Need Help!
Approximately eight years ago, we bought a piece of real estate, at the time it was a business operating in a residential area with a Letter of Exception to do business. For the last three years we have tried to sell this property or to get it refinanced and have ran into a road block ,we had no idea what was wrong.
Fortunate for us we were able to lease the property after we closed the business, which provided some income.
Recently, we put the property back on the market and we were told by the realtor that there has been a lot of interest in the property, but no offers! It was then that an inquiry was made at our local county, and the person told us that they have had several inquiries on the property, and they recommended that the caller go and purchase less expensive commercial property in the area. They were told that the property was zoned residential with a letter of exception, which the current owners have, but if the property were to be sold that letter would be nolified, and such letters are very difficult to obtain. So, prospective buyers get discouraged and move on.
Now,for all the years that we have owned this property we have been taxed as a commercial property, while being zoned residential. My understanding is that it now listed as a professional buliding with the county.
At this juncture, what is our recourse? :-?
Well I guess I would need more information about the property.
How much land is there?
What kind of building is on it?
What were the prior uses?
In what city is it located?
All those are good questions but I think this will likely lead to proposing a zoning change and getting that approved.
Actually, Frogger, my thinking was to see if there is enough land to maybe develop it as a residential use. But lets see how much land there is.