Advice Needed On Buying Subject To Zoning Change.
It looks like I posted this in the wrong forum before. Sorry.
I am looking at residential property that I should not have any problems with getting zoned commercial (C-1) within a few months. It has a grandfathered Triplex and a small vacant store on it. The whole area was "blanket zoned" R-75 a few years back so I will have to go through the standard re-zoning process.
The goal is to purchase the property (or at least lock it up) but only if we are able to use the commercial value appraisal to get a rehab loan from the bank. It will not appraise well enough as residential. It would be a fairly simple conversion to office space and a retail shop. The "yard" is all parking lot with plenty of parking but there are many other issues that would need to be addressed (door width, accessibility, bathrooms, etc).
My concern is how to:
A) Lock the propety up contingent upon getting the commercial zoning
B) Get a rehab loan based on commerical value.
Any advice on the best way to bring all of this together?
Thank You,
JohnCl
Nancy,
I truly appreciate your reply. Makes sense. How do I tell the owner that what he is got is worth alot more and still get him to sell to me at the price we have agreed upon?
-JohnCl
Well you might not need to get it re-zoned. Depends on you local ordinance. If its a pre-existent non-conforming use you may be able to continue with commercial uses even though its been rezoned. Check with the local zoning board.
Nancy,
Maybe you are just cuter than Mark is...??
Quote:
On 2005-04-28 17:45, woodsong wrote:
Nancy,
Maybe you are just cuter than Mark is...??
woodsong,
That is a DEFINITE possibility.
Nancy