Hopeless and despair. Looking for 10,000. - Posted by Ron

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Posted by Ron on March 23, 2001 at 08:47:22:

Thank you for your input.
The problem is my uncle has already sold his interest to an outsider and now we are dealing with him.
I talked things over with my brother last night after posting this and we agreed to offer the guy something
even without having cash up front.
We do have an attorney and have been fighting this for almost 2 years now. I must say the attorney has done
a good job dragging this out in our attempts to force the guy to just give up, although I haven’t been 100%
satisified with the attorney. However, he was the only one we found whom this willing to help and fight it.
The others all said we had no chance, give in to the guy and make the best business deal we could.
So, anyway I will make an offer, etc. One more thing,
last July they sued us in court for partition BEFORE this guy bought theland, the judge then said he wasn’t going to partition the land. The guy turned around and bought my uncles 1/2 interest anyway and we are back into partition court.
A couple real estate agents have told me that the judge
should have to allow us the first chance to buy the land should the court put it up for sale since we are senior owners in the land. Obviously, with knowing we’d
have the money for sure we don’t want this to happen if possible.

My credit isn’t that great. I have some charge offs and
a couple overdue credit cards. One card keps turing it in to a different collection agency. I’ve paid the thing twice, in full, according to the agreement and the credit card company will claim I owe them more and turn in. Now they claim I oew 257 more after paying them over $800.00 on a 200 dollar bill.

So, I will take your suggestions and thanks again.

Ron

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Hopeless and despair. Looking for 10,000. - Posted by Ron

Posted by Ron on March 23, 2001 at 02:22:47:

I’ll try again, as this is absolutely my final chance.
I need to borrow 10-12,000 to try to keep this guy from
stealing half of my land. It’s a long story, but my uncle
inadvertently got his name on the deed to my parent’s
property (24+ acres). He’s kept his name on the deed for
40+ years and decided to sell his 1/2 nterest in the land,
but refused to sell to myself or anyone else in the family.
He’s done this now that both parents are dead since they
are not here to defend the property and what really took place.

Anyway, the land has value of 20-22,000 and I am looking
to borrow half to a little more to attempt to buy this new
guy out before the partition goes to court. He’s stated he wants an answer by 3/23 or will continue
with the partition.

I can not offer anything without knowing I have or can get the money. I have a 6900.00 loan against
my home (seperate from the above property) but am unable to find a lender to either lend me money
towards the 24+ acres, nor towards the
remaining 10,000 equity in my home.

Can anyone help? I will gladly put up the land as collateral, or even my home if I can borrown
enough to pay that 6900.00 off as well.

Ron

P.S. I would even consider a lesser amount such as 7,000.
That would at least be helpful in making an offer.

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Re: Hopeless and despair. Looking for 10,000. - Posted by JohnBoy

Posted by JohnBoy on March 23, 2001 at 08:11:55:

You say your uncle won’t sell to you or anyone in your family. If you were able to get the money then how would you go about buying him out if he won’t sell to you? Your post is a little confusing.

Also, assuming you could buy this from your uncle, you CAN offer something even if you don’t have or know if you can get the money! You just make your offer and get the thing tied up under contract, period! Use this as way to stall things and buy yourself more time! Tell him you have a lender that is interested in giving you the loan to buy him out, but the lender will need to do an appraisal and says it will take 45 - 60 days to close on the thing! Then get it under contract with a contingency clause subject to you getting favorable terms on your financing! This will be your out clause to back out of the contract should you not be able to find a loan!

Since you already have a first and second on your home I’m assuming you have decent credit to work with. If your credit is decent then you shouldn’t have much of a problem with finding a loan for this. You’re only looking to borrow 50% of the lands value, which is pretty much the norm on what lenders will loan on land.

Try going to the “commercial loan department” of the bank to get financing. They are much more flexible in lending on things like this! You should be able to get a loan for the $10k, amortized over 10 years, with a 5 year balloon! This would only put your loan payment at $126.68 per month, at 9% interest, amortized over 10 years.

If all else fails with finding a bank to give you a loan, then try a finance company! You have plenty of equity in the deal for them to do this loan! Heck, they give out $5k signature loans with no collateral, so getting $10k secured against $22k worth of land should be pretty simple! The only problem with using a finance company is they will nail you on the interest rate!

I would also venture to guess that since this land has been in your family all this time, that a judge would grant you some time to try and find financing so you could buy your uncle out! If HE goes to court trying to force a sale on this because HE wants to sell off his half, then I can’t see a judge allowing him to sell by not giving you first right of refusal to buy it yourself since you do own half and it has been in your family for a long time! So even though he wants to sell his interest, I doubt he could get a court order to sell and prevent you from buying him out just because he doesn’t want to sell to you! I would check with an attorney on this.