Keven Wright, the guy that built our house called us today to let us know that the subdivision that was being built behind us isn't working out. In fact, he was telling us that we could buy the land directly behind us. He found this out through the developer (which he has purchased some land from) and wanted the people that bought his homes to know that this was an option for them. Right now for 0$ down we could get a 5 year balloon at 3.5% at about $135.00 a month. The land is going for about $28,000. In a week, the land will be advertised to the rest of the public and the interest rate will be at %7.5 through a bank. Anyone could buy it and build whatever kind of house they would like. The property already has a gas line and a paved road access. If we bought it, that would mean we would add about an acre onto our current acre and guarantee that no one would build behind us. He also said that the referral rate for his two houses that are for sale in the sub have doubled. . . now they are $1000.00 a piece. Anyone looking for a house!?? Homeowners of a house he built in the sub were so excited. They bought both lots on either side of them. Instead of having neighbors, they got much more land.
We have some questions and a lot to think about. Obviously this is huge, since we are cutting our income in half. . . hmmmmm.
2 comments:
Don't think you'd regret it if you did it, but you might if you don't!
I can't get over how cheap land is in MI. You couldn't get a 6x6 plot to install a port-a-potty for that out here! Color me envious.
Sounds like a good deal. With the whole mortgage/construction sector meltdown going on, it doesn't surprise me that they are having trouble building the subdivision. They're probably now in the precarious situation of having a bunch of land that they can't afford to do anything with. Their misery could be your guys' good fortune though!
Jason
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