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06/22/15, 02:15 PM
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Join Date: Aug 2005
Posts: 16,319
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Had good luck with the banker. Bad luck with their in house mortgage Co. They just called and told me they don't loan on double wides. Im gonna try to get hold of Dutchie and see IF she knows anybody who DOES handle double wides.
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06/23/15, 06:31 AM
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Join Date: May 2007
Location: Oklahoma
Posts: 99
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HaHa. If they don't loan on double-wides, how did they wind up with it?
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06/23/15, 06:42 AM
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Join Date: Jul 2014
Location: NE Tennessee, Zone 6B
Posts: 750
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Quote:
Originally Posted by FarmboyBill
Had good luck with the banker. Bad luck with their in house mortgage Co. They just called and told me they don't loan on double wides. Im gonna try to get hold of Dutchie and see IF she knows anybody who DOES handle double wides.
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That figures! I would try Farm Credit or someone like that.
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06/23/15, 08:58 AM
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Join Date: Jul 2014
Posts: 1,728
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Not a problem bill just ignore the double wide and get the mortgage on just the land.
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06/23/15, 02:34 PM
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Join Date: Aug 2005
Posts: 16,319
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I might ignore the double wide, but I doubt if the bank wood. Anybody ever hear of that happening, ignoring a livable double wide trailer and just getting, or being able to get financing on the land?
I called Lending Tree yesterday, and they said they would send me a lis of lenders for double wides today. At 2 30, it hasn't arrived.
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06/23/15, 02:40 PM
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Join Date: Jul 2010
Location: Watertown, Tn.
Posts: 2,153
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Quote:
Originally Posted by FarmboyBill
I might ignore the double wide, but I doubt if the bank wood. Anybody ever hear of that happening, ignoring a livable double wide trailer and just getting, or being able to get financing on the land?
I called Lending Tree yesterday, and they said they would send me a lis of lenders for double wides today. At 2 30, it hasn't arrived.
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A land loan would most likely require more money down.
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06/23/15, 04:10 PM
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Singletree Moderator
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Join Date: May 2002
Location: Kansas
Posts: 12,974
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Quote:
Originally Posted by FarmboyBill
I might ignore the double wide, but I doubt if the bank wood. Anybody ever hear of that happening, ignoring a livable double wide trailer and just getting, or being able to get financing on the land?
I called Lending Tree yesterday, and they said they would send me a lis of lenders for double wides today. At 2 30, it hasn't arrived.
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I have heard of it. If the land alone is worth the money you are trying to borrow, then some banks have done it.
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06/24/15, 12:18 PM
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Join Date: Aug 2005
Posts: 16,319
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10 acres. Even at $3G an acre, that's only $30Gs
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06/25/15, 02:15 PM
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Join Date: Aug 2005
Posts: 16,319
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American Stand and Terri. Why would a lending institution of any kind lend $60,000 on 10 acres in Okla UNLESS
It had a oil well and the surface rights going with it.
It was in the middle of OKC
It was in the middle of Tulsa
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06/25/15, 03:00 PM
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Join Date: Aug 2014
Posts: 385
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Quote:
Originally Posted by FarmboyBill
American Stand and Terri. Why would a lending institution of any kind lend $60,000 on 10 acres in Okla UNLESS
It had a oil well and the surface rights going with it.
It was in the middle of OKC
It was in the middle of Tulsa
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There is penty of land around Chelsea going for WAY more than $3000 an acre with no home, so there is that.
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06/25/15, 04:14 PM
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Join Date: Aug 2005
Posts: 16,319
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Does it have a oil well on it lol, and wed be talking about more than $5Gs an acre at $60
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06/25/15, 04:28 PM
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Join Date: Aug 2014
Posts: 385
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Quote:
Originally Posted by FarmboyBill
Does it have a oil well on it lol, and wed be talking about more than $5Gs an acre at $60
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You don't really understand real estate do you?
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06/25/15, 06:38 PM
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Join Date: Aug 2005
Posts: 16,319
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Nope, amongst many other things, women included lol
I figured real estate all that mattered was location location location
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06/26/15, 08:38 AM
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Singletree Moderator
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Join Date: May 2002
Location: Kansas
Posts: 12,974
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Quote:
Originally Posted by FarmboyBill
American Stand and Terri. Why would a lending institution of any kind lend $60,000 on 10 acres in Okla UNLESS
It had a oil well and the surface rights going with it.
It was in the middle of OKC
It was in the middle of Tulsa
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I have no idea how much land prices are in Oklahoma. I do know that if it is an easy commute to jobs then it is worth 4 times what it is as agriculture land!
Bill the bank might say no. At that point you are exactly where you are now: still looking for a lender.
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06/26/15, 09:47 AM
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Join Date: Aug 2005
Posts: 16,319
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U right Terri. Gotta wonder why they might say no considering all the people whove said the place is burning a hole in their account books and that they want to dump it quick. IF I got a down payment, I don't know why they should say no, considering its a double wide to begin with, and the condition of it also.
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