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We currently live in a mobile home we bought a few years ago with plans to build a house. My wife took ill and had to quit work so we've put off the idea, but I keep hearing about low rates so I'm thinking we could afford it on my single income.
Anyone have any good information about getting a construction loan to pay off an existing mortgage and build a house? Any good tips would be appreciated.
I'm in the process myself and a banker was recommended by the folks we are getting the materials package from. Perhaps the builder you are considering, if you have one in mind, could put you in touch with the banker he uses.
We have a similar but different problem. We have our bid from the contractor, we have our road in, and we have our drawings done. The trouble is we haven't sold our house yet!
It has been 1 year and 1 week that our house has been For Sale. This has been very frustrating. We even had an accepted offer, contingent the sale of their house. The buyers house didn't sell and that whole thing fell through.
..... sigh....
Kent [img]/forums/images/icons/frown.gif[/img]
Kent,
Sorry to hear about your house selling trouble. This seems to be a major hurdle for some or even worse they sell the house immediately [img]/forums/images/icons/shocked.gif[/img] and have to find a place to live, jost not the inlaws [img]/forums/images/icons/tongue.gif[/img] .
Hi Kent,
I understand your frustration, as I have bought and sold many homes.
If the other homes in your area are selling, then you have to take a look at your agent. Have they gone through your property and suggested ways to make it more appealing? Is it priced correctly for the area? Homes that are priced right sell, they do not sit around.
If the contact with your present agent is running out soon, I would suggest you ask other agents to look at your home and get their opinions.
You have only have a month or so before sales slow down for the winter. That is true in our area anyway. You might start your new home then rent your old one if you do not sell it by the time the new house is ready. When we built our new home last winter, it was almost complete before we listed our old home. It was a good thing because it sold the first day it was listed.
The best advice I can give you is take your home off the market this winter and start your new home with the help of a local bank. Then spend time finding the most experienced realtor in the area. Forget the new bees, your friend from work, your wife's sister in law and your son's Little League coach. Find out who is the best and hire them. You will pay the same commission so why tie yourself to less than the best. Let your house be relisted in the spring and hopefully if everything is done that can be done, your house will sell.
Now the hard part, listen to them. If they say that you have too much furniture in a room, take some out. If they say paint will help, then paint. There is no reason for a home to stay on the market for over a year if it is priced right and does not have a fatal flaw. The average listing time of the homes I have sold is just over two weeks.
Good Luck,
Tim