Frequently asked questions (FAQ's)
Q - What can you tell me about the property?
A - I buy these parcels for the express purpose of reselling them. I have listed everything I know about the parcel in the parcel description. Anything else you need to know, you will have to research yourself. In most cases, a call to the county offices (recorder, assessor, planning, etc.) will get you the answers you are looking for. If you need extensive help, you may want to hire a Realtor (at your cost), or even abandon looking on my site for wholesale property, and allow the Realtor to drive you around to look at properties on the retail market.
Q - Do you offer financing on your properties?
A - Yes - on most of my properties, I am able to offer financing, usually with 0% interest, and low down payments. Trying to finance a piece of unimproved land through a bank can be difficult, if not impossible. And when available, they usually require 25 -35% down payments, and interest rates in excess of 12% APR. At the bottom of this page, you will find the terms of the financed sale, required documents, and instructions.
Q - What kind of credit score do I need to qualify for financing?
A - My financing is all done in-house, so I don't have anyone to answer to. Therefore, I don't have a finance application, and I don't pull a credit report. I will finance to any adult (legally able to enter into a contract) who can make the down payment, and I assume they can make the monthly payments. I've had people that had terrible credit, even an ex-con, who could afford the property even though they had bad credit. I don't care. If you can pay the down payment and can afford the monthly installments, you and buy here.
Q - What if I can't afford the down payment, or the monthly payments you offer. Is there any other option?
A - Sometimes we are approached with a request to sell it on longer terms, but would tie up my funds and keep me from being able to shop for the next parcel. For that reason, we only sell for cash, or on the terms we offer here. But there may be another solution. There is a very popular funding option called LightStream. They are a division of SunTrust Bank, and they may finance your purchase at very competitive rates (commonly 5-10% APR) for 2-12 years, and they commonly provide financing within 24-48 hours, and sometimes on the same day. So if you want to finance the purchase, consider checking them out at www.lightstream.com
Q - At these prices, could I buy and then resell a property for a profit?
A - Some of the parcels I get are perfect for this, and that's why some of my customers are "Land Wholesalers". Even better, some of the land I sell is available on terms. Here's what that means to the Land Wholesaler. A person could buy a property for a small document prep fee and down payment, and then make monthly payments while they "Retail" the property. That way, they don't need the whole purchase price in order to "tie up" the parcel while they look for a new Retail Buyer. Of course, you have to allow for the fact that most properties take several months to find a buyer, depending on market conditions, effectiveness of advertising, competition, etc.
Q - If I buy the property, and either can't find a Buyer, or things change and I can't continue making the payments, what happens?
A - If you use my seller financing to purchase a property -- and later, you find yourself unable or unwilling to continue making payments, for any reason, let me know and you won't owe me anything in the future. There will be no more balance owed, no credit reporting, no debt collection, and no litigation! No hard feelings! We'll terminate the agreement and take the property back. Some of my Wholesale Buyers use this as an way to hold the property while they find a buyer. If after 4-6 months, the wholesaler can't find a buyer at a price they want, they let me know that they are going to quit making the payments, and I just take the property back. No fuss. They are happy to have "controlled" (tied up - locked in their price for) the property with very little capital, with little downside, and the potential to make thousands of dollars if they are successful.
Q - If I quit making payments, and you take the property back, do I get any refund of the payments I've made?
A - We use a Land Contract that states that the Buyer's failure to make the required payments allows the Seller to take the property back, without any refund of fees paid (usually the doc fee), the down payment or any monthly payments made. Obviously no one buys a property with the intention of starting the purchase, and then forfeiting the monies paid, but sometimes things change. If they do, at least you won't be having to deal with ongoing interest, penalties, fees, and there won't be any negative reports to the credit bureau, or anyone else. In effect, if you decide to abandon the Land Contact, we part as friends and you have no further obligation to me, and I have no further obligation to you.
Q - Why is your property selling for less than surrounding parcels?
