Free land in MN

Discussion in 'Real Estate' started by fishhead, Nov 14, 2007.

  1. fishhead

    fishhead Well-Known Member Supporter

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    northcentral MN
  2. AngieM2

    AngieM2 Big Front Porch advocate Supporter

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    Maybe not quite free:
    from their website:::

    "Assessments
    You will get the land for FREE!

    However, you will be assessed for part of the cost to develop your property with streets, curb & gutter and water & sewer.

    Total estimated cost per lot for development is approximately $25,000. Through the use of Tax Increment Financing (TIF) we will be able to reduce this cost to about $14,000*. This will be payable, by you over a 15 year period. It is simply collected semi-annually with your Real Estate Taxes.

    Instant Equity
    Some lenders will allow the FREE land to be used as equity (down payment) for a home construction loan, allowing the Assessments to continue to amortize to the City."


    Angie
     

  3. RiverPines

    RiverPines Well-Known Member

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    You have to qualify and have a low enough income.
    Then you have to have that house built in one yr.
    Then you get taxed out or kicked out by the homeowners association this subdivision probably has.

    So, what are the catches?
    Nothings free without a catch. :)
     
  4. Ozarka

    Ozarka Well-Known Member

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    Ozark Mountains, Madison County Ark.
    seems like we've heard this a time or two, "...there ain't no free lunch, cars, houses, land, etc.
    We were given a free house once, just for moving it. Beautiful windows, 1943 factory finished oak flooring, such a sweet deal...until the house movers tried to raise the beast and it disintegrated on the beams...12 inch foundation, 50 odd years of termites...we were heartbroken.
     
  5. Dave

    Dave Well-Known Member

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    I thought free meant you didn't have to pay anything? ;)

    I know of a few towns in Kansas that tried this. It hasn't worked out all that great for either party.