All Forum Posts by: Jared Wagnon
Jared Wagnon has started 1 posts and replied 2 times.
Post: Buying a property and selling the back lot
- Posts 2
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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!
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.
Post: Buying a property and selling the back lot
- Posts 2
- Votes 0
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!