We've been in this house hunting business for quite awhile......okay, only a couple of months but it feels like a lifetime.
Maybe a couple of lifetimes.
We think we may have found one that fits most of our requirements:
1. Rural Cass County (being an ag. extension agent in this county - I think I should live where in the same county my check is coming from).
2. 5-10 acres of good, usable grass for livestock (not alot of trees, gravel or dirt l0ts that a horse would starve on).
3. 2 bedrooms with the possibility of more with some creativity and ambition.
4. In a price range that allows us to eat, drive and enjoy simple luxuries without eating Ramen Noodles and Mac-n-Cheese for the next 30 years.
So - - - - - we thought it was purrrrrfect. Enter the banker.
In a state so rich in agricultural heritage you think it would be relatively easy to finance a young couple trying to establish themselves as producers in a rural setting, right?
WRONG. Most lending companies are unwilling to finance these types of properties because they consider them "risky, health hazards with a un-likelihood of resale."
What they don't know is that we are in-it-for-the-long-haul and our concern for resale is minimal. But they don't know that - we're just file #1543666 white causacian male/female couple with X dollars available for a downpayment and Y dollars in revolving debt looking to purchase property D which as no exact comparable listings within one mile."
We don't even have a neighbor within one mile of the property. Jeez, this is complicated!
I should restate - our banker has been wonderful, our realtor has been awesome! We couldn't ask for better service from their end.....my qualm is with the lending/financing industry beyond our local banks. The people who are financing home loans are on my list. But it is what it is - we'll just learn how to play the game.
We think we have our bases covered, we're going to make an offer to the seller tonight based on some contengencies upon the type of finanching we want - which will require him to completely gut and replace the septic system (along with public health certification) and replace some windows, downspouts, etc.
Our shining light is that the banker assured us that this property would not be financed by ANY bank in the country without this improvement. So unless a buyer has about $200,000 in cash on hand - the buyer MUST, MUST fix it.
I think there's a pretty bright light - and these two moths are gravitating toward it!
In the meantime, if anyone has some great advise - send them our way! Positive thoughts are good too! Or cash, loads of cash is always welcome.