In June I purchased my first property. 2000 sq ft dumpsterhome on just shy of an acre. The home is zoned R-10 but there were two parcels combined for tax purposes back in the 80's. The county has said they can be split back for a filing fee because they were grandfathered in.
Question is, once I get to the last R in the BRRRR strategy. Is there a way to get this second, now vacant, lot off of the loan so I can own it free an clear?
My mortgage says I cannot sub-divide the property and sell pieces of it, but is there a way to do this when refinancing?
If anybody has info or could point me in the right direction that would be great!
In June I purchased my first property. 2000 sq ft dumpsterhome on just shy of an acre. The home is zoned R-10 but there were two parcels combined for tax purposes back in the 80's. The county has said they can be split back for a filing fee because they were grandfathered in.
Question is, once I get to the last R in the BRRRR strategy. Is there a way to get this second, now vacant, lot off of the loan so I can own it free an clear?
My mortgage says I cannot sub-divide the property and sell pieces of it, but is there a way to do this when refinancing?
If anybody has info or could point me in the right direction that would be great!
Thanks,
You should be able to do so when you refinance. There will probably need to be a survey and an appraisal. Contact a mortgage broker in the area and have them tell you what you need. Some states won't allow a "land locked" parcel without some sort of easement for access.
Surveyor · Denver, CO · Member since 2013 · 33 posts · 15 votes
6y
@Chris Smith, I would have the survey done well ahead of the refinance. You will need time for the survey company to come out (typically a week or 2), some time for you or they to file it, & time for the document to go through the county system & become public record. Then when you refi, the mortgage company will see your house on 1 lot. Please do not forget what @Account Closed is saying! If the parcels are front X back, you will almost certainly need to put in an access easement to that 2nd parcel. That changes if the parcels are side X side along the street.