Purchasing Land Information Needed

[heishman24]

Could someone fill me in with details on purchasing hunting land (Timber)

Rates?
Terms?
Down Payments? Can down payment be equity in my I have in my house?
Do I need an appraisal ?

Thanks in advance

 

[Jdubs]

You might want to search the threads. There have been many conversations about this topic here. Or just give Ironwood a PM he's a real estate agent who specializes in this stuff.

 

[Hardwood11]

Rates are still fairly low, usually need .25 down

Equity in house?? Maybe

Appraisal yes... Survey in many cases

Which region are you looking??

 

[Tim Hull]

I had enough equity in house that I just mortgaged the house again. I owed 50K on a house worth 200k. I got 3% house loan rather than buying the property (100K) which would have been at a 4.5% rate and could balloon after 5 years to 9%. I put 20% down. Getting a loan for just rec property is not as good a deal as refinancing the house. You will need an appraisal on your house for sure to refinance it.

 

[Jake]

I bought 66 acres in February. If I remember right it was 5% with a 20 yr amortization. 5 yr. balloon. 20% down.

 

[ironwood]

Hardwood11 has the right answers. By the way I really specialize in residential home sales. Although I do love land and do land sales, definitely not my specialty.

 

[Jdubs]

Sorry Ironwood. I know you've commented on land values and purchase info here in the past. Heish Ironwood is a residential specialist not a rec ground specialist, my bad. I suggest you call Whitetail Properties or Heartland Trophy Properties instead.