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Updated about 1 year ago on . Most recent reply

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Marci Stein
  • Rental Property Investor
  • New York, NY
509
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955
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getting a loan on a private road ?

Marci Stein
  • Rental Property Investor
  • New York, NY
Posted

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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