Posted by John in Mich on September 02, 2019 at 18:44:55 from (68.62.101.57):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
Each situation is different. I spent several years trying to buy the 6 acres of land adjacent to me. The owner was holding out to offer it as an option to a buyer of the next property, 10 acres, that contained his house. Finally he came to me and asked if I was still interested. He named a price and we agreed to a land contract at 5%, amortized for 30 years but a balloon payment at 5 years. I split the property into 4 pieces with provision for a private road. Half of the road would be on my land and half on the new land. When he could not sell the house with the 10 acres, I offered to buy the rear 5 acres on another land contract of the same terms, though much lower price. Being landlocked, I was the only one who could provide the necessary access by having filed recorded legals for 4 parcels of the first land contract. The 5 was then attached to the rear 3 acres of the first land contract. 3 years later I developed the private road and sold 3 one acre lots for cash and paid off the land contracts. I still had the rear 8 acres as a "play" area. State law prohibited me from selling the 8 acres for 10 years AFTER the last sale without also selling my house and 6 acres with it. HA! I can wait. After the limitation statute expired, I sold the 8 acres to one person. It was NOT splitable. 3 years later that buyer bought 3 more acres from me. I now only own 3 acres. At 76, that is enough land and the money in my savings looks nice. Look at all of your options.
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