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The waiting game begins - land purchase - updated 12/15

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  • The waiting game begins - land purchase - updated 12/15

    Well, it's started. I should know by next weekend but this morning I turned in all the paperwork to try to refi my farm in order to buy more land. My numbers all look good but I still walked out of there feeling sick to my stomach and extremely jittery (and sad - hubby should have been there with me). This is what I've been working for and sacrificing for (notice I do NOT have a horse on my property and there's no reason other than me not buying one) for more than a year. There's nothing left I can do at this point but wait and hope. I definitely think I might be sick soon.

    Good thoughts and jingle are appreciated.
    Last edited by tle; Dec. 15, 2011, 03:47 PM. Reason: updated to the story
    ************
    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

  • #2
    Jingles for you. Having more land is always a good thing.
    Where Fjeral Norwegian Fjords Rule
    http://www.ironwood-farm.com

    Comment


    • #3
      Yes, having more land is always good. Don't be sick over it though, please. I try to channel that kind of nervous energy into some project I've been putting off - be it cleaning or organizing or bookkeeping. Good luck to you!
      Courageous Weenie Eventer Wannabe
      Incredible Invisible

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      • #4
        jingling like mad for all to go well.

        Comment

        • Original Poster

          #5
          Originally posted by ReSomething View Post
          Yes, having more land is always good. Don't be sick over it though, please. I try to channel that kind of nervous energy into some project I've been putting off - be it cleaning or organizing or bookkeeping. Good luck to you!
          The sick was just the nerves at now NOT being in control of things. Really nervous about this going through although my numbers are MUCH better than they were when I bought the farm last summer. but anything can happen.

          As for projects, it's raining here so I'm thinking tonight may be another batch of pear sauce... maybe even some pear butter (from the farm's trees of course).

          Thanks everyone for your support.
          ************
          "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

          "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

          Comment


          • #6
            Very exciting - you'll get your horse soon too!

            Comment


            • #7
              Pear sauce, I didn't know that there was such a thing, sounds yummy, I love pears. What do you put it on?

              Comment

              • Original Poster

                #8
                Originally posted by Cruiser12 View Post
                Pear sauce, I didn't know that there was such a thing, sounds yummy, I love pears. What do you put it on?
                It's just like applesauce. In fact, other than using pears instead of apples, the recipe I have is completely interchangeable.

                Did take some of the pear sauce this weekend and made pear butter. My "limit breads" diet is in some serious trouble because it turned out really good and tastes yummy on toast. Just not sure unless I can sell it that it's worth the time and effort -- 7 quarts of pear sauce and essentially 2 days of time = 7 PINTS of pear butter. Hmmm...
                ************
                "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                Comment


                • #9
                  Are you sure your gut isn't trying to tell you something? Is there something in particular that's REALLY bothering you? Maybe there's something you've overlooked or made the wrong decision on. Guts KNOW...

                  Comment

                  • Original Poster

                    #10
                    No, I'm sure. the only thing that's really bothering me is that I thought I'd be doing this with other people... and I'm on my own (and not by choice). I've been working and saving for this since we bought the place last summer. There are a MULTITUDE of reasons why this is a good idea. No... this is my typical nervous gut being nervous. I'm the one who always scopes out where the portapotty is the second I arrive at a show... because i'm the one who WILL need it 10 times while getting ready. My gut does this for every big purchase. I guess it's its way of getting me to REALLY look at the details of a situation or something.
                    ************
                    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                    Comment


                    • #11
                      Originally posted by nightsong View Post
                      Are you sure your gut isn't trying to tell you something? Is there something in particular that's REALLY bothering you? Maybe there's something you've overlooked or made the wrong decision on. Guts KNOW...
                      Well, not really, what guts know is not filtered thru the frontal cortex, so it is suspect as far as being good data.

                      Guts connect with the brain and much information goes back and forth, but it is kind of raw information, that helps take care of you on a primitive level.

                      When it comes to making decisions, I would not go ONLY by what my gut tells me.
                      I will want to have the higher parts of the brain check that over and comment on it, before taking gut talk on faith alone.

                      Comment

                      • Original Poster

                        #12
                        Hmmm... got the Good Faith Estimate from Farm Credit back yesterday in the mail. So they DID approve the loan, but the numbers aren't adding up so I need to call the loan officer today and figure out which is right. Based on the terms, 30 years fixed at 4.7%, either the initial loan amount needs to go up or the monthly payment needs to come down. I pulled up a calculator online and for the listed loan amount (which FYI is about 8 acres worth shy of what I requested ), the payment should be about $300 less than what's listed on the GFE. For the payment listed, under those terms, the loan amount should be about $50K higher than is listed. If both are correct, then I can only assume the APR is wrong... which for the loan amount to equal the monthly payment, the APR would need to be in the 7.25% range!

