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Selling land parcel

I would like to sell a parcel of my land, I live on 14 acres and want to sell 10. Is there a process I have to go through to section off and sell a parcel ? I also have a mortgage on the land and home on it, $240 balance and the value of the land is less than $60k sold alone. I had been told that sectioning off the land and selling parcel by parcel I can get more value for my land. Any tips would be so helpful for me. by johnbob43 from Reno, Nevada. Jan 29th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

This probably won't work. If the 14 acres are encumbered by one loan, then with most lenders, you are not allowed to subdivide and sell off pieces... I'm not saying that every lender will not allow you to subdivide, but I cannot tell you of even one lender that would. You would need to pay off your loan first.. The exception would be if you could collect $240+ for the subdivided sections you do sell off.. then it would be allowable since you would be receiving enough to pay off the balance. Also, to subdivide the 14 acre parcel, you would need to pay a surveyor to divide the parcel according to the county rules. and if it meets the guidelines, then you pay a fee to the county as well, and the parcel is divided.. but you cannot do this with a balance outstanding. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jan 29th 2019
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