getting a loan on a private road ?

Rental Property Investor · New York, NY · Member since 2011 · 956 posts · 510 votes

My cash offer is accepted on a house which I love, at a good price, which I WAS happy about

until.....I learned it's very hard if not impossible to get a loan on house that's on a private road.

Because it is on a private road (first house) , an agreement from neighbors would be required by banks to agree to clean and plow road

in order to get a loan. Neighbors have not been willing to do this in past.

Have others heard of this ? anyone bought a house on a private road with a mortgage?

Would hate to spend all my money only to find out i cant resell!

Thanks!

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Fernando Borrego
Investor · USA · Member since 2019 · 3 posts · 0 votes
1y
Marci, Did you get financing accomplished for this property? Did you get a better detailed sense what the banks wanted to see in the agreement?
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Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
1y
Have you looked into a prescriptive easement? That is something that we have in California. Basically, if the road has been used uninterrupted for five years, it is implied that everyone is okay with it. From there it would be on title.
Not sure if there is something similar where you are. That might be an easier path.
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