A - I only buy property at discounted rates, so that I can re-sell them to you, the investor, at a sub-market price. Additionally, I don't spend time and money on researching or developing the property, or getting surveys, perk tests, etc., because these activities would raise the price I would have to charge. You get the property, and the basic information that I have, and at a great price. You make the phone calls to get the information you need (call the county and find out most of what you need), and / or visit the parcel. You get a great piece of land at a great price. I get a quick sale so I can move on to my next purchase.
Q - What is the street address of the property?
A - In most cases, addresses (such as 123 Sunset Road) are assigned by the U S Postal Service. Most rural vacant parcels have never had a home, so no address has been assigned. Once you purchase the parcel, if you need to receive mail at the property, you can apply for a mailing address from the Post Office. To help you identify the location of the parcel, I do list the approximate GPS coordinates in the listing. On most map applications on your smart phone, you can type in the GPS coordinate, and it will show you the exact location, and offer to create driving instructions to take you there.
Q - Why is the county assessor's "appraised value" less (or more) than your sales price?
A - The way counties value property varies from state to state, even county to county. In most cases, appraised value has nothing to due with market value. Rather, it is part of a formula used to calculate property taxes. So it's all a matter of perspective. If you are selling a property, you want this number to be high, because uneducated buyers will think this is it's market value. However, if you are going to own the property, you want this appraised value to be as low as possible so that your property taxes will be low. Getting the county to lower your appraised value is much more difficult than getting them to raise it. In general, assigning an assessed or taxable value is part of the formula the county uses to collect the income they need, and spread that cost as fairly as they can among all the property owners in the county.
Q - How much are the property taxes?
A - All of our properties are owned free, clear and current at the time of purchase. We generally report the most recent property tax amounts on the property description. We pay the taxes that are due before the date of the sale, and you will be responsible for any property taxes due after the date of sale. If we are financing the property for you, our Land Contract states that until the payments are complete and the final transfer is recorded, we pay the annual property taxes, and send you am annual bill for reimbursement.
Q - What can I do with the property?
Can I put an RV or a mobile home on it?
Can I camp on the property?
Can I build a sky-scraper on it?
Can I raise animals on the parcel?
Can I grow funny crops on this land? ...
A - Unless I have mentioned something in the property description, I don't know the answer to those questions. I am selling these parcels at a wholesale price, and do not conduct extensive research on land use. I suggest that you call the county and ask those questions for yourself, before buying the property.
Q - Are the mineral rights included in the purchase price?
A - Mineral rights are not included. We have never found this to be an issue with any of the properties we have sold, because our buyers are not looking to develop oil wells or drill for gas, etc. In the USA, most properties with potentially "valuable mineral rights" had those rights separated from the "rights to use" the land many decades ago. Our customers usually want to build a house, go camping, hunt for quail or deer, climb rocks, look for gems, sit quietly away from technology, or hold it as an investment, for someone who has other plans, or just to have something tangible to pass on to their kids. If you want to invest in minerals, there are other ways.
Q - Can I put solar panels on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and many counties have no restrictions on solar panels. But if this is important to you, call the county to be sure.
Q - Can I grow hemp, marijuana, or other crops on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and Tennessee is the 2nd largest grower of marijuana in the US, but there are restrictions and requirements that I have not researched. If this is important to you, call the county to be sure.
Q - Does this parcel have utilities?
A - In most cases, these are rural parcels, and unlike a developed subdivision, you can't expect to have all utilities at the curb (there isn't even a curb). However, here is something you can notice. Are there other houses in the area. If the answer is yes, that means those neighbors have figured out a way to have what they need. I suggest you talk to the county, or contact these neighbors, and ask them how they worked things out.
Q - Can I put a contingency on the purchase, to allow me to ________ before I buy the parcel?
A - No. Please take care of whatever you need to take care of before you purchase my parcel. Yes - I know that means that someone else might buy this before you get your other issue resolved, but that's the risk of delaying your purchase.
Q - Can I put a septic tank on the parcel? Will it pass the "perk test"?
