How to purchase land

[hunterblack09]

I have a question for those of you that have purchased raw land. I am having trouble finding a lender to offer a loan on just land. The lenders I've talked with say that if I am not planning on building right away that I will need to put down at least 50% of the purchase price. I have good credit and I would be able to put 20%-25% down but not 50. Any advice would be much appreciated. Thanks in advance.

 

[besiwi]

AGGA Farm Credit. I put 20% down. 10 yr loan. Office in Cartersville.

 

[kmckinnie]

I moved this to On Topic.
Think it suits it a little better.
Good luck ?

 

[Swamprat]

Like besewi said any farm credit or even your local farm bureau or USDA office should steer you in the right direction.

 

[SlipperyHill Mo]

AgSouth Farm Credit only required 15% a long time ago. Give them a call. Many locations.

 

[livetohunt]

You will be limited mainly to AG South here in Georgia. I think they require 20% down minimum. They have different locations throughout Georgia so just pick the one closest to the land you are purchasing. They also require you to pay $1000 toward stock in the company, and they pay out a patronage every year. It's actually a good investment because you will get all your money back plus a lot more.

 

[marknga]

Couple years ago I went with my local credit union and also had an approval AG South both wanted 15% down.
Good luck

 

[livetohunt]

Couple years ago I went with my local credit union and also had an approval AG South both wanted 15% down.
Good luck

Credit unions and banks wont touch land unless its a small acreage like 15 acres or less(unless it has very recently changed) and now land lendors require 20 to 25% down depending on which state you buy in..Also, the above info is true even if you have perfect credit and lots of assets.

 

[Milkman]

If you find a tract being sold by an individual they sometimes prefer to offer owner financing. They don’t want that lump sum income in a single year.

Best of luck in your quest !!!!

 

[notnksnemor]

All good advice above.

 

[MewsicLovr]

Related question, where are you guys looking to find land for sale?

 

[bilgerat]

I recently purchased 15 acres in Monticello Ga and used Ag South out of Monroe Ga, 20% down and 15 year financing.

 

[Timberman]

When I was in the land biz Agsouth was my go to.

To get a big down payment without using your cash-if the tract has timber get the tract under contract then sell the wood and have a simultaneous closing. Sometimes the neighbors would want a little of it and I'd sell a corner or something then close together. All kind of ways to come up with money.

Related question, where are you guys looking to find land for sale?

Go to the area you want to buy in. Knock on doors, talk to people, get the word out that you are a buyer. I paid many a finders fee in my day for info on tracts that I ended up buying.

Another tactic that worked very well for me was to send out letters. I would do whole counties at a time, everybody with 20 acres and up got one. You are a cash buyer looking for land and want to purchase direct from landowner-no agent.

If i was still in the game I'd not be sharing...good luck.

 

[GeorgiaGlockMan]

I financed mine with about 20% down and used my paid for home as "colateral".

I guess it was more of a 2nd mortgage. Had the same roadblocks. That was my way around it.

Pay it off fast is my only advice.

It feels good.

Good luck! It's worth it.

 

[chase870]

You will be limited mainly to AG South here in Georgia. I think they require 20% down minimum. They have different locations throughout Georgia so just pick the one closest to the land you are purchasing. They also require you to pay $1000 toward stock in the company, and they pay out a patronage every year. It's actually a good investment because you will get all your money back plus a lot more.

They did a fine job for us

 

[NCHillbilly]

It depends also on how big a tract, and the price. I bought a small tract a few years ago just by going to my credit union and getting a personal loan. Unsecured, and the land was mine right then.

 

[westcobbdog]

Related question, where are you guys looking to find land for sale?

A few search engines I use are Fmls and Gamls. Both have lots of land, fmls is agent subscribtion only, but around 35k agents use it. Gamls I pay for also but it allows some public access, also about 30*40k agents use it. Then there’s all the land websites, like landandfarm.com or land watch.
Another idea is find the local “mls” and get on a brokers site that will allow you to use their search engine. Example, I look for Mtn property for people. I use my 2 engines but the penetration is not that great way up in Blue Ridge. I found a local broker site that lets me use their website to search their local MLS.

 

[bilgerat]

Related question, where are you guys looking to find land for sale?

how big a tract ou looking for and what area?

 

[Jim Baker]

https://www.aggeorgia.com/locations

 

[livetohunt]

Related question, where are you guys looking to find land for sale?

Landwatch