Need some advice on land

You could get an old used travel trailer to live in until you get something built on the land. They are cheap & easy to haul off once you're finished or keep it as a BOV.

My gut tells me you'd be better off buying land through a traditional realtor than a website. If you don't have a good amount of experience buying real estate you can make mistakes with lots of zeros on the end of them. :cry: I don't have any experience with the RE market in MN, though so take it for what it's worth.

 

There were supposed to be some special rules put in place for renters of foreclosed properties. Did you get served with an eviction notice from the bank/sheriff? At a minimum, I'd open a special bank account and place the monthly rent payment in that and not pay anybody. Might be worth seeing a local attorney that is specializing in foreclosures.

Find out what houses are selling for under foreclosure in your area, the bank may be willing to sell it to you rather than go through the entire foreclosure process. you may also have to sue the landowner to get your deposit back.

We're seeing foreclosed properties going for 1/3 their high prices. Great opportunity to step up. Have any relatives that may want to become landlords? Have any retirement money you could use as a substantial down payment? Be cautious to not pay too much, the market in your area will dictate how much you should pay, don't get sucked into listing price, go for actual sale price.

 

How feasible/desirable would it be to try to buy the land you live on now?
If you could find out the owner, it might be good for them (read:easier/cheaper) to just sell it to you if you currently live there.
If you would actually want to stay there this may be your cheapest and easiest option.

Take this with a grain of salt, but home/land values will continue to drop.
My buddy who is also (like me) convinced of an imminent financial collapse (the downgrade is just the beginning), and says that when that happens real estate will completely collapse and you will be able to buy homes/land for nothing. While I personally see some problems with this line of thinking (arable land will hold more value than a mcmansion) I think the general idea is correct.

 

Hi lhalfcent,
I don't know about foreclosure laws in MN but, recently where I work we forclosed on a property and the tenants contacted us. They ended up purchasing the property. We had to go through the entire foreclosure process but they ended up with the property for less than was owed on it. We even financed it for them. I suspect you've been a good tenant and always paid your rent on time. That will go a long way with the bank. It can't hurt to at least talk to them and see what they say. Keep in mind their first answer may not be their last. The bank probably does not want another OREO (other real estate owned) property. The carrying costs are just another unwanted expense for the bank. Would love to know how it turns out for you.
Good luck,
Moose

 

I agree with those who recommended to look into foreclosures. I would add look into HUD foreclosures if possible. They have special programs for owner-occupants and one can get a house with very little or no down-payment.
And use a realtor, yep, you want to make sure all paperwork is in order.
On-line land deal smells fishy IMHO. Such deals are usually targeting out-of-state buyers and are overpriced.

 

I have no advice on purchase options, unfortunately. Just wanted to say that I'm sorry you're going through this when you really want to be hunkering down for the winter. But doesn't it always seem that when something like this happens, it turns out to be a blessing in disguise? You know, sort of liberates you to think outside the box? I just have this feeling that you're going to end up doing something you wouldn't have otherwise done, and you're going to be really glad you did.

 

Hi lhalfcent,
You mention you've not been having luck talking to the bank. Have you contaced thier managed assets department? Each bank has their own name for it. Maybe foreclosure department or something like that. Another thing you could do is write to the bank's regional manager. Sometimes going as close to the "top" as you can get moves people off top dead center. Like others have suggested, I'd avoid on line sales. You can bet no matter how honest they may (or may not) be it will be more expensive. Stick with a local realtor. Talk to friends and family for a reccomendation. I'm really sorry you are going through this. Its quite unsettling and for some reason, to me at least, seems worse going into winter.
Take care,
Moose

 

LandAndFarm.com - Land for sale, Farms for sale, Rural Property for sale

 

If you like the house you're living in, at least talk to the bank and see if something can be worked out. If not, you haven't lost anything. If so...wow, you'll have yourself a house!

Best wishes, no matter how it works out. Please do keep us posted.

 

Mother Earth News - Rural Property for Sale

 

Stay where you are. It'll take some time before things get sorted out. Search Google for information about your situation.

 

Alright ... I talked to my daughter (she works as a loan officer) about this and here is what is said you could try ...

Call the main bank and ask to speak to the loan officer in charge. Once you get ahold of the loan officer see if they still have the property or if it has been moved to the foreclosure office. They should be able to keep you in the loop as to what is going on. (Hope this helps)

She didn't understand why no one wouldn't talk to you ... :scratch A renter wanting to buy foreclosure property would be good for the bank.

Anyway best of luck ...

 

I was thinking that it take the bank some time before they tell you to leave. The possibility of a crash is another possibility. It's also possible that you buy the property.

I found this online:

Tenants Suffer When Landlords Are Foreclosed | News and Articles About Real Estate and Foreclosures - Foreclosure DataOnline