A - If you are planning on building on the parcel, you will want to know if you can get a permit to put a septic system on the property, unless you are planning on using an alternate system (self contained composting toilet for example). The state has made the septic inspection/permit process very easy. I recently had a customer apply for the permit on-line on Thursday, and the inspection was conducted on the following Wednesday. By Friday, he had the permit in his email box, and the total cost of the inspection was $500 ($100 for the inspection, and $400 for the permit for up to a four bedroom house.) You can order the inspection and permit at the following web site: https://tdec.tn.gov/septic-service-request/ These are the answers to the drop down menus: (a) County: Select your County, (b) Service Request: Select Permit - Dwelling; Conventional; New.
Q - I see your parcel listed on the MLS (Multiple Listing Service). Does this mean you are a real estate agent/broker?
A - No - I am not a real estate agent or broker. By profession, I was an insurance premium auditor and an insurance claims adjuster (now retired). In the last few years, a number of "Flat Fee MLS Listing Services" have popped up, allowing property owners like me to list their property without hiring a real estate agent. I occasionally use the MLS as one of my advertising methods, but I am not a Realtor. However, if a Realtor brings me an offer with their commission built into the offer price, I will cooperate with a Realtor, assuming they will accept a 3% commission.
Q - How do I know you are for real, or that I can trust you?
A - We prefer to use a standard Title Company to handle the transaction (when you are paying cash for the property). I think that resolves most, if not all, the risk. Most of the time, for a cash sale, we use the title company I used when I purchased the property, and they handle everything. If you are buying a property using my seller financing, then you will be working directly with me, and we will need develop a relationship and trust over time.
Since you don't know me yet, and we are talking about a substantial investment, I think this is a very reasonable and rational question. Here's some background on me, so you can see if I'm real and reputable. From 2014 - 2020 I was either a full time insurance auditor for Information Providers, Inc (IPI) or I worked as an independent Licensed Insurance Adjuster. Up until 2020. I kept most of my state adjuster licenses active. Now, they are (or will soon be) expired, but you can still look me up and see my expired licenses. Here are a couple that you can look up pretty easily...
Q - The insurance license information is interesting, but is there another way for me to verify who you are?
A - Check me out on Facebook. Since 2010, I have been a member of Civil Air Patrol (U. S. Air Force Auxiliary). You can't look me up directly without passwords, but I serve as the Public Affairs Officer for our local squadron (Chattanooga Choo Choo Senior Squadron) as well as for our group (Tennessee Group II ), and as such, I manage our TN Group II Facebook page: Group II, Tennessee Wing Civil Air Patrol. We don't post very often, but you will be able to look back and see my "finger prints" on the site.
And, here's another way. When I am in town, I try to play handball or racquetball 3-4 times per week. I play at the Sports Barn in Chattanooga, TN. The Sports Barn has three locations, and I play at the Downtown club. You could look up that phone number on your own, (or use this link for the Sports Barn), call them, and ask if Larry Stewart is there. I'm usually on the court from about 4 pm until 5 or 6 pm, Tuesday, Wednesday and Thursday, and again on Saturday mornings, from 9 :30 - 10:30 am. If I'm on the court, ask them to interrupt me, but please keep the call short (approx 10-15 seconds). I don't like keeping my other three doubles partners waiting. Then, you can call me on my cell phone and leave me a voice message and I'll call you back. Thanks!
Q - Do you really live in Chattanooga, TN?
A - In preparation for retirement, I sold the home we owned for over 13 years in July of 2020. At the time, I worked in the insurance industry, and Shirley, (my wife of 44 years) rented three other apartments on our property on Airbnb.com. The address of our home was 211 Greenleaf Street, Chattanooga (technically in Red Bank), Tennessee. When we sold the home (and associated apartments), we moved into our 2018 Jayco UL31 Class A Motorhome and lived in that for more than six months. There's a photo of the rig at the top of this page. Effective January 29th, 2021, we purchased our new home at 504 Paragon Drive, Chattanooga (again, in the community of Red Bank), Tennessee.
So now, we live full time at our home here in Chattanooga, except for 2-6 week travel trailer trips around the US a couple times each year. months each year. This allows us to enjoy our desire to travel and explore the US, and still stay connected with our family and friends in Chattanooga, TN. You will notice that my mailing address is in Chattanooga. That's actually the Post Office in Red Bank, TN where we pick up our mail, or when we are out of town, our daughter picks up and opens the mail for us.
