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What’s Your REAL Experience with Land Loans in Kingcounty WA? Please Share Your Stories from Actual Transactions!

Hello, I have couple of questions who took loan to buy a land in Kingcounty WA , but any experience out of WA is also welcome, please just indicate at least the state that you bought the land. I wonder which lender you worked with ( failed ones also welcome) and what was the result , did they close it ? Count close, late ? Delayed ?

How did the lender calculate the value of the land? I am not asking in general I ask how did they calculated your land , if you had a chance to see appraisal report.

Were there any unexpected issues or challenges during the process (appraisals, terms, delays, etc.)? I heard seller re agent prefers some local lenders over any lender, they said seller agent can manipulate the seller to choose the buyer with better lender to avoid time loss.

What do you wish you had known beforehand that could have helped?

I want to gather real experiences from those who've been through the process, Thanks for sharing!

the best I could find is 8.725%fixed 20y %30 down payment And 70%LTV. Where can I get better terms ? I already check with ; 1st security Bank Banners bank Wafd bank

submitted by /u/r4d4n
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source https://www.reddit.com/r/RealEstate/comments/1ffoqun/whats_your_real_experience_with_land_loans_in/
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