How to treat excess land in a subdivision?

[mayflower]

One residential unit sits on two lots with two separate tax identification numbers. Only property in subdivision with such ubique qualities. Subdivision isn't HOA type. Suggesting if homeowner has financial wherewithal to go through the process, second numbered lot might be sold separately or developed into another dwelling. What would my peers do with this information. Please kindly help.

 

[Trihard]

One residential unit sits on two lots with two separate tax identification numbers. Only property in subdivision with such ubique qualities. Subdivision isn't HOA type. Suggesting if homeowner has financial wherewithal to go through the process, second numbered lot might be sold separately or developed into another dwelling. What would my peers do with this information. Please kindly help.

If the highest and best use is to sell off the 2nd lot then, you will need a 2nd appraisal on the vacant lot. But if you are doing AMC work they will try to get you to put the vacant lot appraisal in the 1004 addendum, in a narrative form. Either way you will be doing 2 appraisals, make sure you double your fee.

 

[TerryRohrer]

If there are two distinct parcels, what process is required to sell them separately? That circumstance almost certainly suggests the subdivision process has been completed and all requirements met.

 

[Terrel L. Shields]

One residential unit sits on two lots

The residence straddles the two or it is on one lot and the other lot is free of any improvements (including outbuildings, septic drain fields, power poles, etc.?

second numbered lot might be sold separately

There should be no real obstacle to selling separately as long as it is truly separate from the improved lot. You would only have to rewrite the deed descriptions.

 

[jay trotta]

How is the 2nd parcel noted in the land records? Sub-Division approval via PZC?

 

[mayflower]

If there are two distinct parcels, what process is required to sell them separately? That circumstance almost certainly suggests the subdivision process has been completed and all requirements met.

By this, do you mean the second parcel can be sold or developed as separate lot? Please kindly educate me.

 

[mayflower]

How is the 2nd parcel noted in the land records? Sub-Division approval via PZC?

Kindly let me know what PZC means, so I can put in proper perspective please.

 

[Trihard]

I would find out if the lender wants the 2nd lot included in the loan. Maybe they don't know about it. I appraised one with an adjacent vacant 2nd lot owned by the borrower. I thought I would have to appraise the land also but I called the lender and they didn't want the 2nd lot included in the loan.

Moreover, the comments above are asking you if the 2nd lot is truly vacant and ready to sell. Meaning, there isn't a section of the main dwelling or garage that maybe slightly on the 2nd lot. Also you need to check setback ordinances and make sure the dwelling abides by all of them especially on the side that is adjacent to the 2nd lot.

 

[JTip]

Who is your client and what are the assignment conditions?

FHA, for example, has SPECIFIC guidelines for determining excess land.

 

[jay trotta]

Kindly let me know what PZC means, so I can put in proper perspective please.

Planning Zoning Commission