Q - Why are you so willing to give so much of your personal information?
A - In a time when there are so many robo-calls, telemarketers, and people looking to take advantage of others, I understand when people are a little hesitant to do business over the Internet, the phone, and/or the mail. So I am treating you, the way I would want to be treated (Christ gave us a great teaching on this). Check me out. I want you to feel comfortable before you move forward.
Here are a few photos showing what our life has been like... Hover over the photos with your mouse to see captions, or click on the upper left photo, and you can use the arrow to move through the photos and read the captions below.
A - I buy these parcels for the express purpose of reselling them. I have listed everything I know about the parcel in the parcel description. Anything else you need to know, you will have to research yourself. In most cases, a call to the county offices (recorder, assessor, planning, etc.) will get you the answers you are looking for. If you need extensive help, you may want to hire a Realtor (at your cost), or even abandon looking on my site for wholesale property, and allow the Realtor to drive you around to look at properties on the retail market.
Q - Do you offer financing on your properties?
A - Yes - on most of my properties, I am able to offer financing, usually with 0% interest, and low down payments. Trying to finance a piece of unimproved land through a bank can be difficult, if not impossible. And when available, they usually require 25 -35% down payments, and interest rates in excess of 12% APR. At the bottom of this page, you will find the terms of the financed sale, required documents, and instructions.
Q - What kind of credit score do I need to qualify for financing?
A - My financing is all done in-house, so I don't have anyone to answer to. Therefore, I don't have a finance application, and I don't pull a credit report. I will finance to any adult (legally able to enter into a contract) who can make the down payment, and I assume they can make the monthly payments. I've had people that had terrible credit, even an ex-con, who could afford the property even though they had bad credit. I don't care. If you can pay the down payment and can afford the monthly installments, you and buy here.
Q - What if I can't afford the down payment, or the monthly payments you offer. Is there any other option?
A - Sometimes we are approached with a request to sell it on longer terms, but would tie up my funds and keep me from being able to shop for the next parcel. For that reason, we only sell for cash, or on the terms we offer here. But there may be another solution. There is a very popular funding option called LightStream. They are a division of SunTrust Bank, and they may finance your purchase at very competitive rates (commonly 5-10% APR) for 2-12 years, and they commonly provide financing within 24-48 hours, and sometimes on the same day. So if you want to finance the purchase, consider checking them out at www.lightstream.com
Q - At these prices, could I buy and then resell a property for a profit?
A - Some of the parcels I get are perfect for this, and that's why some of my customers are "Land Wholesalers". Even better, some of the land I sell is available on terms. Here's what that means to the Land Wholesaler. A person could buy a property for a small document prep fee and down payment, and then make monthly payments while they "Retail" the property. That way, they don't need the whole purchase price in order to "tie up" the parcel while they look for a new Retail Buyer. Of course, you have to allow for the fact that most properties take several months to find a buyer, depending on market conditions, effectiveness of advertising, competition, etc.
Q - If I buy the property, and either can't find a Buyer, or things change and I can't continue making the payments, what happens?
A - If you use my seller financing to purchase a property -- and later, you find yourself unable or unwilling to continue making payments, for any reason, let me know and you won't owe me anything in the future. There will be no more balance owed, no credit reporting, no debt collection, and no litigation! No hard feelings! We'll terminate the agreement and take the property back. Some of my Wholesale Buyers use this as an way to hold the property while they find a buyer. If after 4-6 months, the wholesaler can't find a buyer at a price they want, they let me know that they are going to quit making the payments, and I just take the property back. No fuss. They are happy to have "controlled" (tied up - locked in their price for) the property with very little capital, with little downside, and the potential to make thousands of dollars if they are successful.
Q - If I quit making payments, and you take the property back, do I get any refund of the payments I've made?
