way I could get a loan with a 760+ credit rating (last i checked) was with a house that we paid off... Then they take like 2,000 bucks right off the top, and the 5.7... interest of course ... This is a no lose proposition for the bank seeing that I have no personal debt ...
As a matter of fact raising cash for houses is much easier and can even be free at times using credit ...
Each hard money lender has his/her way of doing things.
Some HMLs will have you sign the paperwork at their office and then deliver it to the title company with the funds. Others will have everything ready for you at the title company.
Ask what their course of business is, nothing wrong with that.
[addsig]
from what i understand, the court takes control of the property and then assigns a management team or property manager to run it until the property is either out of debt or sold off.
sage
Consider a lease option on the entire property with your down payment as the option price. You would write in exclusive access to the five acres and have all or nothing purchase ability on entire parcel on a predetermined future date. Best of luck getting something figured out.
ddstew, thanks for taking a moment to offer your suggestion. not sure if i follow your idea though. could you break it down some, or give me a little more in-depth regarding how the details might work out? appreciate that!
sage
laurel fork, va.
Negotiate a lease agreement for the 5 acres you want, with a monthly payment--rent. As part of the lease write an option to purchase all 40 acres for a agreed upon amount and give them a down-payment. You will have an option to purchase the property in entirety for a set price on or before whatever date you two decide. If you change your mind the owner keeps the down payment. If prices go up, you still get it for the set price. Once you can raise the money or get a loan, then you take the entire 40 acres. Many examples on the web, you can modify for your situation, or ask a lawyer to draft. Hope that helped clarify...[ Edited by ddstew on Date 01/17/2011 ]
I suggest talking to a sharp local Real Estate attorney who knows local law and rulings in regards to the 25 acre ordinance.
Local variences and exceptions are well-known to the best attorneys. How can you negotiate the situation to achieve your goals? Your attorney will show you how!
Then it will be up to you to convince the present owner to configure his wishes to the rational application of local law. Good luck.
[addsig]
Option 1: Hm 40/2 = 20. Very close to 25. I would simply ask the county if they would approve a subdivision into 2.
Option 2: get an easement to use the property you want (the 5 acres). Depending on the territory a perpetual easement will run you around 40% of the market value, so you may be able to get more acreage.
Option 3: 99 year lease (similar to easement).
...
There are not to many tradtional lenders loaning money at this particular time. If your really interested in small commercial my suggestion to you is to use hard money. I have numerous hard money lenders, but normally they are looking to do deals greater then 250,000. There maybe a local hard money lender in your area that will do a smaller deal. If you cannot find one let me know. I may have a few contacts in your area. But be mindful the interest rates and points are hefty.
L YOUNG Was wondering do you have any contacts out the Washington / Oregon way ?
geals i come across out here are in the 400 K to about 1 mill and i would need hard money to make them happen and fast
90 % of them are deals that are being sold for even a lot less then the tax value
They are light /small commercial and atp s tyre
Any one who would know of any good hard money out this way thankxs
Check with Seattle Funding Group for private money in the Northwest. They seem to be open minded- if the terms are good for them!
Quote:
On 2009-11-22 11:54, northwest01 wrote:
L YOUNG Was wondering do you have any contacts out the Washington / Oregon way ?
geals i come across out here are in the 400 K to about 1 mill and i would need hard money to make them happen and fast
90 % of them are deals that are being sold for even a lot less then the tax value
They are light /small commercial and atp s tyre
Any one who would know of any good hard money out this way thankxs
INHO,most of the "good" commercial are sold by the time they show up on the web.
I agree ... the only way I could get a loan with a 760+ credit rating (last i checked) was with a house that we paid off... Then they take like 2,000 bucks right off the top, and the 5.7... interest of course ... This is a no lose proposition for the bank seeing that I have no personal debt ...
As a matter of fact raising cash for houses is much easier and can even be free at times using credit ...
Each hard money lender has his/her way of doing things.
Some HMLs will have you sign the paperwork at their office and then deliver it to the title company with the funds. Others will have everything ready for you at the title company.
Ask what their course of business is, nothing wrong with that.
[addsig]