# Is looking for a $4,000 down, $400 month place in Ky unrealistic?



## MisFitFarm (Dec 31, 2007)

Am I being unrealisitic? Oh, I hope not! We will be on a fixed income, so my daughter and I are looking for a farm where we can pay $4,000.00 down, and $400.00 a month to buy on a land contract. We live in Western Kentucky, and most rural areas aren't very expensive. For instance, in the small town closest to us, there is a very nice 4 bedroom brick home on an acre for $79,000.

We are looking for a farm in Muhlenberg, McLean, Hopkins or Christian Counties.


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## RiverPines (Dec 12, 2006)

Dont discourage. There are tons of foreclosures.

We got our place, 3 acres, on the river, for 4k down and 240.00 per month for 30 yr.
Ours was a foreclosure and the bank took a loss. We bid an insane price expecting to get laughed at, especially since the previous owner owed more than we bid. Our bid was 1/2 of the tax assessed value too!! LMAO
But, we figured even though they will laugh at us, you never know what may happen unless you take a shot.

They took it! To our disbelief and shock they took our ridiculus bid. :hobbyhors


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## MisFitFarm (Dec 31, 2007)

Hey, Congratulations! I'm glad for you, and it actually makes me feel a little better!


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## sancraft (Jun 7, 2002)

MisFit, whatever you're looking for is looking for you. Just believe and you will draw it to you.


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## marvella (Oct 12, 2003)

i bought my first place like that. i had bad credit and only 3000 down. bought a house and 27 nicely wooded acres for 40K. the place had been on the market for a long time partly because of it's location (very remote- nearest small town 45 minute drive on rough roads) i sold it 11 years later for double what i paid, which set me up very nicely for my current place ( foreclosed on nice double wide with 16 ac that i lived in until i got the house built).

we set it up for 5 years at 6% interest. at the end of that 5 years i was able to get it financed at the bank becuse of my good payment history with the owner and the equity stood as down payment. the deal was if i didn't make payments she got the place back and i lost whatever money i paid into it.

it worked out well for us. they are not easy to find, but in this housing market some folks are gtting more desperate to sell.


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## MisFitFarm (Dec 31, 2007)

sancraft said:


> MisFit, whatever you're looking for is looking for you. Just believe and you will draw it to you.


What a wonderful thought, thank you!

Thanks, Marvella, that does give me hope. I hate the fact that others misfortune in this cruddy economy could be beneficial to me, but at this point I have to consider all options.


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## marvella (Oct 12, 2003)

other piece of advice i didn't know about at the time... get a title survey and a home inspection/ appraisal. it will cost you about $350 for each one, but if they find problems, you will at least know about them ahead of time and maybe save you $$$! on the future.


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## MisFitFarm (Dec 31, 2007)

Thanks, I hadn't thought about doing that with a land contract. That's a good idea.


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## ovendoctor (Jun 28, 2006)

MisFitFarm said:


> Am I being unrealisitic? Oh, I hope not! We will be on a fixed income, so my daughter and I are looking for a farm where we can pay $4,000.00 down, and $400.00 a month to buy on a land contract. We live in Western Kentucky, and most rural areas aren't very expensive. For instance, in the small town closest to us, there is a very nice 4 bedroom brick home on an acre for $79,000.
> 
> We are looking for a farm in Muhlenberg, McLean, Hopkins or Christian Counties.



I wish this post was 8 month's earlyer :shrug: 
I sold Dads farm [8 acres house,shop and outbuildings for 75,000 LC 1,000 down 300 month
in calloway county Ky

they are keeping up with their payments at this point


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## MisFitFarm (Dec 31, 2007)

No matter what I do, I have to be realistic. If I could have my dream, then I would buy the place I found a few days ago. I found a 100 acre tract, for $125,000.00. But I have no way of financing that, plus it's just the land, no house or barns. But, OH! What I wouldn't give to have it! Plenty of acreage for expansion, only two miles from my oldest daughter and my Grandchild-to-be and only seven miles from my parents, who are getting to the point where they need more help. But hey, you gotta dream!