A - We use a Land Contract that states that the Buyer's failure to make the required payments allows the Seller to take the property back, without any refund of fees paid (usually the doc fee), the down payment or any monthly payments made. Obviously no one buys a property with the intention of starting the purchase, and then forfeiting the monies paid, but sometimes things change. If they do, at least you won't be having to deal with ongoing interest, penalties, fees, and there won't be any negative reports to the credit bureau, or anyone else. In effect, if you decide to abandon the Land Contact, we part as friends and you have no further obligation to me, and I have no further obligation to you.
Q - Why is your property selling for less than surrounding parcels?
A - I only buy property at discounted rates, so that I can re-sell them to you, the investor, at a sub-market price. Additionally, I don't spend time and money on researching or developing the property, or getting surveys, perk tests, etc., because these activities would raise the price I would have to charge. You get the property, and the basic information that I have, and at a great price. You make the phone calls to get the information you need (call the county and find out most of what you need), and / or visit the parcel. You get a great piece of land at a great price. I get a quick sale so I can move on to my next purchase.
Q - What is the street address of the property?
A - In most cases, addresses (such as 123 Sunset Road) are assigned by the U S Postal Service. Most rural vacant parcels have never had a home, so no address has been assigned. Once you purchase the parcel, if you need to receive mail at the property, you can apply for a mailing address from the Post Office. To help you identify the location of the parcel, I do list the approximate GPS coordinates in the listing. On most map applications on your smart phone, you can type in the GPS coordinate, and it will show you the exact location, and offer to create driving instructions to take you there.
Q - Why is the county assessor's "appraised value" less (or more) than your sales price?
A - The way counties value property varies from state to state, even county to county. In most cases, appraised value has nothing to due with market value. Rather, it is part of a formula used to calculate property taxes. So it's all a matter of perspective. If you are selling a property, you want this number to be high, because uneducated buyers will think this is it's market value. However, if you are going to own the property, you want this appraised value to be as low as possible so that your property taxes will be low. Getting the county to lower your appraised value is much more difficult than getting them to raise it. In general, assigning an assessed or taxable value is part of the formula the county uses to collect the income they need, and spread that cost as fairly as they can among all the property owners in the county.
Q - How much are the property taxes?
A - All of our properties are owned free, clear and current at the time of purchase. We generally report the most recent property tax amounts on the property description. We pay the taxes that are due before the date of the sale, and you will be responsible for any property taxes due after the date of sale. If we are financing the property for you, our Land Contract states that until the payments are complete and the final transfer is recorded, we pay the annual property taxes, and send you am annual bill for reimbursement.
Q - What can I do with the property?
Can I put an RV or a mobile home on it?
Can I camp on the property?
Can I build a sky-scraper on it?
Can I raise animals on the parcel?
Can I grow funny crops on this land? ...
A - Unless I have mentioned something in the property description, I don't know the answer to those questions. I am selling these parcels at a wholesale price, and do not conduct extensive research on land use. I suggest that you call the county and ask those questions for yourself, before buying the property.
Q - Are the mineral rights included in the purchase price?
A - Mineral rights are not included. We have never found this to be an issue with any of the properties we have sold, because our buyers are not looking to develop oil wells or drill for gas, etc. In the USA, most properties with potentially "valuable mineral rights" had those rights separated from the "rights to use" the land many decades ago. Our customers usually want to build a house, go camping, hunt for quail or deer, climb rocks, look for gems, sit quietly away from technology, or hold it as an investment, for someone who has other plans, or just to have something tangible to pass on to their kids. If you want to invest in minerals, there are other ways.
Q - Can I put solar panels on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and many counties have no restrictions on solar panels. But if this is important to you, call the county to be sure.
Q - Can I grow hemp, marijuana, or other crops on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and Tennessee is the 2nd largest grower of marijuana in the US, but there are restrictions and requirements that I have not researched. If this is important to you, call the county to be sure.
Q - Does this parcel have utilities?
A - In most cases, these are rural parcels, and unlike a developed subdivision, you can't expect to have all utilities at the curb (there isn't even a curb). However, here is something you can notice. Are there other houses in the area. If the answer is yes, that means those neighbors have figured out a way to have what they need. I suggest you talk to the county, or contact these neighbors, and ask them how they worked things out.
