U
/u/jencam13
Guest
Just wondering if anyone else has dealt with a similar situation in the past and if you have any insight to provide:
My husband and I fell in love with a house on 5 acres, but the entirety of the structure sits on the neighbors property. The seller was in the process of moving the property line with the neighbor when the house was listed, with an agreement to do a switch off of equal land size so no property gains or loses total square footage. We put an offer in contingent on the lot line adjustment being completed prior to closing back in April but the Seller accepted a different offer.
Fast forward 5 weeks and the house was still pending so I asked our agent to reach out to see what the deal was. I guess the buyers backed out due to timing of the lot line adjustment (they had already sold their house). We told them our offer still stands, but the sellers didn’t want to move forward with anything until they’ve heard back from the neighbor’s bank on the approval of the lot line adjustment.
It’s been an additional 3 weeks since that conversation and my question is: The neighbors bank needs to “approve” the lot line adjustment because the neighbor has 2 loans on his property (his mortgage and a heloc). Does anyone have any experience with something like this? Would the bank reject the proposal? If so, what would next steps be?
submitted by /u/jencam13
[link] [comments]
Lot Line Adjustment
Continue reading...
My husband and I fell in love with a house on 5 acres, but the entirety of the structure sits on the neighbors property. The seller was in the process of moving the property line with the neighbor when the house was listed, with an agreement to do a switch off of equal land size so no property gains or loses total square footage. We put an offer in contingent on the lot line adjustment being completed prior to closing back in April but the Seller accepted a different offer.
Fast forward 5 weeks and the house was still pending so I asked our agent to reach out to see what the deal was. I guess the buyers backed out due to timing of the lot line adjustment (they had already sold their house). We told them our offer still stands, but the sellers didn’t want to move forward with anything until they’ve heard back from the neighbor’s bank on the approval of the lot line adjustment.
It’s been an additional 3 weeks since that conversation and my question is: The neighbors bank needs to “approve” the lot line adjustment because the neighbor has 2 loans on his property (his mortgage and a heloc). Does anyone have any experience with something like this? Would the bank reject the proposal? If so, what would next steps be?
submitted by /u/jencam13
[link] [comments]
Lot Line Adjustment
Continue reading...