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Residential Home on Commercial Zone?
Several years ago when my credit was poor my parents bought my home with the intention that I would eventually buy it from them/take over the mortgage when my credit improved.
In the interim, several things lead to a decision to try to sell the house as a commercial property and so the zoning was changed to commercial.
That deal fell through and now I'm stuck with a house on a commercial zone - there's no chance of changing the zone back - and the bank is being particularly touchy about giving me a mortgage for a house on a commercial property.
My question is - if I wanted to buy the house, can I get a mortgage for a house on commercial zone without a lot of hooplah
OR
Will this house be impossible to sell as a house because of it's zoning?
The deal to sell it fell through but the zoning change was a separate part of that - the zone was changed in order to sell it and several other properties along the same block. Now we're all stuck with commercially zoned property. It wasn't my bright idea to change the zones prior to having the deal in place, trust me.
4 Answers
- Big Deal MakerLv 74 years agoFavorite Answer
Yes. But now you need 30% down and not the normal 20% down that is required. You mention you tried to get the property zoned to commercial zoning. Then state that deal fell through. If it fell through then way is it commercial zoned if it fell through.
- linkus86Lv 74 years ago
The obvious answer is to sell the property as a commercial property. What you seem to be unaware of is that the property is worth a lot more as a commercial property even if it lacks the legal specifications to be used commercially (i.e. parking lot). But any savvy commercial buyer would be willing to make those changes for a below market (but still profitable to you) price.
Step one is to get in contact a local commercial realtor and let him/her evaluate the value and marketing possibilities. You are sitting pretty and don't even know it.
- Elaine MLv 74 years ago
You may need to talk to the common council, they're the ones shifting the zones. A talk with a lawyer is called for as well - the first 1/2 hour consult is generally free.
- SlickterpLv 74 years ago
You can't even live in it if it's zoned commercial. No one can. So yes, selling it will be difficult.
