Buying land ???

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fireplug
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Buying land ???

Postby fireplug » Tue Aug 26, 2014 1:29 pm

If you guys were going to purchase land (20+ acres) would you use the bank you have your house, checking, etc with,
or is it better to borrow from a land bank? I've never bought any land other that my house before. Wife and I are looking
and buying some property and didn't know if just using my current bank was best or do land banks offer better rates?
How do you like your Hope and Change?
landscaper
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Re: Buying land ???

Postby landscaper » Tue Aug 26, 2014 1:32 pm

Take this for what it is worth because I have no real experience with it but I do hear that rates and financing options will be better through a land bank.
dukluk
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Re: Buying land ???

Postby dukluk » Tue Aug 26, 2014 2:12 pm

Land banks require stock purchase, but their rates and terms are better, and usually pay a stock rebate at the end of the year, too....not always, but usually.
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jbs38654
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Re: Buying land ???

Postby jbs38654 » Tue Aug 26, 2014 2:29 pm

Cash purchase is the best
"N¡gger please"
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fireplug
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Re: Buying land ???

Postby fireplug » Tue Aug 26, 2014 2:30 pm

How do you like your Hope and Change?
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arduckslayer
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Re: Buying land ???

Postby arduckslayer » Tue Aug 26, 2014 2:33 pm

420 racin
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Re: Buying land ???

Postby 420 racin » Tue Aug 26, 2014 2:34 pm

When my wife and I bought land, we looked around at all of em, the land banks were no better than BanCorp or any of the others...the bank we use for everything is Mutual (Vicskburg) but at the time they didn't lend on only land so we went to BanCorp South...all the rates from everywhere were pretty much the same, the differences were the term limits and they all had you refinancing at 5-7 years and would not do a fixed rate for more than 7 years, which is the longest we found,,,but that was several years ago
Deltaquack
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Re: Buying land ???

Postby Deltaquack » Tue Aug 26, 2014 3:23 pm

I love local banks. There's no set rule that Land Banks will be better than a Regular Bank. Local home-owned banks can give you any terms they want within reason. So, the more business you do with them, the more they will work with you on rates and such. They don't fee you to death either. They have to follow FDIC rules......but will be more willing to help you out on things versus a Regions or Trustmark. The bigger the banks, the more stringent the rules. For instance, some banks require 50% down on the purchase of a share of stock in an undivided interest hunting club. Small local banks may only require 10-20% down.

If you don't do a lot of business with one bank, your best bet is to shop around and see who wants the loan the most.
JMallard
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Re: Buying land ???

Postby JMallard » Tue Aug 26, 2014 8:18 pm

With good credit....15% down. 30 yr ammo. Fix rates up to 15 yrs. Dividends paid every year for last 15, paid 1% back last 3 and will going forward. Really hard to beat southern ag or land bank.....
Did I kill that duck?...well yeah.
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tombstone
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Re: Buying land ???

Postby tombstone » Wed Aug 27, 2014 7:45 am

There will be a day....
BBR12
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Re: Buying land ???

Postby BBR12 » Wed Aug 27, 2014 10:31 am

When I bought mine 3 yrs ago regular banks wouldn't even talk to me about it. I went with So. Ag Credit, I have gotten a check worth atleast 1 monthly payment every year so far.
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nipntuck
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Re: Buying land ???

Postby nipntuck » Wed Aug 27, 2014 12:01 pm

I will vouch for Joe Mallard and his post above. Great guy and business.
lilham
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Re: Buying land ???

Postby lilham » Wed Aug 27, 2014 5:23 pm

I assume your still Water Valley. Call Tom Sawyer at First South Farm Credit in Oxford.
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Re: Buying land ???

Postby maverick21 » Wed Aug 27, 2014 6:49 pm

JMallard
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Re: Buying land ???

Postby JMallard » Thu Aug 28, 2014 4:58 am

That's awesome. Thank you so much. It's fun. JM
Did I kill that duck?...well yeah.

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