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I purchased a piece of property in North Carolina with a monthly…

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I purchased a piece of...
I purchased a piece of property in North Carolina with a monthly payment for 5 years and a ballon payment due at the end of the 5 year period. The time for the ballon payment has arrived and I am unable to pay the balance due at this time. The note has been assinged to a third party and I have received a demand for payment letter. What are my options?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 2 minutes by:
6/28/2010
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,569
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Hello and thank you for your question. Are you able to sell it? Willing to leave?
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Customer reply replied 8 years ago

It is a large tract, 300 acres. We have been trying to sell 200 acres for over 2 years without success. With the economy as it is we are upside down in the note.

 

My 3 children are currently living on the land in paid for mobile homes. The land was undeveloped when we purchased other than 2 ponds left by sand minning. We have installed 3 septic systems and a well as well as electricity and telephone lines not to mention investing a substatnial amount of money in monthly payments, so we are not willing to leave.

 

 

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Have you tried a broker?
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Customer reply replied 8 years ago

Yes, We initially tried to sell the land ourselves and then later contracted with a real estate broker. With their percentage added onto the the top of what we need, the price was obviously too high because we got no serious responses from their listing. They were excited to list and said they were working it but they produced no results.

 

We now have a for sale sign up again and have had many calls but not any offers. Most people want to purchase a small piece for a home. We are not in the position to sell in that manner.

 

The real value of the land is in the sand mining potential that is there. The value of the sand is several times our asking price for the land. I have contacted people in the sand business and road construction business all over the area and have had some interest. Thier problem is that none of them have any work scheduled near enough to the site to make it usable right now and they do not want to invest the money right now with an eye to using the sand in the future.

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
are you prepared to walk away from it in exchange for release from further claims? If so, that can be suggested to them, preferably through a lawyer or else retain counsel to coordinate retaining several brokers to find a market buyer.
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,569
Experience: Experienced lawyer
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Infolawyer and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 8 years ago

I am not prepared to walk away at this time. Surely there is some other alternative?

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Having a lawyer negotiate refinance or renting our portions if feasible.
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