NO! - Posted by Kristine-CA
Posted by Kristine-CA on July 20, 2011 at 21:03:51:
This post makes me sad. I am familiar with “ranches” like Sunset. We
have them here in California too. The typical business model is an LLC
that owns thousands of tracts of desert land that will NEVER develop.
Or at least not in our lifetime. They sell their land via bus tours, ebay
auctions, and websites offering seller financing. No credit, nothing
down, etc. They prey upon seniors, immigrants, and people for whom
English is a second language. They love Asian and European retirees in
the US. They love people with fixed incomes and pensions and a wee
bit of savings. They are not land investors as much as masterful
marketers when it comes to selling the dream of land ownership.
No, 20 acres in Hudspeth county is not a good investment. If you send
me an email with the property info, I can send you a link to an arial
photo and you will see that there is NOTHING happening near your
land. No roads, no utilities, no houses. “Ranch” is often used in land
marketing and it means “in the middle of nowhere.”
Sometimes there are even model homes and/or recreational facilities
built just to sell the surrounding land. It’s used for pictures and
brochures, and for visitors and bus tours of potential “buyers”. And
ten years later, that’s still the only development within miles.
As for your situation: how much do you owe on the balance? Not the
amount to save it from foreclosure but the total balance due. Are you
clear about the terms of your loan or installment agreement? What
interest rate and what time frame? I’m thinking that you probably
owem more that 8K? If I were you, I wouldn’t pay another penny.
Feel free to write me off the board and I will look up the property and
see if it’s possible for you to get out of this with a little something for
you. Sometimes the lender/investor is hungry to get it back in order to
sell it again. You may be able to deed it back to him, for a fee. It
would save him the cost of the foreclosure. A few hundred dollars at
this point is better than nothing. Just my opinions and experience with
the dream merchants here. Kristine