countrygirl2
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Post by countrygirl2 on Dec 8, 2019 15:26:01 GMT -5
Be careful, but I do know its a problem to get appraisers. I had that issue when we wanted to buy BIL's half out. I finally found one then she like to never found comps, but we finally got it.
Mobiles are another animal, I'm like someone else why is a cartel financing anything? Sounds kind of weird to me, maybe they are having problems with comps, another mobile sale would really help. Hope all goes well, hang in there. I wouldn't give up yet. I always heard the first offer is generally the best, I was an agent for a few years, didn't like it, but that is another story.
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Deleted
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Post by Deleted on Dec 8, 2019 16:17:00 GMT -5
In the ugly history of Southern integration and housing, there once was a phrase called "breaking the block." It referred to the first non-white buyer to purchase a house on a segregated street, That buyer paid a premium. But then like dominoes, the rest of the homes on the block sold quickly and for less than their FMV as whites fled to the suburbs. That's how many cities like Birmingham became predominantly African-American and surrounded by predominantly white suburbs. It is the opposite of gentrification, in which the first buyer buys low and then once others see the potential in the area, the prices rise. @shastasnewlife, I believe that this is what is happening in your area. The first houses to sell are getting phenomenal prices. But no one wants to live surrounded by the cartel so the other landowners are rushing their places to market in hopes that the prices are going to rise higher and higher. But when the cartel has a strong enough toehold in your area, they will back off and pick up the remaining properties for substantially less. That's why they are stalling. Of course, that is only my opinion, but countrygirl2 is right: the first offer is generally the best. You keep talking about getting more if you are no longer under contract. Have you strongly considered that you could also get much less if the buyers decide they have bought enough to scare the rest of the landowners? Do your best to make this contract work. Closings don't always go smoothly or on time. Quit insisting on playing hardball and try to get the property sold.
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jerseygirl
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Post by jerseygirl on Dec 8, 2019 16:47:45 GMT -5
Shastawife- suggest you get out of there with as little contact as possible with these dangerous people
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gambler
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Post by gambler on Dec 8, 2019 18:24:40 GMT -5
Sold the swamp. Some dam fool Yankee is going to pay 1 3/4 what it is worth. Said he is going to bull doze the place ( it is a swamp not going to a tractor in). Put up a cabin ( if is likely up to his ass in gators and and Snakes worse is the mosquitoes). Lots of luck have a cash depoist. Close in 45 days
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countrygirl2
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Post by countrygirl2 on Dec 8, 2019 18:26:23 GMT -5
Yes, you may have to let it ride a bit, but you have had no other offer, correct? I know the situation is nerve wracking and I sincerely hope it works out. I wouldn't want to live there either.
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countrygirl2
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Post by countrygirl2 on Dec 8, 2019 18:30:17 GMT -5
Gambler we have some land like that here, someone was trying to sell basically hunting land for $40k, someone bought it. Have no idea what they paid but there is a flat area there a trailer and garage was on so they got something. Electric is in on the road and the tiny community even had city water where the line runs through to the town 12 miles away so they did get something. I don't think they have ever done anything with it.
People get big ideas.
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Deleted
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Post by Deleted on Dec 8, 2019 19:37:57 GMT -5
In my neighborhood, there are 3 factions fighting for control of the land in the area and all of them have the goal of getting the non-growing white folks out so they can gate the entire area off and revoke law enforcement's right of passage on the 52 miles of private roads. This has been the openly-stated goal since this problem started.
There are 2 Hmong groups. The mob from St. Louis who force older people who owe them money to grow to repay their debt. And, another younger group of hell raisers from WI who saw the MN group making a ton of cash and decided to get in on the action. The two have been fighting for land/control for 2 seasons now and thus driving up prices with competing offers.
Apparently, the Chinese discovered all the cash being made in the area and wanted in on the action. My land will produce over 3 million dollars in weed in a single season. This buyer has 10 properties currently in escrow and since they recently got out of Federal prison, we all assume are backed by someone's dirty cash.
The local estimate was 10+ billion dollars in illegal weed for the East Coast market came out of just my rural subdivision's 1500 properties last year. There are 5 different areas in my county with the same situation.
I 100% agree there's a time limit on the insanely high offers. The first factor is how much the three groups continue to fight each other for control. The second factor is if the area is ever effectively busted by the law. The third, and the one I fear most, is one of the factions showing up en masse and telling us we are to leave. There really isn't much we could do about it. I know of 2 instances this has already happened and the Sheriff's comment was apparently to sell to them and leave or plan to protect themselves from danger.
