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Is it possible to purchase a portion of an existing lot?
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Is it possible to purchase a portion of an existing lot?
DH stalks real estate in our neighborhood and noticed that one of our neighbors homes is in preforeclosure and that they've been in default on their mortgage.
Since buying our home he's been obsessed with expanding our lot by purchasing part of our neighbors property-both properties are 50x267, and it would be the back portion he would want
Other than the fact that I told DH that there's no tactful way of approaching this, is it even a possibility to do something like this? How is land alone valued?
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Posted 12/4/14 3:56 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Is it possible to purchase a portion of an existing lot?
Only if the lot can be subdivided. Would have to check with the town.
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| Posted 12/4/14 4:46 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7619 total posts
Name:
Momma <3
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Re: Is it possible to purchase a portion of an existing lot?
Posted by alli3131
Only if the lot can be subdivided. Would have to check with the town.
This. I believe it is a pricey undertaking.
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| Posted 12/5/14 6:34 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Is it possible to purchase a portion of an existing lot?
Doesn't everyone on these boards say those pre foreclosure listings are totally unreliable?
And I have a huge property and would love to subdivide and sell but according to the town I can't.
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| Posted 12/5/14 7:30 AM |
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Re: Is it possible to purchase a portion of an existing lot?
Posted by Kitten1929
Doesn't everyone on these boards say those pre foreclosure listings are totally unreliable?
And I have a huge property and would love to subdivide and sell but according to the town I can't.
The problem with "pre-foreclosure" is it's kind of not a real thing. In real estate, we say it's like being "pre-pregnant." You kind of are or you are not.
Pre-foreclosure usually means a site like Zillow has picked up on the fact (from public records) that lis pendens has been filed against a homeowner because they are behind on their mortgage. A lis pendens is filed when someone gets 3 months behind. ETA - A lis pendens is essentially notice that legal action has begun (it's a notice of a lawsuit).
HOWEVER - That doesn't mean that foreclosure is imminent. It takes a very long time for a bank to actually foreclose on a house. A lis pendens is step one in a very long, complex process. We have judicial foreclosure in NY, and it can take 7-10 years, on average. Up until the point in time that a bank forecloses on a home, the homeowner still owns it, and can do with it what they want, including keep on living in it indefinitely.
Sometimes people in a distressed situation who can't afford the home and don't think their situation will improve will opt to sell the property, and it's usually a short sale situation. But people who are behind on their mortgage often want to keep their home and have no intentions of selling it or leaving the home until they have to do so.
And even if they decide they WANT to sell, then it's a short sale that requires bank approval of everything (price, terms, etc.) so you can't just go negotiate a deal with the owner and assume it's done. The seller's lender who holds the mortgage may or may not approve, and may take a long time to approve.
Vacant land is tricky to value... in my office we usually discuss it with builder contacts, etc. because you can't really go to "comps." And as others have said, not all large lots can be subdivided. There are restrictions based on what town/village you reside in.
Message edited 12/5/2014 10:00:41 AM.
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| Posted 12/5/14 9:59 AM |
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