Frequently Asked Questions:
Click on a questions below.
1. How much hand money will it take to hold a piece of property?
2. Is the hand money "refundable"?
3. How much do I need to have as down payment for a homesite?
4. What if I do not have the full down payment?
5. What if I find a homesite that I love and cannot do without, but have very little for the requested down payment?
6. What if I want to put more money down than is requested on a given homesite?
7. When will I need the full down payment?
8. What interest rates do you charge?
9. Can I pay more than my monthly payment requires?
10. Is there a prepayment penalty for paying my loan off early?
11. What is a "balloon" payment?
12. How can I get an updated principle balance or payoff figure?
13. Where and when does the closing take place?
14. What kind of closing costs can I expect?
15. How much are taxes?
16. Can I get a copy of Sales Agreement?
17. Are there any restrictions for my homesite?
18. Can I put a Mobile home on my homesite?
19. What is the time requirement for building a home?
20. Is there a square foot minimum for a home?
21. Can I put more than one dwelling on any given homesite?
22. Are all the homesites surveyed?
23. Can my homesite be further "Subdivided"?
24. How much can I expect to pay for a septic system?
25. How much does it cost for a water well?
26. Who has control over the Mineral Rights?
27. Can my homesite be "timbered"?
28. Can I get a list of contact people such as School Districts, utility companies, Twp. contacts, and contractors?
29. Can I build my home myself? Or be the Contractor?
30. Has the lot been perc tested?
31. Can someone visit the property with me to show me lot lines and to give hand money to?
1. How much hand money will it take to hold a piece of property?
On lots under Seventy thousand dollars, $200 will be sufficient. Any sale price over that, $1,000 would be preferred.
2. Is the hand money "refundable"?
Before putting any hand money down, we like our clients to be 100% sure that they want any given homesite. However things do come up and minds get changed. Hand money will be refunded before the closing date shown on Sales Agreement, unless some other specific terms are agreed in writing.
3. How much do I need to have as down payment for a homesite?
It depends on the sales price. In some cases less than 10%. For other homesites more than 20%.
4. What if I do not have the full down payment?
We will accept a slightly lower down payment. Remember your monthly payment would be higher than the listed monthly payment on our "Financing" page of this website.
5. What if I find a homesite that I love and cannot do without, but have very little for the requested down payment?
First of all we are exited when our clients love one of our homesites. We want to make it work for you and will do all we can for land ownership to be a reality. In recent years we have been offering "Leasing" the property to our clients who have little money to put down. Here is how it works: You pay so much per month that goes towards a down payment. This period is called a Lease period. During this time you are virtually "renting" the property from us. You take possession of the property but you do not actually own the property. Other than minor clearing for a future driveway or home (which is done at your own risk), no contractors can do any work without our written consent. At the fulfillment of the Lease (when the down payment is paid in full) you will move on to closing on your homesite. We must warn however, that if you do not fulfill the terms of the lease...miss payments, the lease is terminated and like any lease/rent payment, none of the money is refunded.
6. What if I want to put more money down than is requested on a given homesite?
That is fine with us. For a general rule for every $1,000 put down, the monthly payment lowers by approximately $20(+/-).
7. When will I need the full down payment?
At the time of closing, generally within a month of receipt of hand money, the balance of the down payment is due.
8. What interest rates do you charge?
Between 8% and 10% depending on Subdivision. Check out any of the "Financing" pages within our website. There are occasions where special exceptions are made. For example, you plan to begin making payments but can't take advantage of a cash sale discount, but will pay off in a very short time, we may negotiate a lesser interest rate.
9. Can I pay more than my monthly payment requires?
Yes. Any amount over the minimum due comes right off your principle balance. Paying more however, does not mean you can "skip" a month.
10. Is there a prepayment penalty for paying my loan off early?
No.
11. What is a "balloon" payment?
A balloon payment is a large final payment due on a note, usually after partial amortization (a specified term of principal and interest payments to pay off a loan) of the debt through installment payments. Balloons allow a Buyer to have smaller payments due to a longer amortization term when the Seller wants the loan paid in full sooner. For example, a ten or fifteen year amortization term with the 24th. payment paying the debt in full...the balloon payment.