I'm not so much playing hardball as trying to avoid perpetual escrow with a buyer who can't close. All three groups are buying right now to get their greenhouses built and start their nurseries. Land that hasn't sold by spring probably won't until they cash in on their crops next fall.
We didn't accept backup offers on my property because the broker insisted this buyer is well backed and would 100% close. She's since backed off on that stance and agrees they may be screwing around due to the large number of properties he's under contract on.
I have 7 other neighbors in escrow and all have 2 backup offers pending. They have offers from someone from each of the three factions fighting for land.
Ideally, they will schedule their appraisal and get this closed by Christmas. If they can't get it done by then, I will look for another buyer who will. If they can't/won't close in 60 days, they likely never will and it's time to move on before it becomes too late.
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Deleted
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Post by Deleted on Dec 8, 2019 19:39:39 GMT -5
There are two reasons they finance property. In my instance, this is a new group to the area. The other issue is because it gives them less risk on the front-end of growing. If they get busted and won't be able to grow anymore, they walk from the mortgage and the bank ends up with an environmentally damaged property to deal with.
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Deleted
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Post by Deleted on Dec 8, 2019 19:41:30 GMT -5
Shastawife- suggest you get out of there with as little contact as possible with these dangerous people Agreed. I've already left the area and avoided being home when they did their walk-throughs.
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Deleted
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Post by Deleted on Dec 8, 2019 19:44:16 GMT -5
Gambler we have some land like that here, someone was trying to sell basically hunting land for $40k, someone bought it. Have no idea what they paid but there is a flat area there a trailer and garage was on so they got something. Electric is in on the road and the tiny community even had city water where the line runs through to the town 12 miles away so they did get something. I don't think they have ever done anything with it. People get big ideas. There's 80 acres of beautiful desert land up near where I want to move that's listed for $25K. It has no utilities and is in the middle of nowhere. I'd love to buy it and put an off-grid tiny house out on the middle of it. Unfortunately, it's illegal to do so. You can only put a tiny house on land with an existing legal structure... I can't see a single thing someone would use the land for. It isn't even suitable for grazing.
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raeoflyte
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Post by raeoflyte on Dec 8, 2019 20:13:38 GMT -5
Can you take back up offers now because of the extension?
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Deleted
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Post by Deleted on Dec 9, 2019 14:28:07 GMT -5
The buyer's appraiser magically showed up this morning. Finally some progress...
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raeoflyte
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Post by raeoflyte on Dec 9, 2019 14:59:20 GMT -5
Fingers crossed for you!
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tskeeter
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Post by tskeeter on Dec 10, 2019 0:33:34 GMT -5
Gambler we have some land like that here, someone was trying to sell basically hunting land for $40k, someone bought it. Have no idea what they paid but there is a flat area there a trailer and garage was on so they got something. Electric is in on the road and the tiny community even had city water where the line runs through to the town 12 miles away so they did get something. I don't think they have ever done anything with it. People get big ideas. There's 80 acres of beautiful desert land up near where I want to move that's listed for $25K. It has no utilities and is in the middle of nowhere. I'd love to buy it and put an off-grid tiny house out on the middle of it. Unfortunately, it's illegal to do so. You can only put a tiny house on land with an existing legal structure... I can't see a single thing someone would use the land for. It isn't even suitable for grazing. Shasta, the land is cheap for a reason. I suspect you’ll have to haul in every drop of water you use. Every drop of fuel. Waste disposal could be a problem. You might have to haul sewerage out. You’ll have some kind of a road to maintain. The road may not be passable for several days every time it rains. It may be even longer if the road washes out. You will probably have communications problems. No land line nearby and no cell tower? Will you have to drive 20 miles to make a phone call? Have to drive 30 miles to get a loaf of bread? Then there is the hassle of getting anything delivered to a remote spot with sketchy access. Or your jewelry or lapidary shipped out. Sounds a bit like BIL’s patient, who lived 80 miles from the nearest phone line and used a radio to communicate with the outside world. When the weather would cooperate and the radio signal could get through. Over the years you have talked about how difficult the location of the place you are selling made your life. What you are talking about now sounds romantic, but potentially even worse from a logistical standpoint. And a possible nightmare as a person ages.
