Selling land to avoid foreclosure?

May 19th, 2009 | by admin |

I was hoping that someone could guide me in the right direction regarding the possible foreclosure of my home. Actually, I own two pieces of farm land around the location of my home, I am interested in selling both pieces of propriety in hopes of avoiding foreclosure, and I need to know what steps I can take in selling this land A.S.A.P.

Any help would be greatly appreciated.

Talk to your lender. People who engage with their lenders early on are the ones who avoid foreclosure.

Can you rent the farmland to local farmers? They'd grow stuff there, of course. Don't know if rent would help you meet your mortgage.

If that land is included in your current mortgage, then you will have to refinance just the house portion, if you find a buyer for the farmland. I think your lender would be willing to work with you on that.

If your farmland has its own mortgage, then you could sell it. Your first step is to contact your lender.

Have you considered putting the farmland into production yourself? Perhaps join a co-op and work a deal with neighbors to till and plant and grow and harvest. It IS farmland you bought, after all. And with biofuel driving up corn prices, you could do very well.

Or, establish a boutique farm. It all depends on where you are and what you can bring to the table.

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  1. 3 Responses to “Selling land to avoid foreclosure?”

  2. By Real Estate Guy on May 19, 2009 | Reply

    I would talk with an agent/realtor that handles land. Explain the situation and see if the property is worth what you owe.

    Price it to sell.

    I would also call the lender and explain that you are trying to sell the property and see if they will work with you.
    References :

  3. By AE Neuman on May 19, 2009 | Reply

    Talk to your lender. People who engage with their lenders early on are the ones who avoid foreclosure.

    Can you rent the farmland to local farmers? They'd grow stuff there, of course. Don't know if rent would help you meet your mortgage.

    If that land is included in your current mortgage, then you will have to refinance just the house portion, if you find a buyer for the farmland. I think your lender would be willing to work with you on that.

    If your farmland has its own mortgage, then you could sell it. Your first step is to contact your lender.

    Have you considered putting the farmland into production yourself? Perhaps join a co-op and work a deal with neighbors to till and plant and grow and harvest. It IS farmland you bought, after all. And with biofuel driving up corn prices, you could do very well.

    Or, establish a boutique farm. It all depends on where you are and what you can bring to the table.
    References :

  4. By kadamof on May 19, 2009 | Reply

    1: Let your lender know you are trying to sell. This will let them know you are trying to do something so they won't start foreclosure process.
    2: Find a land broker, not a residential realtor. Need to find out what the quick sale value is. Do you owe more than it's worth? Is there a mortgage on the land?
    3: Investigate local auction firms in your area. What about holding an auction?
    4: Talk to people in your area that own alot of land. Have they been approached in the past to sell? By whom? Can you contact them?
    5. This is a tough time to sell to get a "good" price. Can you afford to sell at a price under all your competition?
    Just trying to think outside of the box when I don't know your area. Is it farmland or residential? Think about what someone could use your land for and then figure out who around you might buy. Start talking to people and you might stumble upon a buyer. Good luck.
    References :

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