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A Farm of My Own:  What are we going to do?  |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
 Posted - May 04 2010 : 09:50:21 AM
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Well our landlord sent us an email that was telling us about a program the USDA started back up again. They will finance 100% of a loan to people who have 620 credit score or above in rural communities. Well we called our bank yesterday and the lady told us that the USDA would not give us the loan because the house wasnt worth as much as the land. So we asked our landlord if he would finance and he said no. We dont want to do anything to the farm that we are just renting. We were going to buy but now his property is not worth what he wants for it. It is only worth 120,000.00 and he is asking 159,900.00...He wont go down on the price either. My DH looked on the web for a home and land that we could buy in the area. We found 2...one has 11 acres and 3 bed, 2 bath...the other has 6 acres with 4 bed and 3 bath...both are under 130,000.00...Now the deision...What to do????? Any suggestions ladies...Your thoughts are always helpful..
Deborah
we have moved to our farm...and love it |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
Posted - May 04 2010 : 10:14:46 AM
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Deborah, The USDA is a good loan if it is available in your area. I do Mortgage Lending and if you can get that kind of loan it is a good deal. If your landlord is not going to be realistic about his price you should not over pay. If you are interested in searching in your area and want a realtor to talk with let me know. You can go ahead and get pre approved for the USDA then you already have that in place and will know what price range you can buy in.
delicia |
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Twinsmom
True Blue Farmgirl
116 Posts
Debbie
Wyoming
USA
116 Posts |
Posted - May 04 2010 : 10:21:40 AM
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Deborah,
I agree with what Delicia said, I would not pay more than what the property appraised for. Take your time looking for a home and sit down and pencil it out. Look at the properties, are they in a good location, close to your work, schools, ect. How much will it cost to fix them up, $$$ you will need to put into them, ect, ect. And ask lots of questions.
The ladies on here are wonderful!
Best of luck,
Twinsmom
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natesgirl
True Blue Farmgirl
1735 Posts
angela
martinsville
indiana
USA
1735 Posts |
Posted - May 04 2010 : 12:01:18 PM
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If you are truly interested in farming or animals, acerage is a must! Also, call a realestate agent! Small companies are far more thorough than big companies. There are tons of properties that are not listed publicly due to foreclosures and short sales that only agents can direct you to. We bought a house years ago, now sold, for half it's value due to forclosure on it! Look for property, you can add on to a house, but you can't force your neighbors to sell to you.
Farmgirl Sister #1438
God - Gardening - Family - Is anything else important? |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - May 04 2010 : 3:42:09 PM
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Delicia, Thanks so much....My DH and I are willing to go as far as 1 hr from work. I am driving 45 min now. But my DH only drives 15 min. to work. He took a look at the house that is 45 min from where we are now. So I would be the one that drives the longest distance. This is the address of the house that we like the best: 1723 Burnett Fry, Rome, GA 30165-8719..This is the MLS# 3885804...Thanks ladies for your advice...It is always helpful..
Deborah
we have moved to our farm...and love it |
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kristin sherrill
True Blue Farmgirl
11303 Posts
kristin
chickamauga
ga
USA
11303 Posts |
Posted - May 04 2010 : 3:45:17 PM
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Deborah, you should get it. It's closer to me. And Kelly! I could come visit you then! I wish you lots of good luck in whatever ya'll do. I hope it all works out for ya'll.
Kris
Happiness is simple. |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - May 04 2010 : 6:45:03 PM
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Thanks Kris....I thought Chickamauga was closer to Ringold? I live closer to Ringold than the other house we are talking about. And I work in Dalton... I would love to come for a visit...we are now considering talking to teh bank about the place that has 11 acres..
Deborah
we have moved to our farm...and love it |
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delicia
True Blue Farmgirl
917 Posts
delicia
cincinnati
ohio
USA
917 Posts |
Posted - May 05 2010 : 09:42:54 AM
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Deborah, Let me know if you have any questions or need anything. The USDA is a good loan and it offers 100% financing which can be really useful.
delicia |
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kristin sherrill
True Blue Farmgirl
11303 Posts
kristin
chickamauga
ga
USA
11303 Posts |
Posted - May 05 2010 : 3:50:20 PM
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You are closer even still then. Dalton is not too far. We used to live in Ringgold. I hated it there. We are actually in Kinsington but have the Chick. address. Everything's far from me really. But we are about 13 miles from Lafayette and Hwy. 27 goes to Rome. I hope you get the house! 11 acres is great. What county is it in?
Kris
Happiness is simple. |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - May 06 2010 : 8:32:23 PM
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Kristin, I think is polk county. But now my DH says that he doesnt want me to drive1 1/2 hrs to work every day. So we are now looking at something closer to Dalton. I just found something in Chatsworth. It only has 3.5 acres...But it is in our price range and closer to Dalton. I will continue to look. I am hoping this is in a good location. I am going to ask a fellow co-worker where this place is and if the neighborhood is good...It is kinda if-y near Dalton...
Deborah
we have moved to our farm...and love it |
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JojoNH
True Blue Farmgirl
1984 Posts
Joanna
Dunbarton
New Hampshire
USA
1984 Posts |
Posted - May 07 2010 : 04:34:42 AM
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One other thing to consider, the economy is still shaky so there is still time to make a decision. I would not rush on this one. . . if your landlord is not being realistic in what he is asking, that means others will have trouble getting financing as well. You may be wise to sit tight and play the waiting game with him while keeping your eyes open for a "real deal" to come to market.
Oh, and one other note on the daily long commutes to work,with all the problems with the oil spill, gas will be working it's way back up just something else to consider if you are now both going to be commuting long distance.
I wish you all the best in your search for your home!!!
Joanna #566
JojoNH
http://www.etsy.com/shop/CountryCents
http://CountryCents.Blogspot.com
http://Twitter.com/Eastwooddesigns |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - May 10 2010 : 1:18:24 PM
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Well we went to the bank today. We have a few more things to do with our credit. But we also have a lease to keep until next January. So I have given it to God. I know He will do what is best. And in the time being we will work on what is needed for our credit. Thanks for everyones great advice.
Deborah
we have moved to our farm...and love it |
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A Farm of My Own: What are we going to do? |
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What are we going to do?
