All Forum Posts by: Michael Deng

I am looking into to buy a REO SFR built on a rectangular lot with side dimensions about 170 x 400 ft. All the SFR constructions were concentrated on one end, with about 170 x 240 ft gentle sloped (~10 deg) land unused. I am thinking about buying the property, split the land into two lots, and build another house on the empty one. My questions are:

- Can one do residential lot split or it simply is not allowed?
- If yes, where should I go to apply? City or county zoning commission?
- What kind of document should I prepare for the application?
- Do I need to prepare development plans before I apply the split? Will a town-hall meeting/community hearing be required?
- If the lot can be splitted, how the valuations will be done for property tax purpose? Will the value of the original SFR be reduced by the same amount? Shall I keep ownership for both lots?

I would appreciate all sharings from your past experiences for similar situations, and especially the necessary application steps and potential legal pot holes.

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Thanks a lot for explaining the double closing process to me. I assume in this case all documents would be the exactly the same as a regular sale, except the second buyer doesn't need to go thru all the inspection process. But do we (me and the second buyer) still need to go thru escrow for a title insurance, etc. again?

Forgive me for my ignorance since I am totally new in this field. What is "a double closing?" How different is it from the regular closing and can I avoid to pay the commisson twice?

I have a dilemma about a short sale deal I had. I made an offer for a short-sale house that is an attractive deal (The offer is about 35% below the current fair market value of the house) and the offer is being accepted. Originally I intended to have the house for myself but I don't need it anymore. I can just walk away but that would be a waste for the time and energy I spent. Can this kind of deal be unloaded in a wholesale? How should I draft the contract and all other papers without incurring extra commission and other costs? Any helpful hints would be greatly appreciated.