                        So good... but confusing news. Will update in an hour or so if I can get ahold of the mortgage officer today.
                        ************
                        "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                        "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                        Comment

                        • Original Poster

                          #13
                          Still waiting on the official approval from the bank. Loan officer confirmed that the initial loan amount is the correct number and the one I was looking at for monthly payment is ONLY that first month - to correspond with a "mid-month" closing date. Said that asking for the full amount put me awfully close to the cut-off and she thought it was safer to do a lower amount. Had too much on my brain to ask the intelligetn question - aka "but I really do need to know what the max amount would be so I can plan to come in under that". Still need to ask that.

                          In the meantime, I called the township just to find out waht the process for getting the big parcel split would be. OYE!!! What a nightmare. I *have* to have it adjacent to the back 10 if I ever wantt o be able to buy that land. If I do what I wanted to do -- aka just take my eastern property line and extend it, that adds me 11.4 acres (to my current 3.788). Problem A) asking for over 25% of the total land to be split off. Problem B) going over 10 total acres and not increasing my road frontage (my current frontage is 300' and anything over 10' is supposed to be 450'). Spent 2 hours this morning (in addition to the 40 minutes on the phone last Friday) with the zoning admin at the township drawing, calculating, re-drawing and recalculating various ways to get me what I want (the woods in the SW corner) yet meet those 2 restrictions. The only one that would (sort of) was a diagonal split which they're not terribly keen on (and neither am I since I would lose 1/2 the wooded acres). Came up with overlapping the wooded acreage split by 50' to my property so I can have access AND adding a 150' of road frontage (by the 550' depth of my existing property). Adds 9.4 acres which is 1.2 acres over the 25% but she felt that was the best option. Plus we're both going to kind of drop the idea that if they want to approvet eh back but leave the front off the approval I'd be ok with that (they want to 'protect' farmland, but I want woods with only cursory farm land added in order to have access but adding the 1.89 acres of road frontage land is ALL farmland that I don't care about!!).

                          It's literally enough to make me start drinking at 8am on a Monday (although it's now noon so drinking now would be ok, right??)
                          ************
                          "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                          "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                          Comment


                          • #14
                            Well, that's good and confusing. Half the counties in KY have a road frontage requirement, which is I guess to stop a landowner chopping up the frontage of his place into a bunch of "flag" lots, but that's what seems to happen anyway.
                            If this place is not dead flat I'd advise to have a surveyor out so you can see where your straight lines on paper fall over slopes. Our old house had a really steep slope in the back yard and it "bent" the property line to something that looked very wrong at first glance- but was perfectly straight and correct. And there isn't any real reason not to have the property line jog or bend to go around features if you hire a land surveyor.
                            I know what a pain it is, we were contemplating adding some property that would have meant a lot line adjustment for two properties and it just got too complex for what it was worth. Good luck!
                            Courageous Weenie Eventer Wannabe
                            Incredible Invisible

                            Comment

                            • Original Poster

                              #15
                              A survey is the next step in the process with the township. I'm a little concerned because I wrote out a long email for the seller (who's in Virginia) to let him know what I had gone through with the township and our "plan" moving forward. Also asked point blank if he was ok with the split (sent him a drawing I did of the plan) and gave him some indication of what he woudl need to do on his end while I offered to do all the work on this end. I then told him I was still waiting to hear from Farm Credit on the approval but as a back up asked him if he'd be willing to land contract the back 10 acres (a separate parcel than what I'm splitting) for a bit. Also mentioned I have a friend wantign to "invest" and have not one but TWO showings on my rental this week (trying to get rid of it). His only response was "let me know when you hear from FC". *gulp* Now I'm worried.
                              ************
                              "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                              "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                              Comment


                              • #16
                                Originally posted by Bluey View Post
                                Well, not really, what guts know is not filtered thru the frontal cortex, so it is suspect as far as being good data.

                                Guts connect with the brain and much information goes back and forth, but it is kind of raw information, that helps take care of you on a primitive level.

                                When it comes to making decisions, I would not go ONLY by what my gut tells me.
                                I will want to have the higher parts of the brain check that over and comment on it, before taking gut talk on faith alone.

                                Intuition, "gut feeling," "that little voice inside," are all shorthand for God's word. Not generally considered as "suspect as far as being good data," as you put it.

                                Comment


                                • #17
                                  Originally posted by nightsong View Post
                                  Intuition, "gut feeling," "that little voice inside," are all shorthand for God's word. Not generally considered as "suspect as far as being good data," as you put it.

                                  Everyone is welcome to whatever they want to believe, of course, but we generally don't discuss religion or politics here.
                                  That is for the Off Topic day forum.

