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veterans land board
Posted: Wed Dec 29, 2021 10:56 pm
by powerboatr
Asking if anyone has good, bad or any comments on the veterans land board
we found a small 10.7 acre tract in a heavily wooded area near us that has quite the hog and deer population crossing it from another 10 acre tract next to it.
the property is 230 feet wide by 1963 feet deep, with a house on the next lot within 70 feet of property line.
2nd..is this enough to hunt the hogs?
i understand its a straight firing line and veering towards any side could be an issue
their program seems pretty good, as they let you just buy land with no promise by the buyer build or live on it, but 6.95 % seems a bit high, but banks i looked at want you to build and use it as a residence. we may in the future, but having a hog place 15 minutes away that is ours seems like a good deal
thanks in advance
Re: veterans land board
Posted: Thu Dec 30, 2021 5:42 am
by Mike S
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.
Re: veterans land board
Posted: Thu Dec 30, 2021 1:51 pm
by powerboatr
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
Re: veterans land board
Posted: Fri Dec 31, 2021 9:54 am
by anygunanywhere
I went through TVLB to purchase my hunting property in Edwards County. Process was fairly easy.
We put in septic and well. Bought a new double wide Clayton home for it.
The dimensions for the property you describe are not really ideal for hunting and the price per acre do not reflect the odd shape of the property. We paid $1812.00/acre in 2017.
Re: veterans land board
Posted: Fri Dec 31, 2021 2:13 pm
by powerboatr
anygunanywhere wrote: ↑Fri Dec 31, 2021 9:54 am
I went through TVLB to purchase my hunting property in Edwards County. Process was fairly easy.
We put in septic and well. Bought a new double wide Clayton home for it.
The dimensions for the property you describe are not really ideal for hunting and the price per acre do not reflect the odd shape of the property. We paid $1812.00/acre in 2017.
thanks
we bailed on it, because of layout, one acre wide by 10 deep is just toooooo skinny imo .
i am still looking within 1/2 hr of our house. found lots that are 10 to 15 in size with prices varying wildly,
wish TLB did pre qualifications so once we find the land its a shorter time to actually take delivery
Re: veterans land board
Posted: Fri Dec 31, 2021 9:57 pm
by jmorris
Ah, you all are making me cry. Looking in Bexar, Guadalupe, Comal and I can't find an acre in the middle of nowhere for less than $50,000. Anywhere near a town upwards of $100,000.