Second Lot on VA Purchase

[CindyR]

it seems to me we just discussed this recently but i can't find the thread. working on a VA purchase in a Rural area on 1 acre lots. But the current owner had also bought the adjoining lot a few years before he bought the lot with the house. So now he is selling the house and it's lot and the completely unrelated vacant lot next door. The contract says it includes both parcel numbers.

i'm thinking the sale will require two appraisals - one for each separate parcel. but i don't know how VA will feel about that. Any thoughts from the experts out there??

 

[James Mpls]

Why would there be two appraisals completed for one sale?

 

[Hondo]

This is from 26-7 page 12-5: "More than one parcel or lot may be included as long as all of the property is contiguous and legally marketable."

2. Marketable Real Estate Entity

Change Date

March 28, 2019 This chapter has been revised in its entirety.

a. Single Real Estate Entity

The property must be a single, readily marketable, real estate entity.

b. Multiple Parcels

More than one parcel or lot may be included as long as all of the property is contiguous and legally marketable. VA does not set a limit on the number of acres that the property may have.

c. Road or Waterway Dividing the Property

If a property is divided by a road or waterway, the appraiser must determine the effect on the utility of the property to ensure that the property is a readily marketable, real estate entity.

 

[glenn walker]

Sure its done all the time, you appraise it as one property, VA will secure the mortgage on everything .even on FHA-Fannie Et, so you have a home on 2 acres

 

[CindyR]

Why would there be two appraisals completed for one sale?

well it seems to me like its a standard 1004 and a vacant land appraisal. but maybe not

 

[CindyR]

This is from 26-7 page 12-5: "More than one parcel or lot may be included as long as all of the property is contiguous and legally marketable."

2. Marketable Real Estate Entity

Change Date

March 28, 2019 This chapter has been revised in its entirety.

a. Single Real Estate Entity

The property must be a single, readily marketable, real estate entity.

b. Multiple Parcels

More than one parcel or lot may be included as long as all of the property is contiguous and legally marketable. VA does not set a limit on the number of acres that the property may have.

c. Road or Waterway Dividing the Property

If a property is divided by a road or waterway, the appraiser must determine the effect on the utility of the property to ensure that the property is a readily marketable, real estate entity.

well i guess that clarifies it. Thank you BuddyKat. HBU should be fun

 

[Carnivore]

well i guess that clarifies it. Thank you BuddyKat. HBU should be fun

You nailed it Cindy! Some will be scratching their heads over what you said.

Recently my County changed the wording in some Zoning. This effects only the County area outside of municipal Boundaries including the Extra-territorial Jurisdiction Area.

Here is the Wording for R1 . R2 and R3 have similar wording Notice something Strange or should I say missing!

6.2.1.
Residential districts.
A. R-1 Single-family limited. The purpose of this district is to accommodate single-family site built and modular construction. The minimum lot size allowed in this district will be dependent on the provision of public or community water and sewer facilities. Although areas may be served with such utilities, most of these areas are located beyond existing or anticipated utility service coverage areas. The minimum lot size for residential uses in this district is therefore larger than in other residential zoning districts.

Municode Library

MunicodeNEXT, the industry's leading search application with over 3,300 codes and growing!

library.municode.com

 

[Terrel L. Shields]

and a vacant land appraisal. but maybe not

Nope...lump 'em together.

 

[CindyR]

Nope...lump 'em together.

so that would be based on the hypothetical condition that they are a single parcel?

 

[CindyR]

You nailed it Cindy! Some will be scratching their heads over what you said.

Recently my County changed the wording in some Zoning. This effects only the County area outside of municipal Boundaries including the Extra-territorial Jurisdiction Area.

Here is the Wording for R1 . R2 and R3 have similar wording Notice something Strange or should I say missing!

6.2.1.
Residential districts.
A. R-1 Single-family limited. The purpose of this district is to accommodate single-family site built and modular construction. The minimum lot size allowed in this district will be dependent on the provision of public or community water and sewer facilities. Although areas may be served with such utilities, most of these areas are located beyond existing or anticipated utility service coverage areas. The minimum lot size for residential uses in this district is therefore larger than in other residential zoning districts.

Municode Library

MunicodeNEXT, the industry's leading search application with over 3,300 codes and growing!

library.municode.com

interesting that it mentions water and sewer. this is a typical private septic system area but the first one i've seen in years that relies on 'hauled water'. What Fun!