Thread: can i sell.?? HOW?

I only know my area here and it works different in all areas, and it depends on your town's zoning for lot sizes. If they were subdivided a long time ago the minimum lot size may have changed. You will need to check with zoning in your town for the minimum lot size. Also how far are the buildings from the property lines where you want to subdivide. I have seen cases where you only need 4 feet to the next property from a structure. If you want to sell of the 3rd lot with a separate dwelling on it you also may run into other issues like utilities. Are they connected to town sewer? Do they have underground electric utilitiies. You would need to pay for somone to do a survey. You can always provide easements for the 3rd lot to accomodate certain needs including parking or driveway if needed.
Good Luck!

Originally Posted by casidyjulian

I bought a home about a year and a half ago. It has a mother in law pad (seperate) and it sits on 3 lots. My house/ garage take up most of 2 of them. my brother in law wants to buy the mother in law pad, and fix it up. Is it possible to seperate these properties? they are both on my mortgage, and homeowners insurance.Would i have to pay the whole amount recieved to loan, or coul;d i keep it to fix my house/ and purchase more land?

OK, I am not sure about this but think If it is possible to subdivide your mortgage is for your whole property. If you sell a portion off your lender may be required to know. In that case you may be able to notify them that you are selling off a portion and keep the proceeds.

I hope some of this helps. Mabey someone could shed some more light on this for you here.

Originally Posted by Blue_Pearl_Granite

OK, I am not sure about this but think If it is possible to subdivide your mortgage is for your whole property. If you sell a portion off your lender may be required to know. In that case you may be able to notify them that you are selling off a portion and keep the proceeds.

I hope some of this helps. Mabey someone could shed some more light on this for you here.

Of course I'd have to tell the lender, for the title and stuff.What I don't know is if I would have to give all the money from the sell to the lender. I'd really like to buy a couple lots behind my property. I'm sure the laws have changed since the land was divided. The house was built about 100 years ago.LOL..I'm not really sure about the land part either. The houses are very close together.

You will be able to subdivide all paperworks. But first, the zoning. Make sure you can have 2 units in a particular lot for example. If not, forget it...
If yes, what about private access, etc...

Originally Posted by Codythebest

You will be able to subdivide all paperworks. But first, the zoning. Make sure you can have 2 units in a particular lot for example. If not, forget it...
If yes, what about private access, etc...

Well I have 3 lots. I think the house sits on 1 1/2 lots, and my house on the other 1 1/2 lots. The MIL pad has it's own gate in my fence. Parking might be an issue, but there is an alley behind both houses.

Lenders are acting strangely these days so do not listen to any mortgage advice that does not come directly from your lender. What you want to do might trigger a "due on sale clause" that will require you to pay off the entire loan.

When you are talking to your lender make sure you talk to someone in authority and get it in writing before you proceed. My guess is they will want you to refinance the property.

If the lender says OK then you need to talk to your local zoning authority. They can tell you if you can do want you want to do with regards to breaking apart the lots.

Hi,

You can have all your quires answers from experts do visit the site myloanexpert.com for more details. I had my mortgage quotes from them.Their service was recommendable.

Thanks,
Pete