Yurt Forum - A Yurt Community About Yurts  

Go Back   Yurt Forum - A Yurt Community About Yurts > Buying A Yurt
Search Forums
Advanced Search

Mortgages

Reply
 
Thread Tools Display Modes
Old 01-20-2013, 01:20 AM   #1
Yurt Forum Youngin
 
Join Date: Jan 2013
Posts: 2
Default Mortgages

Forgive me if this is something recently covered - I am new to this. I am interested in a piece of land that has a yurt on it. The real estate agent said it has been on the market so long because it is not really possible to get a home loan for mortgage for a yurt. The yurt is permanent on the land, not mobile. What do people do? I cannot get a line of credit big enough for this land and house. Thanks, Annex

Annex is offline   Reply With Quote
Old 01-20-2013, 08:53 AM   #2
Yurt Forum Member
 
MT Rod's Avatar
 
Join Date: Dec 2012
Location: Cotacachi, Ecuador
Posts: 98
Default

If it has been on the market for a long time, you can try making an offer of what you can afford.

I am talking out of my hat here, but I think many lenders are going to treat this as a piece of property with a building site on it, and dismiss the yurt as just something that has to be cleared out of the way before you can start a "proper" building. It isn't wood, stone, or brick and mortar.

If you want it, make the offer. Ultimately what have you lost if they say no?

Perhaps even better, you could approach the owner and see if you could rent it for a few months, and really find out if you really like living in a yurt? Or at least know the issues with that particular installation.

Best of luck to you.

Rod
Rod Cat

yurtlocker

.com
MT Rod is offline   Reply With Quote
Old 01-20-2013, 10:33 AM   #3
Administrator
 
Jafo's Avatar
 
Join Date: Jan 2012
Posts: 2,416
Default

You are going to have a hard time convincing a mortgage company to finance a yurt plain and simple. It has nothing to do with yurts, they are just too new to the scene. Banks have not seen it as worthwhile to discover the risks. No risk assessment, no loan. Sucks, but that is the way it is.
Jafo is offline   Reply With Quote
Old 01-20-2013, 11:28 AM   #4
Yurt Forum Youngin
 
Join Date: Jan 2013
Posts: 2
Default Mortgages

Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.
Annex is offline   Reply With Quote
Old 01-20-2013, 01:44 PM   #5
Administrator
 
Jafo's Avatar
 
Join Date: Jan 2012
Posts: 2,416
Default

Quote:
Originally Posted by Annex View Post
Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.
Ahh, the hard panel yurts are different. Providing it has approved engineering specs, you should have no issues. I just doubt you are going to get a mortgage on a canvas yurt.
Jafo is offline   Reply With Quote
Old 01-26-2013, 08:51 AM   #6
Yurt Forum Addict
 
Marshall Eppley's Avatar
 
Join Date: Jan 2013
Location: WEST VIRGINIA
Posts: 188
Default

I have a long shot idea. Its been on the market for a long time and maybe the owner would be willing to finance it for you just to be rid of it. Doesn't hurt to ask.
Marshall Eppley is offline   Reply With Quote
Old 01-28-2013, 07:54 PM   #7
Yurt Forum Youngin
 
Join Date: Jan 2013
Location: Ulster County, NY
Posts: 1
Default

Howdy. Colorado Yurt has a link about peer-to-peer social lending.

Anyone have any experience with it?
Tonka is offline   Reply With Quote
Old 02-20-2013, 01:41 PM   #8
Manufacturer Representative
 
Tree Bones's Avatar
 
Join Date: Aug 2012
Location: High Sierras
Posts: 72
Default

Quote:
Originally Posted by Annex View Post
Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.
As mentioned above try asking the land owner to carry the note. This is most commonly referred to as a land contract. A sizable down payment usually works in your favor. Cant hurt to ask.

This would also apply to you if 10 years down the road you want to sell, you may want to hold the note as owner financing.

You can see a similar opportunity here. Notice the owner terms at the bottom of page.
Tree Bones is offline   Reply With Quote
Reply

Tags
None


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 06:55 PM.


Yurt Forum | Buying a Yurt | Building a Yurt | Yurt Life | Yurts for Sale | Yurt Glamping | Yurts Pricing Yurt Calculators | Yurt Insurance | Yurt Insulation | Yurt Classifieds

Copyright 2012 - 2024 Jeff Capron Inc.

Yurt Posts Delivered to your Email!

Stay up-to-date with all the new yurt posts to your inbox!

unsusbcribe at anytime with one click

Close [X]