AboutJessica Bryan Expertise buying and selling process such as: General questions from first time buyers How to market a home Why choose a REALTOR How do I find a REALTOR Should I consider buying or selling without a REALTOR--how much can I save Should I remodel or move How much can I expect to gain by fixing up my home before selling Helpful tips when selling Helpful tips when buying finding a good mortgage loan what is the difference between banks, mortgage bankers, and mortgage brokers Questions from the general public, people thinking about getting their real estate license, newly licensed. Fellow professionals who have interests in networking and how to get started What is a market evaluation and how does it differ from an appraisal what are the different loan programs services a REALTOR can perform when to use a lawyer when to use escrow what are the regional differences in the buying and selling process what is the MLS and how does it work how can the layman access information on the web--listings and other information These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
Question Hello, I recently purchased vacant land with a construction loan to
build a home. Because of the fact that I am going to build a home, I did
not have to pay any money down. My question is very basic, but I can't
find any info. on the internet on it. Can I sell the land before I
build a home on it? Do I actually own the land, as it was purchased with
the plans of building a home. I of course have the deed to the land, but
am still paying only interest payments as I have not built a home yet.
I have not even started. I still want to build a home, but I have found
a better piece of land, that would cost almost exactly the same as
what I could sell this one for. I realize that this is of course assuming
that I could sell it very quickly as there is a time frame that the
home has to be built in(at least progressing). So let's assume I could
sell it and close within a few weeks. Could my loan be rolled over onto
the new property, since it would be the same amount and as long as
everything checked out(appraisal, building permits, etc.)?
Thank you very much for your time and any info. would be greatly
appreciated.
Sincerely,
Clint
Answer Dear Clint;
You do not actually own the land until you have paid off the loan. Therefore, the bank will have something to say about what you do with the land. You should talk to the people who gave you the loan and run these questions by them. You will not be able to roll the loan over to another piece of property without their express permission and then it will really have to be a whole new loan since they will need to identify the property, appraise it and attach a new lien. You must first pay off the lien (mortgage debt) on the original piece of property. I doubt that they will do anything different than that.
