Comments on: Purchasing Part of an Existing Lot: Ask the Broker http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/ Phoenix Real Estate -- Anything and everything about it. Plus random musings... Now with Phoenix area MLS Listings Search! Sat, 21 Nov 2009 05:34:24 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Daniel Bates http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40237 Daniel Bates Tue, 30 Sep 2008 22:52:40 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40237 We handle a good bit of deals like this in my area where inland land starts in the $100k/acre range (It helps that my broker is also an engineer and usually handles the subdividing part pro-bono). Never done it on a 100% financed mortgage situation and I have to agree with the assessment that you'd be more likely to squeeze blood from a turnip right now than convince a bank to consider anything risky. Although if you already have a qualified buyer in hand, you might be able to basically have two closings at once (really a closing and a refi) and make everyone involved happy, right? *<em>Daniel Batess last blog post..<a href="http://www.awendawliving.com/pepper-plantation/pepper-plantation">Pepper Plantation</a></em></abbr> We handle a good bit of deals like this in my area where inland land starts in the $100k/acre range (It helps that my broker is also an engineer and usually handles the subdividing part pro-bono). Never done it on a 100% financed mortgage situation and I have to agree with the assessment that you’d be more likely to squeeze blood from a turnip right now than convince a bank to consider anything risky. Although if you already have a qualified buyer in hand, you might be able to basically have two closings at once (really a closing and a refi) and make everyone involved happy, right?

*Daniel Batess last blog post..Pepper Plantation

]]> By: Tom at the Real Estate Bloggers http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40228 Tom at the Real Estate Bloggers Tue, 30 Sep 2008 13:45:00 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40228 Or you can not worry about the mortgage at all and get a lobbyist and vendor to pay for it like Tony Rezko. Sure worked well for Barak Obama... :) Sorry, could not resist. *<em>Tom at the Real Estate Bloggerss last blog post..<a href="http://www.therealestatebloggers.com/2008/09/29/the-sky-is-not-falling-when-bad-bills-do-not-pass/">The Sky Is Not Falling When Bad Bills Do Not Pass</a></em></abbr> Or you can not worry about the mortgage at all and get a lobbyist and vendor to pay for it like Tony Rezko.

Sure worked well for Barak Obama… :)

Sorry, could not resist.

*Tom at the Real Estate Bloggerss last blog post..The Sky Is Not Falling When Bad Bills Do Not Pass

]]> By: Tampa Real Estate Agents http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40207 Tampa Real Estate Agents Mon, 29 Sep 2008 20:55:37 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40207 Well I dont think this is one thing I dont want to venture into... Its too complicated, well thats what I feel. Well I dont think this is one thing I dont want to venture into… Its too complicated, well thats what I feel.

]]> By: Jay - The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40182 Jay - The Phoenix Real Estate Guy Mon, 29 Sep 2008 01:03:12 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40182 Rob - the problem as I see it is who the heck knows what a bank will do these days. They appear to make decisions based on pure randomness and planetary alignment. We just had a bank reject a short sale offer for $173K. A couple of weeks later the home foreclosed and was listed -- by that same bank -- for $148K. I don't trust them to make any sort of reasonable decision! Rob – the problem as I see it is who the heck knows what a bank will do these days. They appear to make decisions based on pure randomness and planetary alignment. We just had a bank reject a short sale offer for $173K. A couple of weeks later the home foreclosed and was listed — by that same bank — for $148K. I don’t trust them to make any sort of reasonable decision!

]]> By: rob aubrey http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40178 rob aubrey Sun, 28 Sep 2008 23:48:03 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40178 If the proceeds from the sale pay down the lien I am inclined to think the bank would take some cash. *<em>rob aubreys last blog post..<a href="http://www.3poundsofrealestate.com/2008/09/20/august-sales/">August Sales</a></em></abbr> If the proceeds from the sale pay down the lien I am inclined to think the bank would take some cash.

*rob aubreys last blog post..August Sales

]]> By: Purchasing Part of an Existing Lot: Ask the Broker | Manufactured Homes http://www.phoenixrealestateguy.com/purchasing-part-of-an-existing-lot-ask-the-broker/#comment-40174 Purchasing Part of an Existing Lot: Ask the Broker | Manufactured Homes Sun, 28 Sep 2008 21:35:48 +0000 http://www.phoenixrealestateguy.com/?p=1287#comment-40174 [...] is the original: Purchasing Part of an Existing Lot: Ask the Broker ask-the-broker, broker, estate, humor, land, lender, lien, loan, Manufactured Housing, Mobile [...] [...] is the original: Purchasing Part of an Existing Lot: Ask the Broker ask-the-broker, broker, estate, humor, land, lender, lien, loan, Manufactured Housing, Mobile [...]

]]>