Mike S wrote: ↑Thu Dec 30, 2021 5:42 am
The Tx Veteran's Land Board will do their own independent appraisal on the property (you'll pay a fee for it), & will only give you the loan based on what their appraisal says it's worth. We were a bit frustrated in this, till their appraisal showed that the 3x comps the seller's appraisal used were in no way 'comparable' to the lot in question when more suitable comps were available ('comparables' used larger lots; inside city limits vs unincorporated part of county; water/electric already run; etc.).
We ended up backing out of the bidding on the lot, so can't really comment on the rest of the process. But, we were appreciative in the end when we realized how much the seller wanted to hang us over the barrel.
ETA: if I remember correctly, the other benefit was the length of the loan made for smaller monthly payments, so if you make more than the minimum payment each month y'all may be able to reduce the interest significantly over the life of the loan.
thanks
i talked a real nice person this morning, she said 100% above. they appraise it and its around 375 or so . up to 30 year term, i would much shorter by over paying, treat it like a 4 yr car note.
water is at the edge of property on county road and electric is same place, needs septic.
but looking at dimensions and the google earth pics of trails running through it from atvs or trucks or ? might make neighbors made if i barb wire the property. i saw an easement for power lines near end of property and thats another thing the realty place failed to mention , they did mention the nice pond at the end of the property...but its not part of the tract 7700 per acre is steep in my book.
going to look again and see if i can walk it, its SKINNY and might not be optimal.
thanks