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## Evons hubby (Oct 3, 2005)

Timing is everything but dont dispair, there are places that can be done with your payment plan, or at least close. I just sold a 5 bedroom two bath place on two acres here in Kentucky on an owner finance deal with 5 K down and payments of 400 per month. I will have another one one later (the house I am living in) which I could work with 4 K down and 400 month. Its a 3 bedroom, 1 bath on two acres in a pretty decent rural neighborhood. I just have to finish my permanent house which with a little luck should be later this summer. This house will be on the market as soon as I get moved out for 50k. I currently have one but would need a little more money to finance. Its a large two story old farm house on two acres with a nice little horse barn near the Cumberland river about 5 miles out of Burkesville Ky. I have it priced at 75K. Recent renovations include new vinyl siding, and metal roof, and central heating system. We are currently reworking the bathroom and kitchen. It could use a thorough "sprucing up" of the interior (paint and polish) but is a pretty sound and solid old house (Approx 150) years or so. Shop around, they are out there! Good luck with your house hunt.


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## GrannyCarol (Mar 23, 2005)

One thing to keep in mind about buying from the owners - if the owner goes bankrupt, will you lose your investment? A friend of mine was buying a house on an owner finance, the owner had financial problems and the house was taken on his liens. She lost tens of thousands on that deal - all of her down payment and a couple of years payments too. She has worked for years as a loan under writer and knows her business too. So... be sure the owner has a clear title and that there is some way to protect your interest in the home so it can't be yanked out from under you. Don't know what that entails, but wanted you to be aware of the possibility too. 

That said, we bought our first house on an owner finance. They didn't even think to check our credit, were happy to sell in our very small community to someone with a regular job. We paid on time for years, inherited some money and paid it all off. Everything worked out fine, so it sure can happen!


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## MisFitFarm (Dec 31, 2007)

MisFitFarm said:


> No matter what I do, I have to be realistic. If I could have my dream, then I would buy the place I found a few days ago. I found a 100 acre tract, for $125,000.00. But I have no way of financing that, plus it's just the land, no house or barns. But, OH! What I wouldn't give to have it! Plenty of acreage for expansion, only two miles from my oldest daughter and my Grandchild-to-be and only seven miles from my parents, who are getting to the point where they need more help. But hey, you gotta dream!


The agent for the owners of the 100 acre tract contacted me today, and told me they would like to do a land contract! They have already come down on the price, and now I'm waiting to hear what kind of down payment they are going to want. My only concern is the monthly payment, I want to keep it reasonable so that we don't over stretch ourselves! Oh, wow! It really just might happen!


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## legendaryliving (Nov 29, 2007)

Dream!!! Dream!!!! We'll be praying for ya!
Life's short - DREAM BIG!!!


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## Tsadiyq (Jun 28, 2007)

Ohhhh!! I'll be crossing my fingers for ya!!

I sure hope that when the times come - we'll find a place where the seller will accept our 'ridicolus' bid    

Be sure to keep us updated...I'm waiting to hear from ya! :0)


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## SimplerTimez (Jan 20, 2008)

MisFit, that's great news...congratulations! I've been looking for months and months, until my eyeballs feel like they're going to bleed and I dream Google mapscapes. Lately I'm getting very disheartened; two good properties that met our needs went up in thin air this week, so it's great to hear that someone else is making headway.

The biggest hold ups for me is that we MUST have cable/dsl internet available for my job and we can't physically move until November, even if we buy now and make two payments for a few months.


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## kygreendream (Mar 20, 2007)

In this area is a free paper called the Show N Tell Often you can find property for sale in there on land contract. Down the street from me is a doublewide mobile home on 2 acre for sale for $58, 000. The # to the paper is 270-825-0993


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## MisFitFarm (Dec 31, 2007)

Well, they are wanting 8% down, which is wonderful. But they want a "stair stepped" interest rate. I had never heard of that before. This is what the agent said:
"They will set it up ever how many years you want them to carry it. They will carry it for a year @ 8.5%, two years @ 9%, three years @ 10%, 4 years @ 11.5, and they have indicated they would actually carry it up to 30 years for around 12%. If you amoritized it out your payment on $101,200 (the amount after down payment) on 30 years @ 12% would be app $1046.96 per month. If you choose to let it balloon out and come due (which you would have to either pay it off or get another loan from a bank) your payment would be based upon a different interest rate as described. Hope this helps. You can go to yahoo.com, click on real estate and scroll down to the mortgage calculator portion and plug in your other figures. They will amortiize any payment on a 360 month payment plan, but the balance will be due at the end of the 1 to 4 years if you choose that way."

I told him that the down payment wasn't the problem, I expected that. But I will be on a fixed income after May, and I would not be able to live if had to pay that much for a mortgage.


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## Chixarecute (Nov 19, 2004)

Have you asked if they will sell a parcel of that acreage? You never know!


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