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Wisconsin Beth
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Post by Wisconsin Beth on Dec 10, 2019 9:39:35 GMT -5
The buyer's appraiser magically showed up this morning. Finally some progress... Any word on how that went? Or is this the 5 days to get a report to your broker part that you mentioned in an earlier post?
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Deleted
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Post by Deleted on Dec 10, 2019 11:53:12 GMT -5
The buyer's appraiser magically showed up this morning. Finally some progress... Any word on how that went? Or is this the 5 days to get a report to your broker part that you mentioned in an earlier post? I asked my broker and she ignored me. So, I have no idea. The appraiser has 5 days to produce a report and then I assume I will hear if they are closing or not. The only issue I can see now is my broker mentioned the buyer's agent seems to be ignoring the issue that my home is a mobile on land and doesn't qualify for most financing. But, the buyer did come into the deal with a pre-approval letter from a hard money lender. As long as their lender actually loans on mobiles, then it shouldn't be a problem. There's plenty of comps now to make my property worth more than their loan amount if only for the bare land and garage/shop. I haven't seen who their lender is and apparently aren't entitled to that information, so no way to verify anything about that aspect of the deal. I'm cautiously optimistic this means we should close next week. If not, then I'll be finding another buyer.
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Deleted
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Post by Deleted on Dec 10, 2019 12:07:36 GMT -5
Over the years you have talked about how difficult the location of the place you are selling made your life. What you are talking about now sounds romantic, but potentially even worse from a logistical standpoint. And a possible nightmare as a person ages. Thus my comment that I would "love to" not that I have any plans to... While I don't like living near other people, I will be living "in town" this move. The area I want to move to has two options - live in town or buy a multi-million dollar massive farmland property. There doesn't seem to be any smaller rural properties outside the city limits for whatever reason. I don't assume this will be my last house. I plan to own this one for the next 3-5 years, fix it up, and then probably move elsewhere. I realize I won't be able to go out rockhounding alone forever and that's the sole reason for choosing this location. It's centrally located for all the places I plan to explore in the next few years.
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Artemis Windsong
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Post by Artemis Windsong on Dec 16, 2019 9:33:49 GMT -5
Ten questions you must ask before buying a house. It's on youtube.
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Value Buy
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Post by Value Buy on Dec 17, 2019 13:03:42 GMT -5
Any word on how that went? Or is this the 5 days to get a report to your broker part that you mentioned in an earlier post? I asked my broker and she ignored me. So, I have no idea. The appraiser has 5 days to produce a report and then I assume I will hear if they are closing or not. The only issue I can see now is my broker mentioned the buyer's agent seems to be ignoring the issue that my home is a mobile on land and doesn't qualify for most financing. But, the buyer did come into the deal with a pre-approval letter from a hard money lender. As long as their lender actually loans on mobiles, then it shouldn't be a problem. There's plenty of comps now to make my property worth more than their loan amount if only for the bare land and garage/shop. I haven't seen who their lender is and apparently aren't entitled to that information, so no way to verify anything about that aspect of the deal. I'm cautiously optimistic this means we should close next week. If not, then I'll be finding another buyer. Bolded. Since they are paying over market price for the land in the first place, I am not sure why the value of the mobile would matter.
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raeoflyte
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Post by raeoflyte on Dec 17, 2019 14:46:14 GMT -5
It will likely matter to the lender and could impact how much or if they will lend at all. I don't know hard money lending guidelines, but the fact that they're not just going cash complicates things.
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NoNamePerson
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Post by NoNamePerson on Dec 17, 2019 15:55:52 GMT -5
I admit that I’ve lost track of the thread. But is the drug cartel the one wanting the property or has that changed since I last checked in here? I’ll go back and try to catch up but IMHO something smells rotten in Denmark to me. Just can’t put my finger on it!!!
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Deleted
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Post by Deleted on Dec 18, 2019 11:42:30 GMT -5
The only issue I can see now is my broker mentioned the buyer's agent seems to be ignoring the issue that my home is a mobile on land and doesn't qualify for most financing. Bolded. Since they are paying over market price for the land in the first place, I am not sure why the value of the mobile would matter. 99% of the lenders won't lend on a mobile on land. A few will lend on mobiles in parks. Most mobile home sales in rural areas require cash sales, hard money, or owner carries. When we purchased, we had to have the previous owner carry a mortgage because there was no financing available outside of expensive hard money loans. I don't have a "shitty trailer" type mobile. I have a 1600 square foot manufactured home built in 1988, with sheetrock, vaulted ceilings, etc... that looks like a house inside and was built fairly well. In rural areas, many of the residences are mobiles/modular/manufactured because there aren't a lot of builders for lower-end homes.
