How to buy land in Idaho:
Land! One of the few things there not making anymore. Can’t print it, can’t manufacture it! Better Buy it while you can!
So you found the vacant land you want to buy. You plan to make a good investment and potentially build someday in the future, hang onto it, hand it down to the kids, or resell it when its retirement time. So the big question is how to make that purchase. There is not a ton of banks out there willing to loan on land. Frankly only a very small handful. And then the hoops to jump through as anyone knows to get a loan right now is not easy.
So here are the options: Cash of course is king: But- don’t have the cash? I do have a few lenders available that are willing to loan on vacant land. Contact me for the list. They all usually require at least 20% of the purchase price down plus your closing costs. You will have to go through all the regular hoops of doing a purchase. Click here to get an idea of what it will take to get a loan.
Your other option is to hopefully find someone who has their land paid off that doesn’t mind carrying the paper. There is a good handful of them available also. You will usually pay a little more interest then you would if you finance it but that sometimes is what it takes. Especially if you’re having a hard time qualifying for a land loan.
Most sellers that are going to hold paper usually require at least 10% down and up to 20% down maybe even more just depends on their situation. And yes its always negotiable but you want to be prepared for worse case scenario. They usually need enough to pay their closing fees, Realtor fees etc. You will also have closing costs so add that little extra into the equation.
When buying land with seller contract Quite often you will not find sellers willing to carry for traditional bank terms. You will be more likely finding them wanting it paid off in 5 or 10 years.
Buying vacant land is a great investment opportunity for you though. Here in North Idaho you can get in as low as 25k for some smaller town lots and probably on the average 50-80k will buy you up to a 10 acre parcel. Sometimes for less, sometimes more, depending on the location of course.
To have a special search of land made for you in the price range of your choice please contact me and I would be happy to set it up for you. Otherwise you can always use the free search here on the blog post. Have a Special day:) And Welcome to Idaho!