buy it. I don't why I feel like that. I didn't take any loans, It is owner financed. I only pay $250 a month, and the land costs a little bit over $25,000. Should I just stop paying on it and loose the down payment, and what i already pay? Or should I just continue paying on it? I feel like maybe the value will not go up, because it's in Central Florida. Should I just try selling it for the down payment and the total of what I have already paid for it? Should I keep it? Please help. I am young.
2007-08-11 18:59:35 · 6 answers · asked by Diamond C. 3 in Business & Finance ➔ Renting & Real Estate
Are you soliciting for advice? How long have you been buying it. How much do you have invested?
What rate of interest are you paying? As well, you are not to young to start learning about making decisions. If you don't know the population, try to find out. What is the closest city with a Wal-Mart?
Pull up any yellow pages availabe. You will be able to get a pretty good idea of its economic health from the competition listed. OK, good luck
2007-08-11 19:11:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sorry to burst your bubble yet there are too many unanswered questions. a million, what's the dimensions of the lot you have offered, 2. Is it seen a 'buildable lot'. 3. What are the regulations of creating on that lot. 4. What interest fee is the vendor offering you with. 5. What are the restrictive covenants with the variety to apply the land. 6. Is there a particular time you have been given, interior the words, in which you will be able to desire to have geared up a shape. proprietor-financing is a loan. The words could/won't be bigger than you have secured with a loan lender. yet, a minimum of you have gotten all started. Now which you're in, you will be able to desire to envision the wonderful print.
2016-10-10 01:17:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I guess I would want to know, how much land, what was the reason for the purchase, what is your interest rate, terms conditions of your loan??
NEVER stop paying a debt. You will ruin your credit.
If you can afford to hold onto the land you should.
Many people became wealthy later in life just from owning the right parcel!
FYI (Now is a buyer market, not a great time to sell!)
If you are still confused, speak to the city or county planners about the area surrounding your property to see what's planned for the future.
2007-08-11 19:37:48 · answer #3 · answered by ANGEL Baby 3 · 0⤊ 0⤋
Being young isn't any reason to be less responsible, you bought it you own it and owe the debt. If you don't want it sell it for whatever you can get, if you get less than you owe you need to come up with the extra money. Giving it back to the seller means he would sell it and pay off himself then bill you for all the fees and cost and any shortages.
2007-08-11 19:44:19 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
Hi,
Depending on what you bought it for, your down payment and the terms of the contract, you may not want to walk away from it, especially if you can sell it and make at least a bit of your money back. I have an investor friend who buys in that area. If you contact me through my website, www.therealestatebirddog.com, he may be interested in it.
Send me the details and I will see if I can help.
Take care,
Barbara
www.therealestatebirddog.com
2007-08-12 17:29:10 · answer #5 · answered by realestatebirddog4 2 · 0⤊ 1⤋
Don't stop paying on it, you'll ruin your credit. The owner can foreclose if you stop paying and it won't be good for your credit report. You can try and sell it and pay off the owner.
2007-08-11 19:10:06 · answer #6 · answered by licketychick 5 · 1⤊ 0⤋