I need some serious advice

[texastami]

We currently have our acreage in MO for sale.... almost a year -- we pay $250 a month on it..... (The realtors are less than hopeful about it... they have offered to let us out of the contract and we have advertised locally, in the midwest, and down in MO as well)

Then we have our REAL life ----- we pay all the normal stuff with no extras in life ---- money is very tight but we survive.... no more corners can be cut, no amenities can be removed.... its as tight as we can get.....

However, the problem occurs when/if I lose child support income---- (which could be at any moment or not for the next 12 months.... I NEVER know....) I have never counted on it, in years past, but this last year has been necessary to count on it to make ends meet, especially with the rising costs of everything!!

So, I keep making the land payment HOPING and PRAYING that it will sell so we can recoup some of our money...... but, the reality is that as soon as we lose the child support income, we will LOSE the land... (there is NO WAY we can cover that loss.....

My question is ---- Should we keep paying $250 a month on the land, hoping it will sell soon, or just let it go back now (sooner rather than later) and start sticking the $250 a month in savings until it stops (which he has a history of doing --- hence my concern) We are debt free other than the land payment......

I hate the thought of throwing away the $$ we have invested (but less than $5G), but we just can't keep plugging money into it when there is a definite possibility that we will lose it anyway if/when I lose that income.......

I don't need advice like GET A JOB or GO TO WORK... we homeschool and I have a disabled child to care for ----

What would you do if it were you?

[seedspreader]

hmmm, my question is:

Are the realtors that are trying to sell this land for you the same ones that will "let you out" of your contract?

If so I see a conflict of interest and recommend maybe a different realtor.

If you have only 5K invested (at $250/month) you've had the land for only one year and 8 months at most. How much do you still owe? How much of the 5K that you have paid is just interest?

If you have no significant equity in the land, it may be time to make a complete break (if another realtor REALLY can't sell it it) and just count the loss as a learning experience.

I haven't seen the details of the land. Do you have a post on here about it?

Have you tried craigs list in some of the bigger cities in the state advertising the land?

[RockyGlen]

Can you drastically reduce the price and sell the land for enough to get out from under the debt?

[Windy in Kansas]

At the least I would offer the land for sale with no down and take over payments and assume the loan. As I see it that would save credit rating.

I can't see why the land isn't selling if you didn't pay overpriced to start with. I do wonder if the Realtor doesn't just want to get the property back free so that they can again sell it with the entire amount as profit? Offer it to them at $1,000 or $2,000 plus loan assumption. Doubt they'd take it but it still might be an option before defaulting on the loan.

[Oggie]

Most realtor listing contracts run 90 days. If you've been trying to sell the land for a year with this realtor there's probably no "letting you out of the contract."

By all means, try another realtor. Also, do what youo can to get the word out on your land. As Zeal said, there's Craig's list. Consider taking photos that will show the land off and putting them on the web. Either on a simple page you create yourself or in an album on photobucket or other photo-sharing site.

There's a chance that your current realtor just wasn't working very hard to sell your place.

[texastami]

Originally Posted by ZealYouthGuy

hmmm, my question is:

Are the realtors that are trying to sell this land for you the same ones that will "let you out" of your contract?

If so I see a conflict of interest and recommend maybe a different realtor.

No, no conflict of interest --- they will let us out of the REAL ESTATE contract we signed.... thats all I meant by that......

And your right.... the majority of our payment has paid "interest" on the land --we have less than $5Gs in EQUITY ---sorry I wasn't clear ---- we've had the land for about 3 years.....

[AngieM2]

was this from Ozarkland, or another company? Basically is this a straight purchase contract, or a warranty deed (land contract) business deal you have on the land?

Angie

[seedspreader]

My recent experience is that realtors put their time into their large dollar sales but anything smaller really has to sell itself.

Which means it has to find the right audience because the realtor isn't going to be advertising it, etc.

I say take the realtor up on their offer and eliminate the contract with them and start posting it everywhere you can.

[texastami]

Originally Posted by AngieM2

was this from Ozarkland, or another company? Basically is this a straight purchase contract, or a warranty deed (land contract) business deal you have on the land?

Angie

Its a warranty deed from Ozarkland --- but he isn't the realtor in question regarding selling it and he doesn't hold the contract anymore - (sold it to a finance company about 1.5 years ago).

[GREENCOUNTYPETE]

So you don't want to move back to Missouri how much land what type what does it have for value.

when you loose child support does it mean the child is 18 and you could then get work.

not sure you have given enought info about what the land is and what it is to you.
was it passed down throught the family , purchase , ect...

example there is a parcle of land in our family now only 19.5 acers it has been in the family since the 1860's it has on it the house my great great grandfather built that would be worth keeping


however i had a parcel in upper michigan about 1/2 acer that had little to no value they were not going to put the road into it and i never got up there but once that i sold to a guy who liked the are for 100 dollars it was worth it to stop paying the taxes on it.