12. How can I get an updated principle balance or payoff figure?
Contact Jim Green Jr. via phone, Fax 724-283-8033 or email jgjr@beautifulhomesites.com.
13. Where and when does the closing take place?
The closing should take place within a month of receipt of your hand money. The closing agent can be your Attorney, a Title Company or Closing Specialist, possibly a bank or Attorney Philip Lope whom we used when purchasing the original tract of land. His office phone is 724-452-5020.
14. What kind of closing costs can I expect?
Closing costs consist of a 1% Transfer tax (tax on a $40,000 homesite would be $400), document preparation fee ($80 +/-), Attorney fee
($80 +/-), Recording fee ($60), Title insurance($400+/- and up depending on the purchase price) and prorated real estate taxes (amount varies). All these items plus the balance of the down payment are due on closing day.
15. How much are taxes?
This amount will vary depending on homesite size and County/School District location. A rough estimate is $50-$70 a year for a vacant two to four acre homesite. The amount will be slightly higher as the acre size increases. Taxes will not be significantly higher until an actual dwelling is on the property. You may obtain an estimate from the specific County Appraisers/Tax Office. See "Other Links" at the bottom right hand side of each subdivision page for phone numbers.
16. Can I get a copy of Sales Agreement?
Yes. Our Sales Agreements are all very similar and written to correspond with specific land projects. These Agreements will also contain items which may be specific to the property and/or any Deed Restrictions or Covenants. See the "Contract Samples " link on any of our financing pages.
17. Are there any restrictions for my homesite?
Yes there are. These restrictions are either located within our Sales Agreements under "Special Clauses" or they are separate in the form of a Declaration of Covenants, Conditions, Restrictions and Easements. See the "Contract Samples " link on any of our financing pages.
18. Can I put a Mobile home on my homesite?
Mobiles are allowed to be TEMPORARY for no longer than 3 years. After that a permanent dwelling needs to be in place. Modular type homes on a foundation are O.K. Some projects will only allow "stick built" or non-double-wide modulars.
19. What is the time requirement for building a home?
There is no time requirement.
20. Is there a square foot minimum for a home?
In some cases yes. See the "Contract Samples " link on any of our financing pages for Restrictions or Covenants specifics.
21. Can I put more than one dwelling on any given homesite?
No. Our homesites are for Single family use only. However, Guest houses are permitted as long as they are architecturally coordinated with the main house, and are approved by local building codes, departments.
22. Are all the homesites surveyed?
Yes. With one of our lot surveys in hand and a little common sense, you should be able to walk any given homesite accurately.
23. Can my homesite be further "Subdivided"?
No.
24. How much can I expect to pay for a septic system?
Every situation is different but you can expect to pay under $3,000 for a Conventional (In-ground) system. Sand Mounds start in the neighborhood of $6,000. For more accurate quotes, please see the name of an excavator in our "Other Links" at the bottom right hand side of each subdivision page for phone number.
25. How much does it cost for a water well?
As mentioned above every homesite is different. $2,500-$3,500 should be close though. For more accurate quotes please see the name of a water well driller in our "Other Links" at the bottom right hand side of each subdivision page for phone number.
26. Who has control over the Mineral Rights?
You do. We retain no rights to any minerals that may be on the property. There's a possibility that old agreements exist. This information would show up on our Title Searches which we will make available to Prospective Buyers.
27. Can my homesite be "timbered"?
With the exception of clearing for a future home, driveway, yard, garden etc. not until 40% of the original loan has been paid.
28. Can I get a list of contact people such as School Districts, utility companies, Twp. contacts, and contractors?
Yes, we have all of this. Please see the "Other Links" at the bottom right hand side of each subdivision page for whichever location you may be interested in.
29. Can I build my home myself? Or be the Contractor?
The choice is yours. A major reason for allowing mobile homes for up to 3 years is to allow do-it-yourselfers to live on-site.
30. Has the lot been perc tested?
Yes, all lots have been perc tested. We will provide copies of the field work for any given lot. The Buyer must obtain and pay for the actual permit at such time as planning and building is scheduled.
31. Can someone visit the property with me to show me lot lines and to give hand money to?
Yes. Contact Jim Green Jr. via phone, Fax or E-mail. |