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Deleted
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Post by Deleted on Dec 18, 2019 11:55:49 GMT -5
I admit that I’ve lost track of the thread. But is the drug cartel the one wanting the property or has that changed since I last checked in here? I’ll go back and try to catch up but IMHO something smells rotten in Denmark to me. Just can’t put my finger on it!!! What's rotten in Denmark is that drug cartels are buying up large areas of the county with dirty cash, intentionally overwhelming law enforcement resources, and growing billions of dollars of weed. ( ktvl.com/news/local/siskiyou-county-outnumbered-by-illegal-marijuana-grows ) The area now has 3 organizations buying and fighting for land in my rural subdivision. Two of them are Hmong and one is new to the market backed by Chinese cash. ( www.mtshastanews.com/news/20190701/authorities-confiscate-illegal-marijuana-at-shasta-vista-grows ) From the link above: "The Siskiyou County Board of Supervisors on June 4 voted to extend their “Local State of Emergency” proclamation, which designates illicit marijuana in the county as a major threat to the public health and safety of citizens. “Last week’s seizure ... indicates some illegal drug traffickers are already harvesting their products,” said Lopey. “The 14,264 illegal plants seized in recent weeks from county areas indicates we are in for a very busy year. These illicit drug operations are adversely impacting public health, safety, our environment, and the quality of life in our own county, state, and many other jurisdictions, since our intelligence sources tell us most of the illicit drugs are being exported out of our state.” " My house is in escrow to the new Chinese buyer. They currently have my house and 7 others in escrow. They have successfully closed on 2 others. The broker yesterday said the appraiser has agreed to send their report to the lender yesterday or today and the title company said they are waiting for the appraisal, the buyers cash deposit into escrow, and the loan documents from the lender. The broker claims we should close soon. The contractual deadline is Friday. The buyer has been notified I'm not going to grant another extension without their release of the remaining 7K in escrow and a substantial non-refundable deposit into escrow to prove they plan to close.
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TheOtherMe
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Post by TheOtherMe on Dec 18, 2019 12:33:44 GMT -5
The broker claims we should close soon. The contractual deadline is Friday. The buyer has been notified I'm not going to grant another extension without their release of the remaining 7K in escrow and a substantial non-refundable deposit into escrow to prove they plan to close.
Good for you, Shasta.
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Deleted
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Post by Deleted on Dec 18, 2019 17:49:26 GMT -5
Looks like my deal is dead. The appraisal came back, as assumed, $106K below offer price. They now claim they can't get a loan and may walk.
I'm basically screwed. At least until I can get their other 7K from escrow and buy a car so I can move back home.
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TheOtherMe
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Post by TheOtherMe on Dec 18, 2019 18:04:10 GMT -5
I am so sorry, Shasta.
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haapai
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Post by haapai on Dec 18, 2019 18:18:27 GMT -5
Why do you need to move back? Aren't the Hmong groups buying? Did you sign something that prevents you from selling to them? If so, for how long?
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raeoflyte
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Post by raeoflyte on Dec 18, 2019 18:47:33 GMT -5
Sorry Shasta.
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haapai
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Post by haapai on Dec 18, 2019 19:00:21 GMT -5
OTOH, going back to the house may put you in a stronger bargaining position when dealing with the next offers (from whomever). Whatever is the case, I'm sorry that this has happened.
At the risk of bright-siding you, may I point out that this whole rigamarole has led you to jettison stuff that you could not possibly hold on to and shown you how nimble you can be?
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Post by Deleted on Dec 18, 2019 19:03:06 GMT -5
The broker messaged me again and said they are trying to make things work with their lender.
It's looking like if I agree to carry part of their shortage for a short term, then they may be able to borrow the rest and close.
I understand all of the reasons not to do that, but I also understand it may be the only way to close and I will already have been paid $40K or more than my home appraised for. And, we know for year #1 they will make all the payments so they can get their crop grown and harvested.
Interestingly, my own broker claims even though they don't have a lending or appraisal contingency they don't have to close. I have a friend who's a broker in another state who says that's total and complete shit. I can sue them for the contractual price if they don't close. But, that's a whole new expensive cluster I don't want to deal with.
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