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My wife and I are talking to the bank in the morning about a loan for a small property about 2 hours from here. I want to find out if we can get a loan and if we can be pre-qualified and approved so I am better prepared to negotiant.

I haven't even talked to the realty company yet. I don't want to tip them off to soon I'm very interested in it. Two other properties I'm looking at also but like this one best. I want to be able to tour the property and be prepared to make an offer on site if I want to.

It's about 1 1/2 mile out of a small town of around 550-600 people.

Only one other house nearby. The property is sourronded by mead forest land and a state wildlife area of 1,700 acres. No one can build near it.

Plenty of public hunting land for me to make use of.

It's 4.5 acres with a Mobile home of 1,100 SF on it. County water and a new septic system. Electric heat. Has a fireplace built in. No AC. I can get a few window units if need be.

Asking price is $24,000. If I like it I was thinking of offering $18,000. IF we can get a loan.

I was also thinking their might not be many in the market for property in this area. It's not a very well off area financially.

I can build a root celler and storage building in the spring and summer.

Any thoughts or comments? If anyone has advice on what I should be asking or looking for I would appreciate the advice. I've never bought a property like this before.
 

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Will let you beg for food
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Try and see what everything around there has sold for recently. That should be public knowledge at city hall or go to another broker and ask a few questions, not leaving a name of course. I think offering 18 000 is fair but I dont know if you have a think there like we have here...i put a low offer in on the house i bought and asked for sign back rights. which means if there is somebody else in line it comes back to me first to put another bid in. Also check the zoning and see what structures you can put on the land and if you can live there year round...here again we have some funky laws. good luck and tell us how it goes. ps - what are taxes on the property, just curious for comparison
 

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Good advice from preparedmama.

You should do those thins w/any property you buy..Need a title search, for sure.

Also IIRC, you can check at the county courthouse and find out how much was paid origanially...May not be important, but could give you more info to base your offer on.

In any event, we wish you success!
 

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HOPE4BEST&PREP4WORST
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Sounds like a good deal, good luck. You will have a better chance at a loan if you give some money down usually 10% or more, you may want to look into first time buyers programs in your area, you would not believe some of the helpful programs that are out there but you have to look for them and ask around because they differ from state to state. I know the timing may be off because of the economy but if you or your wife are contributing to a 401k some plans let you borrow up to 50% of it from yourself and repay it back to yourself plus interest. Anyway, best of luck and well wishes to you and yours.
 

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Great plan Dan! It is a buyer's market if your credit rating is good. Make a lowball offer and be prepared to negotiate with the seller when he makes a counter-offer. If nothing else, it sounds like an ideal getaway that can double as a BOL. It never hurts to point out any problems with the dwelling when making an offer to justify your lower bid. Maybe you could finance it through the seller. This is often attractive to a seller since they would get the interest rather than the mortgage broker. A bank may frown upon the nature of the property (unoccupied) so some creative financing may be necessary. A good size down payment certainly will help. Heck, it is less than the price of many new cars and you are getting something permanent! Good luck!
 
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