Buying my first farm! BAH! The stress is killing me. Advice???

[travlingypsy]

No we don't have a real estate agent. But my other grandma is an agent so we got great connections!
Im going to get a hold of my mom today and talk to her about putting an offer on monday. At least that would give a couple days till thursday and who knows what can happen. Uhg, im just being REALLY hopefull about this.

[travlingypsy]

Mini update: So we found out the owners are leasing the property to a guy. So they don't have to pay mortgage on 2 properties. Not sure what house he is using right now. But I guess its livable... Im thinking he's cleaning up the place to. At least I hope so. Um my mom wants to keep his lease (if we buy it) that way we still wont have to pay money out of our pocket, the rent will already be paid! And with that extra money saved we can get it fixed up quicker before next summer and have the vacation rentals. But she doeant want to put in an offer until thursday, which I guess is good. I'm trying VERY hard to keep my mind off it so the week will go by fast. :C

[Icrazyaboutu]

Originally Posted by travlingypsy    

Iridehorses- Oh, hmmm. Well now im just going to be burning my bitches until thursday to find out for sure about it all. And its only saturday!

Indy- The town is about 1hr and 20 mins from spokane. Its all deserty out there well mixed with hay crops. Yeah a home inspection would be nice, thanks for the link to! Did you mean this lil cabin? I have no idea what that is, I didnt even see it on the property(that I can remember). But it does look like a tear down.

You mean britches right? That would make a lot more sense. Ahaa

[travlingypsy]

OMG! That is a REALLY bad typo! Ya I ment britches

[churumbeque]

You have alot to consider. You say you are buying a property, you know the amount, you are waiting for loan approval, but you haven't seen it yet? I can see why it is stressful you have to many unknowns. Ist of all you can get a pre approval to get an idea of how much money you are able to borrow but that doesn't mean you can get a loan for that house. Sometimes you cannot make an offer with out a pre approval so maybe that is what you are waiting for. Just because you have a pre approval you can still get turned down on a loan. The next step would be to make an offer conditional on financing and an inspection. If you are doing government financing the house has to be in good condition or they will not loan money on it. If it needs alot of work your weekly rentals will also be limited. I personally would want something nice to rent if I was taking a week vacation on a lake. 129k for 40 acres and 2 houses sounds very inexpensive so it may need more work than you are prepared to take on. Keep us posted and hope it works out.

[travlingypsy]

I have seen the property. My mom and I took a whole day trip just to see it. Since its 6hrs from where we live now.
We are waiting until we get pre-approved for the amount to place the offer. Which will be thursday when we find out the exact amount we can afford. And I really think we can qualify for that size of loan. I mean we have 3 incomes on the application. 2 being me and my moms and my grandma co-singed so we have that extra whatever to make it look good on paper.

I don't think we would at all be able to do the weekly vacation rentals this summer. It would be next summer after we did the remodels or whatever it needs to make it nice. I think the houses have potential to being nice places. My grandparents actually build houses, and my grandpa is an architech well was. He's actually got really great credntials so I guess "flipping" and remodels are in the blood and we can always get him to help.

Im not afraid of the work, and I would look forward to it. So the house isnt my main concern its just the paper work and waiting to find out if/when we can get it. ITS ONLY SUNDAY! AHG.

[churumbeque]

Originally Posted by travlingypsy    

Mini update: So we found out the owners are leasing the property to a guy. So they don't have to pay mortgage on 2 properties. Not sure what house he is using right now. But I guess its livable... Im thinking he's cleaning up the place to.:C

When you said "I guess it's livible" made me think you hadn't seen it or you would have known if it was livible or not. Of course every one has there own idea what is livible or not.

[travlingypsy]

I ment by the left over junk the people had piled up in the house. Because I woulnt want to live in their junk and wouldnt really expect a person to pay rent to live in junk. So I guess it was cleared out before he moved in or he had to get it out himself. At least I hope he's getting the stuff out and not letting it stay there.