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Selling a house to buy a farm??

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  • #21
    I would try. Fix the few things, put it on the market and see what happens. You can look at places to buy and if you do find one you can try to put a contingency contract on it if the sellers agree. When we sold our farm we had someone put one on our place. We kept showing it and when a cash buyer came along the first people had 48 hours to get the money or they were out. If that were to happen to you, just keep looking . Our place sold for way under the appraisal we had done ( which was hard) but the place we bought we got for a real deal. Buying and selling is hell.


    • #22
      Since Jenners retiree will be from the military, and I don't think he's going to be 65 for a long time.

      Jenners-just don't make the mistake I did. I bought another house, put my townhouse on the market, and it took 9 long months to sell. Apparently, the builders were paying 1/2 % or 1 % more commission than resales, so my place sat there forever. In this market I wouldn't buy anything until the contract is signed, and the appraisal is done, because I would worry the house would appraise for too low. That's exactly my problem where I live now, and at what my house would appraise for, minus the commissions and closing costs, and maybe having to pay all of the buyers closing costs, I would be totally screwed. I wouldn't lose money, but I wouldn't make a profit over what I still owe to repay myself for the amount I would have to put down on the next house.
      You can't fix stupid-Ron White


      • Original Poster

        Ouch JanM! That had to a rough nine months!

        And you're right, DH will be 39 or 40 when he retires, and he'd be working his own cattle on the farm plus "startin' colts." My job is age, not time in, so I have to be 53 before I can retire. Boo!

        He's fixing the porch right now . I'm going to talk to an agent next week.
        COTH's official mini-donk enabler

        "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl


        • #24
          When you talk to the realtor about selling, only go with a full-time experienced agent, and make sure you ask how many pictures they post, and when they'll get it posted on realtor.com. I don't care if they post 50 pictures and a virtual tour on their company website, the most views will be off of realtor.com, so there needs to be an accurate description, and great pictures. I can't believe how bad some of the pictures on the house ads are either-fuzzy, or very dark, or of the wrong features. And make sure there are no burned out bulbs-people think when there are minor maintenance issues that it means there are big ones, and with many people using online sites to weed out houses, it could eliminate a good buyer.

          And ask the realtor if offering an extra 1/2% or 1% extra commission would be a selling point. If I had done that my place would have sold much faster, because my realtor didn't know the building in the development was doing that, and therefore new places that cost more sold before my place in the same development.

          A friend of mine sold her townhouse near DC in one day, because it was a very desireable area, and it was literally the only regular sale in the subdivision, and it was a huge subdivision. Plus they had done some very popular upgrades, and actually replace the countertops with granite right before putting it on the market. A while ago I found out that laminate has really gone up in price, and many places charge extra for installation now, so granite or quartz is fairly comparable in price. And don't go with a dark counter, because a lot of people dislike that because it makes a kitchen seem darker, and with a dark surface people with aging eyes or other eye problems have difficulty working on dark countertops. They do have readymade counter top laminate sections at the big box stores for a very good price, so you might look at the price of that over a repair. I know that sounds expensive, but my friends found a good granite deal (not from a big box store) and it wasn't a huge amount of countertops area. Plus, the granite guy (you save big by going to the granite installer direct) threw in the sink (undermounts are great) and the faucet. The buyers did try a shady trick though. After the inspection the buyers tried to get my friends to replace a bunch of stuff that wasn't broken or defective, but just a little older. My friends did replace the roof, but that's all. I found the whole idea to border on unethical, and my friends were in a good position to say no, because there was another buyer interested.

          For all showings open all of the blinds so the house is as light as possible. So help me, if I hear 'there's so much natural light in here' on House Hunters one more time I'm going to scream. What other kind of light is coming in windows except natural light?
          You can't fix stupid-Ron White


          • Original Poster

            We have a realtor coming Friday to look at the house. She's the same realtor I used to sell my farmette when the ex and I went splitsville, so she's good.

            Unfortunately, the place we liked is now pending...

            A search for other properties pops up a bunch of others, most of them all pending...

            Any other place beyond main-stream real estate search engines to look for horse property/property?
            COTH's official mini-donk enabler

            "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl


            • #26
              Pending or under contract mean nothing until there is a signature on the closing docs. A realtor friend told me that the major reason that a sale doesn't happen is either the buyer doesn't pass the credit check, or they do and then in anticipation of the purchase they go nuts with their money and credit, and right before closing they no longer qualify for the property, and then the buyer disappears.

