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> 1. What motivated you in the beginning. How did you get started?
my husband and I started looking for a new place shortly after we met. He had to really compromise in purchasing the home he had gotten with his former wife. He wanted something he loved. We were also tired of just working to pay the mortgage.
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> 2. What type of land and what area were you looking for when you started? Did your desires change as the process went forward? What were your critera?
we wanted at least 3 acres, with some slope. on a hill away from town pollution and winter inversions. (this is in Fairbanks, alaska) Yet we also wanted to be within 20 minutes drive to work. we had a budget of $30,000 maximum. We spent two summers looking every weekend. We kind of refined what we would be willing to compromise on. I also spent many hours on-line combing through MLS listings. Real estate agents have a very casual way of doing business here. they steer you towards their website and offer you a map. A couple put out a publication of listings you can pick up at their office. Our search had resulted in a couple parcels we had at least considered, but nothing compelling.
I spotted this lot in the MLS listing the first day it came out. I dragged my husband out as soon as he got home. we got out and hiked around it and talked about possible access issues.
The agent had not even gotten a sign up on it yet. we thought about it over night, looked at the borough GIS, figured out the neighbor's driveway easement, found out the owner was someone my husband had known for years and then we called the agent.
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> 3. (Optional) If you do not mind sharing numbers, How much money had you saved up for a down payment when you started looking?
We had to have 25% down. Then the loan was at 8% for a ten year loan with a five year refi or balloon payment clause.
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> 4. Did you go through a Real Estate Agent? Auction? Personal Transaction? Other? Why did you make the choice you did?
It was listed through an agent so we had to use them.
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> 5. Did you hire an attorney?
No need to
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> 6. Did you get a survey?
Corners were all marked and a quick check with a compass showed them to be accurate.
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> 7. Extremely important. WHAT MISTAKES DID YOU MAKE? Please highlight your mistakes. What would you do differently if you did it all over again?
I do not know if it was a mistake exactly. we had to have the lot appraised for the bank making the loan. (many hours on the phone finding a bank to make a loan on raw land at a decent interest rate)
the agent selling the land was also an appraiser and the bank was ok with him doing that valuation. Big surprise he valued the land at the asking price. On the other hand it got done quickly that way.
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> 8. Other than the purchase price of the land, how much money did you spend on fees and professional services.
title company fees and closing fees and everything were covered in the sale price.
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> 9. How did closing go?
Aside from writers cramp signing all the documents, it went very smoothly.
> 11. Please share as much detail about other factors or other parts of the process as you feel comfortable sharing.
Persistence paid off. we have 3 acres with some of the most beautiful views and big trees and wonderful neighbors. We spent two years building a dry cabin (mostly weekends during the summers) Last year we sold the house got out from under the mortgage, paid off the land loan and had enough left to get the house building started this summer.
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> 12. A funny story or a joke about your situation is encouraged. Keep it light. I'd rather see us "laughing and learning" than "ranting and @#%ching".
Even during the worst road conditions this winter and creeping down the hill at 20 miles an hour I knew I could look out over some of the most unspoiled wilderness and sometimes even see Denali 200 miles away and say "Oh yeah I live in the best place in the world". I do have to watch out for moose and wolves and bears when I open the door, but every place has its little quirks.
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> I encourage anyone to ask appropriate questions about the stories people post.
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