Iowa | GrainTrader - 12/20/2024 14:47
This is why I HATE the USDA type farm loans. I looked into using one and asked how it would work for an auction. They told me they couldn’t guarantee paperwork/approval dime in time after purchase and time of closing. They also said I couldn’t get a bridge type loan because then that would be refinancing and they can’t be used for that. So I asked how I do this not on private sale with someone who is “understanding”. They said I’d have to get someone to buy it for me and seem it back to be after approval. Sounds like a rich get richer scheme or a way to transfer to the next generation type deal rather than a real tool to help someone start out on their own.
I was able to use one for an auction property, but I started the process 3 months before the auction (over 6 months before closing) and I had the 15% needed for the down payment at auction day. I basically had them approve me for a certain auction amount ahead of time. |
Rewarding poor business
