Buying a property and selling the back lot

Member since 2024 · 2 posts · 0 votes

I'm looking at a property with a small 3/1 888sf home on 10000 sf lot and I'm wanting to sell the empty 5000sf back lot. It has access to the next street over. I'm hoping i can recoup my out of pocket and have the front lot with the house for basically nothing. My question is what does that do to the value of the property I keep? I'm sure the value would decrease but I'm still paying that bigger mortgage.

Just getting started here...

Thanks!

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Jared Wagnon:

I'm looking at a property with a small 3/1 888sf home on 10000 sf lot and I'm wanting to sell the empty 5000sf back lot. It has access to the next street over. I'm hoping i can recoup my out of pocket and have the front lot with the house for basically nothing. My question is what does that do to the value of the property I keep? I'm sure the value would decrease but I'm still paying that bigger mortgage.
Just getting started here...
Thanks!
Do you know if it’s two different lots with two parcel numbers? That would be step 1.
if it is, then next step is, is that lot have a mortgage on it - if so then the bank will not let you sell it - or if they do good luck trying to get them to approve it

that lot value depends on too many factors that we could not answer and yes value of existing home would go down, how much is anyone’s best guess but a realtor could answer that

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- Jared Wagnon
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  Member since 2024 · 2 posts · 0 votes
  1y
  Quote from @Chris Seveney:
  
  Quote from @Jared Wagnon:
  
  I'm looking at a property with a small 3/1 888sf home on 10000 sf lot and I'm wanting to sell the empty 5000sf back lot. It has access to the next street over. I'm hoping i can recoup my out of pocket and have the front lot with the house for basically nothing. My question is what does that do to the value of the property I keep? I'm sure the value would decrease but I'm still paying that bigger mortgage.
  Just getting started here...
  Thanks!
  Do you know if it’s two different lots with two parcel numbers? That would be step 1.
  if it is, then next step is, is that lot have a mortgage on it - if so then the bank will not let you sell it - or if they do good luck trying to get them to approve it
  
  that lot value depends on too many factors that we could not answer and yes value of existing home would go down, how much is anyone’s best guess but a realtor could answer that
  
  It is one lot. I'm waiting to hear back from the city if I'm allowed to subdivide.
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