Q - Can I put a contingency on the purchase, to allow me to ________ before I buy the parcel?
A - No. Please take care of whatever you need to take care of before you purchase my parcel. Yes - I know that means that someone else might buy this before you get your other issue resolved, but that's the risk of delaying your purchase.
Q - Can I put a septic tank on the parcel? Will it pass the "perk test"?
A - If you are planning on building on the parcel, you will want to know if you can get a permit to put a septic system on the property, unless you are planning on using an alternate system (self contained composting toilet for example). The state has made the septic inspection/permit process very easy. I recently had a customer apply for the permit on-line on Thursday, and the inspection was conducted on the following Wednesday. By Friday, he had the permit in his email box, and the total cost of the inspection was $500 ($100 for the inspection, and $400 for the permit for up to a four bedroom house.) You can order the inspection and permit at the following web site: https://tdec.tn.gov/septic-service-request/ These are the answers to the drop down menus: (a) County: Select your County, (b) Service Request: Select Permit - Dwelling; Conventional; New.
Q - I see your parcel listed on the MLS (Multiple Listing Service). Does this mean you are a real estate agent/broker?
A - No - I am not a real estate agent or broker. By profession, I was an insurance premium auditor and an insurance claims adjuster (now retired). In the last few years, a number of "Flat Fee MLS Listing Services" have popped up, allowing property owners like me to list their property without hiring a real estate agent. I occasionally use the MLS as one of my advertising methods, but I am not a Realtor. However, if a Realtor brings me an offer with their commission built into the offer price, I will cooperate with a Realtor, assuming they will accept a 3% commission.
Q - How do I know you are for real, or that I can trust you?
A - We prefer to use a standard Title Company to handle the transaction (when you are paying cash for the property). I think that resolves most, if not all, the risk. Most of the time, for a cash sale, we use the title company I used when I purchased the property, and they handle everything. If you are buying a property using my seller financing, then you will be working directly with me, and we will need develop a relationship and trust over time.
Since you don't know me yet, and we are talking about a substantial investment, I think this is a very reasonable and rational question. Here's some background on me, so you can see if I'm real and reputable. From 2014 - 2020 I was either a full time insurance auditor for Information Providers, Inc (IPI) or I worked as an independent Licensed Insurance Adjuster. Up until 2020. I kept most of my state adjuster licenses active. Now, they are (or will soon be) expired, but you can still look me up and see my expired licenses. Here are a couple that you can look up pretty easily...
- GA License Number: 811316 Web Site: https://www.oci.ga.gov/Agents/AgentStatus.aspx
- FL License Number: W177396 Web Site: https://licenseesearch.fldfs.com/
- TX License Number: 1893763 Web Site: https://txapps.texas.gov/NASApp/tdi/TdiARManager
- First Name: Laurence
- Last Name: Stewart
- License Number: (see number for each individual state)
- City: Livingston (I used a mail forwarding service in Texas, but now I live full-time in Chattanooga, TN where my house is)
- State: Texas
- National Producer Number: 2727456 (in many states, just using this number will access by records)
- License Type: Independent Insurance Claims Adjuster
Q - The insurance license information is interesting, but is there another way for me to verify who you are?
A - Check me out on Facebook. Since 2010, I have been a member of Civil Air Patrol (U. S. Air Force Auxiliary). You can't look me up directly without passwords, but I serve as the Public Affairs Officer for our local squadron (Chattanooga Choo Choo Senior Squadron) as well as for our group (Tennessee Group II ), and as such, I manage our TN Group II Facebook page: Group II, Tennessee Wing Civil Air Patrol. We don't post very often, but you will be able to look back and see my "finger prints" on the site.
