Residential With Non-contiguous Lots

[The Warrior Monk]

My guess is either the person you spoke with did not understand the situation (I am guessing he or she thought the lots are adjoining) or did not know what they are talking about.

As I've learned by experience, it's important to ask the right people the right questions. Asking a person in the building department if they can be sold separately is really not helpful. However, asking the head planner if there are issues pertaining development rights and if they noted the building file might be. Specificity is a must.

 

[Noreen]

Per the zoning officer, they cannot be sold separately since all 3 lots were needed to meet the minimum lot size. Not sure I agree with her.

I have to tell you, this is the craziest lot configuration I have EVER heard of and we have some crazy stuff in these parts!! Seriously, I have NEVER heard of this configuration, noncontiguous..

 

[Howard Klahr]

Fannie

Fannie does not allow you to appraise only a portion of a property. While I understand that the parcels are not contagious, if common ownership is required to meet the min site size requirement in that jurisdiction then I would argue you can't do an appraisal of just a portion under Fannie guidelines.

 

[techbiker]

Fannie does not allow you to appraise only a portion of a property. While I understand that the parcels are not contagious, if common ownership is required to meet the min site size requirement in that jurisdiction then I would argue you can't do an appraisal of just a portion under Fannie guidelines.

So you cannot appraise the whole OR a portion of this property?

 

[Meandering]

QUOTE="SJ GLO, post: 2752851, member: 145084"]This is a conventional refi. I bumped it back to the lender saying I couldn't complete it. I cannot find any comps with lots that are separated. They send title work with just the one lot, saying they wont accept multiple parcels separated by that distance and that to use just lot 1 and note that this is at the discretion of the lender.
.[/QUOTE]

Fannie

Run away, Run away.

Just because the last go-to-guy appraised it for the loan and did not get caught, does not mean you will be so lucky.

You don't want HAL to start sparking and smoking with alarm bells.

.

 

[Howard Klahr]

So you cannot appraise the whole

Why can't you appraise the whole?

 

[Noreen]

Run away, Run away.

Just because the last go-to-guy appraised it for the loan and did not get caught, does not mean you will be so lucky.

You don't want HAL to start sparking and smoking with alarm bells.

I had this issue this week with a cottage that draws it's water from the pond it is set on. THREE other appraisers said it's fine, "permisssible" per Building Inspector... I email the DEP- Water Quality/Human Consumption in Concord to clarify what the correct approach to this was, NO... IT'S NOT "POTABLE".. but this was what people did so this is how this "unaware" building inpector does it ( path of least resistance??). It's only allowed for outside showers, not the primary drinking water source... the information is only as good as who you are talking to and the depth of their knowledge.

 

[timd354]

Fannie does not allow you to appraise only a portion of a property. While I understand that the parcels are not contagious, if common ownership is required to meet the min site size requirement in that jurisdiction then I would argue you can't do an appraisal of just a portion under Fannie guidelines.

It is possible and permissible to appraise just the one parcel (the parcel with the house) and comply with Fannie guidelines if the mortgage will only be secured by the one parcel and that one parcel conforms with the applicable zoning code or is a legal nonconforming (grandfathered) parcel under the zoning code by itself. More research is required, but it would not be surprising if a six acre parcel in an area with 20 acre zoning predates the zoning and is legal nonconforming parcel.

By the way, it is highly, I find it highly doubt that 1 parcel and two other parcels that are located over 1 mile away and which have separate tax id numbers would be considered to be a single parcel or a single legal unit even if these parcels had been previously transferred together via a single deed.

 

[timd354]

.....

 

[Howard Klahr]

By the way, it is highly, I find it highly doubt

That maybe but you are asking me to discredit the info posted by the op without any support. I prefer to take their word as it is their market and they claimed to have looked into the issue