[texastami]

Originally Posted by GREENCOUNTYPETE

So you don't want to move back to Missouri how much land what type what does it have for value.

We bought the land when we planned to move there and homestead and be closer to DH's father..... then he got sick and died from leukemia and things changed for us and we made the decision to move back to Oregon to be near family.

Originally Posted by GREENCOUNTYPETE

when you loose child support does it mean the child is 18 and you could then get work.

No, I mean my XH is a deadbeat dad who pays only about 1/3 of the time... the rest of the time he's on the lamb, running from support enforcement and taking jobs under the table...

Originally Posted by GREENCOUNTYPETE

not sure you have given enought info about what the land is and what it is to you.
was it passed down throught the family , purchase , ect...

Land doesn't have any significance except that it was our first piece of land and we planned to build our life there.... we have no connection to it..... NEVER lived on it..... just had a million plans!!

[seedspreader]

So can you give up on the warranty deed and give the land back to the original seller?

I would hate to see that happen, because that's what these guys who do this for a living pretty much plan on people doing but if you get down to flat math...

Even if you sell it RIGHT NOW, will you sell it above what you owe enough to get ANY money out of it? If not, you are just throwing good money after bad unfortunately.

And is there a post somewhere with the details of the land and how much you want?

Maybe there is someone around here who could benefit by taking over your warranty deed payment and giving you a thousand bucks or something???

[AngieM2]

Here's her thread in REAL ESTATE part of Barter Board.

http://www.homesteadingtoday.com/sho...d.php?t=198070

Angie

[texastami]

Originally Posted by ZealYouthGuy

Maybe there is someone around here who could benefit by taking over your warranty deed payment and giving you a thousand bucks or something???

The warrenty deed payment, my understanding cannot be taken over --- "assumed".... I spoke with the finance company that he sold our contract to and its not possible.... they also will not finance anyone directly.... the buyer must come up with their own financing...... I have spoken at length with him regarding our dilemma..... they don't work with private people, just companies such as Ozarkland....

[FiddleKat]

Originally Posted by RockyGlen

Can you drastically reduce the price and sell the land for enough to get out from under the debt?

That would be my suggestion as well. Sell it for a drastically reduced price enough to try to recoup what you already put into it.
I would think if you know your going to lose the property anyway, why put money into it. Sort of like sinking money to repaint a vehicle when the engine is dead and buried.

I hope all works out for you. We know what its like caring for a disabled child, and going out to work is not an option.

[seedspreader]

Originally Posted by texastami

The warrenty deed payment, my understanding cannot be taken over --- "assumed".... I spoke with the finance company that he sold our contract to and its not possible.... they also will not finance anyone directly.... the buyer must come up with their own financing...... I have spoken at length with him regarding our dilemma..... they don't work with private people, just companies such as Ozarkland....

I sold a house that I still owed on through a warranty deed.

It can be done, but it depends on the particulars of your current situation/finance company. If you put a two year balloon in a 'Land contract' for someone that state that they could buy it via the LC from you for two years and then at two years the payment comes due (which means they find financing for it, pay it in cash, or default on the loan) may be an option.

bankruptcy is NOT an option in my opinion with the new bankruptcy laws. Because you are still responsible for the debt and then have no land to go with the debt.

So I don't really see it as you have much choice but to go to the ends of the earth to find a buyer and to make it work however possible.

How is your price with comparable pieces in the area?

If there is nothing that stands out with the piece for the locals, you basically are stuck selling it to a city-slicker, outsider who will compare the price with their current prices and say "Wow what a deal". Have you approached any of the neighboring folks/property owners to make them an offer?

If they know that you aren't using a realtor any longer they may be more apt to make an offer... figuring that they could at least lower the cost by the price of the realtors commission.

[Shepherd]

Well if you let go of the property (backed out), the owners would have made money off of you and be sitting pretty... unless the property is hard to move, or would require a lot of work and/or money to get in good shape.

If I ask questions you've already answered above, I apologize, but I don't see where you told us how many acres there are, etc. Where is it located? I'm fairly familiar with parts of northern Missouri... is it anywhere near there? Is it in a property owner's association type basis? Any and all information you could provide about it, may help. Is there water on the property? Buildings? A well? Any timber on it? Do you have any pictures?

I'd keep making the payments at least for awhile so some of us might be able to help you move the property before you have to give it up as a loss.

[texastami]

We have a quit claim deed with the finance company--- I have a call into them as far as what it would mean to our credit....

This is one of the most painful decisions I have ever had to make... I don't take ANYTHING lightly and those who know me know I take my responsibilities very seriously.......

[turtlehead]

Could you sell it for only what is still owed on it?

Sure you'd lose the equity but your credit wouldn't be negatively affected.

[AngieM2]

Auction it off on e-bay?

Angie