And, here's another way. When I am in town, I try to play handball or racquetball 3-4 times per week. I play at the Sports Barn in Chattanooga, TN. The Sports Barn has three locations, and I play at the Downtown club. You could look up that phone number on your own, (or use this link for the Sports Barn), call them, and ask if Larry Stewart is there. I'm usually on the court from about 4 pm until 5 or 6 pm, Tuesday, Wednesday and Thursday, and again on Saturday mornings, from 9 :30 - 10:30 am. If I'm on the court, ask them to interrupt me, but please keep the call short (approx 10-15 seconds). I don't like keeping my other three doubles partners waiting. Then, you can call me on my cell phone and leave me a voice message and I'll call you back. Thanks!
Q - Do you really live in Chattanooga, TN?
A - In preparation for retirement, I sold the home we owned for over 13 years in July of 2020. At the time, I worked in the insurance industry, and Shirley, (my wife of 44 years) rented three other apartments on our property on Airbnb.com. The address of our home was 211 Greenleaf Street, Chattanooga (technically in Red Bank), Tennessee. When we sold the home (and associated apartments), we moved into our 2018 Jayco UL31 Class A Motorhome and lived in that for more than six months. There's a photo of the rig at the top of this page. Effective January 29th, 2021, we purchased our new home at 504 Paragon Drive, Chattanooga (again, in the community of Red Bank), Tennessee.
So now, we live full time at our home here in Chattanooga, except for 2-6 week travel trailer trips around the US a couple times each year. months each year. This allows us to enjoy our desire to travel and explore the US, and still stay connected with our family and friends in Chattanooga, TN. You will notice that my mailing address is in Chattanooga. That's actually the Post Office in Red Bank, TN where we pick up our mail, or when we are out of town, our daughter picks up and opens the mail for us.
Q - Why are you so willing to give so much of your personal information?
A - In a time when there are so many robo-calls, telemarketers, and people looking to take advantage of others, I understand when people are a little hesitant to do business over the Internet, the phone, and/or the mail. So I am treating you, the way I would want to be treated (Christ gave us a great teaching on this). Check me out. I want you to feel comfortable before you move forward.
Here are a few photos showing what our life has been like... Hover over the photos with your mouse to see captions, or click on the upper left photo, and you can use the arrow to move through the photos and read the captions below.
Here is more info on the terms sale
(payments over time) and CASH SALE OpTIONS.
TERMS SALE - PAYMENTS OVER TIME:
To sell a parcel on terms, we require a down payment, plus a small doc fee. We will finance the balance on a land contract, (pretty much the same as making payments on a car), except we are not charging any interest, and there is no pre-payment penalty. The balance will be paid in fixed number of monthly payments, starting the month after the down payment is made. When you finish making all the payments, we send you a special warranty deed in your name, and you own the property outright. This is simple and straight forward.
We don't pull your credit report, and we don't check your income. However, we do ask you to confirm that you can do three things before you buy the land...
- Give us verbal assurance that you can afford both the down payment and the monthly payments, and
- Give us verbal assurance that you are responsible enough to mail in your payment each month (personal check or money order) , to be received in our mail box by the 10th of each month, without us having to remind you, and without any excuses.
- Promise us that you will respect the land, and not do anything against the law, and not do anything that would diminish the value of the land.
Of course, it is assumed that your intention is to complete the payments and own the land, free and clear at the end of the payment period. However, we also know that occasionally, things happen. For this reason, we allow buyers to cease their payments at any time, and we don't send negative credit reports, or follow up with any legal proceedings. If a person needs to back out of the transaction, they can just forfeit their rights to the land, and abandon any previous payments. We will take the land back, and resell it to someone else at a later time.
Of course, we both assume that you won't want to give up the down payment and monthly payments you have made, but if something big happens (job, health, or a major change in your life/goals) and you have to back out of the agreement, it's an option.
And when the full balance of the purchase price has been satisfied, we will send you a "satisfaction of payments" document, along with a signed and notarized special warranty deed, ready to file at the county recorder.
If you are interested in this payment plan, download the "Payment Agreement with Terms" at the bottom of this page. Read it through and make sure you are comfortable with the terms. When you call me and tell me you want to move forward with the terms purchase, I will need your name(s) and contact information, so I can complete the forms and email them to you. Then sign the documents, and take photos of the signed docs and email or text them to me (or send them via snail mail if you choose). You can make me a check, or if you prefer, you can arrange to make your payment electronically, (probably PayPal, Zell or Venmo).
