Posted on: 19th Feb, 2010 12:19 pm
I have a piece of pasture land just outside of Greenville, tx
the tax assessor says that it's worth 112,000
I have it for sale for 65,000
I need immediate cash because I am disabled
I have no income and no credit.
How would be the best way to get a loan on the property pending its sale?
the tax assessor says that it's worth 112,000
I have it for sale for 65,000
I need immediate cash because I am disabled
I have no income and no credit.
How would be the best way to get a loan on the property pending its sale?
Hi litnrod,
Getting a loan against a piece of land is not very easy in this market. Only a few lenders still offer loans using only the land as the security. However, if you are going to sell the land, how will you get a loan against it? If the lenders find that the land is up for sale, they will not want to offer you a loan. If you want cash, you can simply sell the land. Are you not getting any potential buyers interested in purchasing the land?
Getting a loan against a piece of land is not very easy in this market. Only a few lenders still offer loans using only the land as the security. However, if you are going to sell the land, how will you get a loan against it? If the lenders find that the land is up for sale, they will not want to offer you a loan. If you want cash, you can simply sell the land. Are you not getting any potential buyers interested in purchasing the land?