              Also, people sign the contract, go forward, and then when it gets close to closing they want out for some reason and bail, or they try to get the price lowered or want a bunch of credits for fixes that aren't even needed. It's a nasty business sometimes, and after the bubble burst it has become even uglier.
              You can't fix stupid-Ron White


              • #27
                If a house is pending it should be listed as under contract in mls with kick out or no kickout...and most houses actually do not come back on the market due to financing because noone signs anymore without an approval letter. What is happening is that short sales take forever and either the original buyer bales on the property, the property is foreclosed on during the process or there is an inspection issue...but more than likely the bank took too long to finish the deal so it comes back on the market.
                For things to do in Loudoun County, visit: www.365thingstodoloudoun.com


                • Original Poster

                  Well, in that case maybe a. we can get our house listed and sold quickly, without taking a loss, b. the place we like or more that are similar come on the market, and c. we can get financing. Talked with a finance guy and we can more than afford the mortgage on a place....but finding loans might take some shopping around. We shall see!
                  COTH's official mini-donk enabler

                  "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl


                  • #29
                    Wow, I cannot believe all the extras it costs to buy a property. Here in lil old New Zealand the only costs to selling/buying a property are legal fees and commission if you go through a realtor. Used to be some bank fees associated with changing mortgage etc but now the business is so cut throat none of them charge any fees anymore lest the customer goes to a rival bank.

                    We sold our lovely house in the burbs and bought a small lifestyle block eight years ago when my husband transferred with his job. We started looking at houses in town as we had a place arranged for the horses to go to but after seeing how small the sections were Mr HWNN said he didn't want to live in town and that was it, we switched our focus to small lifestyle blocks. Our house sold the same day it was listed and we signed on a nice property the same day. Although we live in a semi-McMansion area the neighbours are all nice and civilised, and it's great having the whole family in the one place. I would be hard pressed to move back into town now
                    where am I, what day is it, am I still having a good time?


                    • #30
                      Before you put yours on the market, get a preapproval letter from whomever you are going through for your mortgage. Make sure they check all 3 credit bureaus, check tax returns for the last 2 yrs, check last paystubs, bank statements/balances of liquid assets and check your debt to income ratio.

                      Get 3 realtors to do a Comparative Market analysis for your property. Get the payoff for your property. Use the amount from the middle one for your estimates.

                      Calculate 6% commission, plus roughly another 3% for closing costs and subtract that from your expected sale price. Then you'll know roughly how much you will either get or have to come up with to close. Make sure you let your lender subtracts that from your liquid assets if you are going to be pulling out cash to close.

                      If the rental market is good in your area, can you rent your home out and purchase another? Then you could sell it when the market is better and not have to do a contract/offer with a contingency or risk having 2 mortgage pmts.


                      • Original Poster

                        My understanding is you have to show two years' rental history to qualify for a second mortgage.

                        And I couldn't rent it for what the mortgage is, and can't eat the monthly loss even if it would be good on my taxes.
                        COTH's official mini-donk enabler

                        "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl


                        • #32
                          You will be between a Rock and hard place...unless you find a place you like and the seller will be flexible.

                          I got luck and our farm was never offered publically, word of mouth friend to friend. So I was able to do minimul down and settlement 60 days from sale of my property..meaning I settled on 1 and then settled w/in hours on farm. We didn't use a realtor and saved on commissions, split the required inspections. I did use a realtor to sell 1 of my houses to get it expidited.

                          Just be sure you get a realistic Comp and I would also have a home inspection and a realistate appraisel done on your house 1st. Thats money well spent!!!
                          Going thru Military financing has its own pitfalls (My hubby CW5) and their requirements upon inspection can be tougher. Also they may not loan on over 10 acres, check it out.

                          Put the word out once you are sure you want to sell..also look under horse property for sale on webb...and For Sale By owner...

                          Good luck and keep us in the loop....


                          • #33
                            I highly recommend talking to lenders regarding the new farm property. I was having on-going conversations with my lender, Farm Credit, a full six months before buying my farm. It was extremely helpful and saved money in the end.

                            Depending on the size of the farm property purchased, you may find it does not conform to the underwriting standards for residential real estate and will not be eligible for a residential rates and requirements. Generally speaking, if you are buying a certain amount of acreage, you'll need to make a bigger down payment. 20% is pretty much the minimum. If the OP thinks she will lose money on her current home, does she have the down payment? I would really get on top of the farm financing to be sure you know how to work that system. For example, we learned that by moving a lot line (our farm was in two parcels) so that we had two parcels of about 50 acres each, we only had to put 20% down rather than 30% down.

                            You can't know too much about farm financing.
                            Where Fjeral Norwegian Fjords Rule


                            • #34
                              Originally posted by TheJenners View Post

                              But our mortgage + board + trailer parking = a mortgage on a large farm.
                              I would first make sure it = mortgage, taxes, feed/hay, maintenance/upkeep (much higher and more time-consuming on a farm than just a house), and the value of the labor you will need to put in. Then I'd go for it.

                              Bear in mind that your interest rate on a farm mortgage may be much higher than traditional real estate lending AND the length of the loan may be shorter (15-20 years instead of 30), depending on the size of the farm and the value of the house relative to the total value of the property. Both of these things mean a much higher payment every month. That said, even with excellent credit, we originally purchased our farm at a seemingly exorbitant rate through Farm Credit (in part because we still owned another home and in part because our realtor made it sound like Farm Credit was our only option). After selling our other home, though, we refinanced the farm with a traditional 30-year mortgage at 3.75%. If we had a lot more land, though, we probably wouldn't have been eligible...

                              Also bear in mind that, if you are required to go through Farm Credit lending, you will likely need to put down a minimum of 15%. I am not sure that any type of FHA loan would be applicable, unless the farm qualifies for traditional lending.