Please note -- just because you complete and send me the "Payment Agreement with Terms" document and initiate the payment, that doesn't mean the property is yours. Occasionally, I'll receive two or more agreements on the same day. Here's what happens in that event.
First - I look at the agreement received first. Assuming the document is filled out properly and completely, I notify that person by email that their "Payment Agreement with Terms", is accepted, I proceed to send you an email containing an invitation to make the down payment to complete the purchase.
I look at each of the other agreements sent (2nd, 3rd, etc.) and let them know that someone else's agreement was accepted before theirs, and I reject the payment. If there is something missing, I ask the first buyer to complete the missing requirement(s) within 24 hours. However, if 24 hours pass and I have not received the missing information, I then withdraw that invitation to the 1st Buyer, and then I contact the 2nd Buyer and they then have 24 hours to make the down payment. This continues until all the potential Buyers have had their "24 hour period" to make the down payment. If none of these Buyers complete the purchase, then the property remains for sale until the purchase is complete.
Following this procedure keeps me from being in the awkward position of receiving down payments from multiple parties on the same property, which would leave me open to allegations of fraud, and rightfully so.
You can use PayPal, Zell or Venmo for your initial payment, so that part is easy. But remember, you have to complete the paperwork within 24 hours, or I leave the property on the market where someone else can buy it.
If you would like to snatch your chosen property up before any one else does, just download the document below,
I do not "hold" parcels for a Buyer. If you can not proceed with the purchase immediately, or need to do something, (or check on something, or whatever) before you commit to the purchase, please take care of whatever that is before you submit a payment and an agreement.
CASH SALE - TITLE COMPANY CLOSE:
Unless stated elsewhere on the property description page, we almost always purchase our properties for cash, and we used one of the local Escrow or Title Companies for the escrow, and purchased title insurance on the property. For a "cash sale" unless you object, I would recommend using this same title company again. Any good title/escrow service does most the work required for a clean transfer of ownership. At the bottom of this web page, you will find a simple and straight-forward form: The "Standard Vacant Land Purchase and Sale Agreement". Call me and provide me with your name(s) and contact information so I can complete the agreement and email or text it to you. Then you can print the form, sign it, and take a photo of the form and send it, either as an attachment to email, addressed to us (LarrySellsLand@gmail.com) or as a text to my personal cell phone number (423) 596-3196.
When I (the Seller) receive your signed Purchase and Sale Agreement and your earnest money deposit, assuming someone else hasn't beat you to the purchase, I will submit the signed agreement to the same title/ escrow company, I originally used to purchase the parcel, and ask them to handle the transaction. They will abide by the purchase agreement, and at your instruction, will do the research necessary to provide you with a Warranty Deed of ownership, and the title insurance policy. In the end, they record your deed at the county recorder, and you'll have the title insurance policy. Many of my customers do not live in the county where the parcel is, and the escrow company will take care of emailing the closing documents to you. You'll need to be able to print out a few documents, sign them, and then return them to the escrow service (usually by fax or email, but can also be mailed in an envelope).
The other decision for you will be whether or not you want to purchase a "Title Insurance Policy". In most cases, the title insurance premium is about $150 - $300 or so. (I suggest you call the escrow agent and ask them directly.) This is an optional purchase for you, but if you are planning to take out a mortgage to secure a building loan on this parcel, your bank will certainly want title insurance. If that's the case, I highly recommend you purchase title insurance at this time.
Please note -- The $300 non-refundable earnest money deposit protects me, so if you change your mind, or fail to complete the sale within 30 days, the sale is terminated, and the deposit will be retained, and used to cover the escrow expenses incurred. Please don't act on this purchase until you are ready to commit to the purchase.
Here are the two different forms used to purchase the property. Be sure to download the correct form.
- The top one is for a CASH SALE.
- The second one is for a TERMS SALE.
| land_purchase_agreement__and_instructions_for_cash_sale_-_blank.pdf |
| land_contract_doc_package__incl_promisory_note_-_blank.pdf |
