Farmerjan's journal - Weather

[Baymule]

I hope it all works out for you on this house, you need your own place.

 

[Bruce]

Dairies here have been asked to cut milk production 20%

Yep, just whisper in the cow's ear "Hey Bessie, cut back some please".

I am really hoping that they will consider carrying the mortgage. I understand wanting to just be "done" and selling it

I hope they hold the mortgage. It is good for them since they aren't going to make ANY money putting it in a bank ... on whatever is left after they pay income tax on it. Since it is a first mortgage, if you default they still own the house plus have all the money you paid to that point. There is pretty much no risk for them and if they NEEDED the cash for expenses they would have sold it long ago.

 

[farmerjan]

Yep, just whisper in the cow's ear "Hey Bessie, cut back some please".


I hope they hold the mortgage. It is good for them since they aren't going to make ANY money putting it in a bank ... on whatever is left after they pay income tax on it. Since it is a first mortgage, if you default they still own the house plus have all the money you paid to that point. There is pretty much no risk for them and if they NEEDED the cash for expenses they would have sold it long ago.

I basically agree. The 3 girls (my age) that inherited it have sat on it for 6 years now. Not like any of them needed it. I think they were waiting to see if any of the kids were going to want to come back home too live but both of the sisters I talked to that day said that their kids wanted no part of living in it. I would have given my eye teeth if I had been given the opportunity to live in my grandma's house after she was gone. I would have even probably gone back up north....

The one sister is diabetic and has some health difficulties but they all are retired from various jobs so don't think money is of any big problem or you are right, they would have split it off a long time ago. I don't know how the Christmas tree farm is divided up or worked, probably the one sister and her husband lease the land from the other 2 sisters since it is still all in one piece from what I can find out.

I will see if my son has had a chance to stop there yet. I am not wanting to let this go for too long, not because I think they will do something else, but because I want to feel like I have something positive to work towards. Otherwise, I am going to get serious about looking elsewhere. I just want my own place and if it only works for a couple years, okay.....don't intend to keep paying rent here with not being able to do anything I want to do.

 

[CntryBoy777]

Maybe they will sign a lease with ya while details are worked out and things get setup....that would afford some sense of security and enable ya to take your time moving, repairing, painting, and laying out where to put coops and such....having some "peace of mind" means alot at this stage of life....I sure understand how ya feel...it'll drive ya nuts, for sure.....

 

[Senile_Texas_Aggie]

Miss @farmerjan,

Do you know if Virginia is a judicial or nonjudicial foreclosure state? I ask in case it comes down to foreclosure (I hope that never happens), you as the owner would have better opportunities in a judicial foreclosure state to rectify the situation compared to a nonjudicial foreclosure. Texas is a nonjudicial foreclosure state (using a deed of trust) and once notice of foreclosure is posted in the court house the owner has only 21 days to correct the situation before the auction happens on the steps of the court house.

Also, if the current owners decide that they want the cash rather than the income, they could sell the mortgage on the open market to an investor willing to take the risk.

Senile Texas Aggie

 

[farmerjan]

@Senile_Texas_Aggie have no idea what Va is as far as the foreclosure. Sure, it is something to consider, but don't think it would be something I would have to think about seriously. I could probably pay it off with sale of cattle, and if things do get better in a couple years as I think, not withstanding this virus mess, and the current state of unemployment and all, I would pay it off to them or to a mortgage provider. The big thing they (owners) are concerned about is for it to not go to someone who will be a "bad" neighbor as far as letting it become a trash dump or drug/drinking/party type of property. I am thinking that if they were to hold the mortgage to start, then it would be easier to get refi in a year or so? But yes, I do need to consider all things.
Just found a place that was listed that is further away than I really want to be, but it is 55,000 for 5 acres and a small house, looks to be in better shape inside. Going to call the real estate agent to go look at it. I could pay quite a bit of it down.... but there would be about a 20 min drive back up here to where we do most of our stuff. Didn't get very good idea of how the property lays from the pictures, but the inside pics looked pretty decent. Much more move into than the one that I am interested here closeby. Asked my son exactly where this property is, because with VDOT he knows all the roads in the county I think, and mentioned that a place has just come on the market.
Maybe that would be a good property to mention to them as a comparison.... make this place's value less than I was thinking?...

Banks and other financing companies can also sell mortgages, and there have been some real disasters over that sort of thing. My son wound up refinancing his home a couple years ago due to the "countryside" mortgage situation..... he wound up getting a shorter term, with a lower monthly payment, because there was some real underhanded stuff there.....

Well, we will see what happens.

Cloudy here, rain ended pretty much but possible for a few scattered showers, mid 60's already.

I need to go to the farm and look over the cattle that are still there and start getting my records updated. Also have to start feeding the calves in the lot so they can go in through the creep feeder bars.... it is big enough to allow the calves to go through but the bigger cows can't get in, so these calves start getting used to go in for feed and we can get them caught up and tagged and all. At least I can get the feed into the feeders without the cows trying to run me over so that is good. Just have to be careful of the walking with this boot. Probably need to get my son to take feed up there to fill the couple of garbage cans in the barn there, so I don't have to try to haul buckets up there too. Cows will push me around while unloading from truck into barn and I don't need that.
The clipboard that I keep all my papers on has been up at the main farm with the truck/trailer we haul the cattle with so that my son had access to the info when he was making decisions to keep sell or move cattle. I just haven't been that involved in much of it because I can't help much since I can't move very well or fast to help with the moving of stuff or working animals. But since there are alot that have been sold, I should be able to get things a little better listed and sorted as to where cattle are. We will start to move the spring calving cows with their new calves to pasture and we have to get them figured out.

Well, time to get some stuff done here at the house since it is too wet for me to be outside doing much.

 

[Bruce]

The big thing they (owners) are concerned about is for it to not go to someone who will be a "bad" neighbor as far as letting it become a trash dump or drug/drinking/party type of property.

In that case, you are the PERFECT buyer! Interesting about the other place. 5 acres and a house in decent shape for $55K asking? Amazingly low prices down your way. I'm curious to see if there are "issues" with that one that cause the low price.

 

[farmerjan]

It's in a rural area, not alot of demand for real estate in that area, not a fancy house, older with a dirt floor crawl space/cellar area. Built in the 20-30's like the place I am looking at closeby..... well and septic so equal there. Old asbestos shingles on part of the outside so a minus.... but siding the whole thing would not be prohibitive..... Probably needs new upgraded windows.....Been on the market 3 days. I think we are going to see more of this as the economy hits lows due to this extended ridiculous shut down that I have never thought was smart except in areas where there were exceptional outbreaks....

 

[Baymule]

This new place sounds interesting. I know you will check everything out and make the best decision.

 

[farmerjan]

@Bruce ; there are alot of properties that are in the 200-400,000 range too. I look at smaller type houses, not new construction as I like old houses overall...... I don't give 2 figs for impressing anyone. Most are 50-100 year old construction. So I always look at these "less than desirable" "fixer-upper" types...... I start looking at "newest listed" for about 2 weeks, then go back and switch my choice of "sorting" to by prices, "lowest to highest". This way I can catch the ones listed in the last week, and then go and look at the low price ones.
Did find out that the place on 3 acres that I was interested in last year, then pulled off, did get listed as sold. There was something going on there..... Oh well.