                                  Comment

                                  • Original Poster

                                    #18
                                    Seller has indicated some reservations about the split proposal -- mostly that he doesn't want to give up any road frontage (because he could propose to split for houses to match what's across the street and the building plots would become more valuable to him). I get that completely adn told him so. At this point though he thinks "EVERYTHING hinges on Farm Credit" and how much they will ok. So the survey is on hold and the FC appraisal is today. That will answer one of their big questions/reservations - will the appraisal cover the loan or do I need to bring cash to closing (which I'm short on). The other big reservation the seller has is doing the land contract on the back 10 -- wondering if the zoning committee would nix everything since my split would landlock him on that acreage. Have that question being posed to them now (is a land contract ok). The mortgage officer I'm working with has mentioned that she's seen land contracts where the deed is actually in the buyers name, so that's a positive.

                                    In the meantime, I think i have plan X worked out if everything else fails -- asking for acreage split that would keep me at 10 acres (no variances required). It would kill me to give up the woods and the back 10, but I suppose it's better than nothing. Still fighting for more. Spent the weekend cleaning and such around the house to prep for the appraisal this afternoon. Jingles would be appreciated!
                                    ************
                                    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                                    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

                                    Comment


                                    • #19
                                      Good luck. We had our property appraised yesterday for our third try in several years to refinance. The appraiser this time seemed reasonable. The other 2 times it was the the same appraiser for both attempts and I knew the minute he stepped out of his car the second go round that it was not going to fly.
                                      I wasn't always a Smurf
                                      Penmerryl Sophie RIDSH
                                      "I ain't as good as I once was but I'm as good once as I ever was"
                                      The ignore list is my friend. It takes 2 to argue.

                                      Comment

                                      • Original Poster

                                        #20
                                        Just an update... and probably the last one for quite a while I guess. Emailed the seller on Saturday as I hadn't heard from him in a while. simply said "have you made any progress or decisions?". IMHO, the next step in the process is the land survey in prep to submit the split proposal to the zoning committee, but of coruse the seller has to decide what land and how much acreage before that can happen. Got a semi-cryptic email back about how the previous owner has offered him cash money more than option price but the guy is a jerk (he really is) and seller is not even taking his phone calls anymore. Also "the door is not closed". I emailed back to ask what that meant, reiterating where I thought we were in the process and my apologies that it's harder than we thought it would be (if I could afford all of it, we'd be done already).

                                        the email I got back yesterday said...
                                        1) seller has renewed the crop rental lease for 2012 so no decisions can be made at this time anyway.
                                        2) seller made some analogies that makes me understand how hesitant he is on splitting off the 7 acres I can afford... says it affects the land value as a whole, his splitting off of the road frontage for building lots and "other options".
                                        3) made a point of saying how his family made financial decisions based on the assumption that we'd be buying the whole farm (wanted to yell back DUH! So did I in even BUYING what I bought!!)
                                        4) Mentioned that he had thrown out about splitting off the road frontage acres and me buying the rest.
                                        5) reiterated that the door is not closed to me... "let's see where we are next year"

                                        UGH!! So basically I believe he's not wanting to split off the 7 acres I can afford and somehow thinks that by waiting 12 months that I'll suddenly go from being able to afford to purchase land at a aprice of $28,000 to land that is priced at $120,000. I WISH!!

                                        So this throws my ... well... everything into disarray. I have a house that's too big for just me (me, cat and large dog in a 4 bedroom, 2 bath house?). A barn that's too big for the acreage (3.788 acres with a barn that has a footprint of 56,000 sq ft with 2-3 stories in most of it). A farm that is too small to hold the local schooling shows I wanted to hold (3.788 acres isn't enough for an arena, warm up AND parking)... honestly in my mind it's barely big enough for me to have the animals I would want. I was trying to make this work and still will, but it's calling into question if I even want to do this. I fought so hard for it. Anyone who knows me knows that I don't give up easy. Having a farm is something I wanted... but I never considered buying one by myself. Now I'm at that place. What do I do with it? Do I work to fix it up so it does work for me for what it CAN do (no shows, just having my own horses)? Do I stay here for now but look towards selling it in the future (and if so when... 2 years? 5 years?). I'm 42 years old and part of me is screaming to make it mine. Pay off what bills I have, buy a small tractor so I can bushhog pastures myself, put in permanent fencing up front (so I can use it even if it will piss off the crop rental farmer since he parks his trucks there when they work in the fields), put in the concrete pad in the barn and install the hot tub, run water to the barn, put in a couple more stalls,e tc. Another part is screaming that this isn't where I'm supposed to be... work it for a couple years then sell it to either find somewhere that's better or board somewhere and travel.

                                        Trade-offs. I suck at making these decisions and I know nothing needs to be made right now. I know that and I cant' make decisions right now anyway. Although I do think I'm going to write a letter to the lady who owns the house next door (her daughter and daughter's BF live there) to see if she would be interested in selling me the back parcel of the property - 1.6 acres.

                                        I just don't know what I want to do with the rest of my life (which is exactly what I feel like I'm being asked right now).
                                        ************
                                        "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

                                        "Get up... Get out... Get Drunk. Repeat as needed." -- Spike

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