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Nesgroup address: misc.consumers.house - Date & Time for the message: 12 Apr 2005 15:02:27 -0700
/ Author of the message: "Mike" |
Title of the message: |
Re: Which comes first: Buy land or construction loan?
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Text of the message: |
Buy the land with your money and use it as collateral when getting your construction loan. If you wait and buy the land as your first draw you will spend some time paying interest on the land while grading, excavating, pouring etc. It says a lot to the lender that you will also have something to lose if things go south. I've had some people take the money and put it into a 6month CD and use that as collateral along with the land and future home. Then when the house is completed, they cash it in and use it as the down payment. Liquid collateral says a lot more than some dirt. Lenders dont like to have to liquidate anything. Go get an approval from your mortgage lender and take that and the deed for the land over to a construction lender and get it done. I don't know too many lenders that would turn this down. Buying the land first may save you some fees also. When starting a construction note where |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.