Nov
14
What it terms of zoning does commercial local mean?
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We’re trying to be a house and the property is zoned commercial local therefore making it harder to get a mortgage
The property has two buildings on it – one a century home and the other is an old store that isn’t currently being run as business. The area is quite rural – the town itself maybe has a pop of 300 so there isn’t any worry about big businesses moving in.
Sell House Quick
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1 Comments
July 10th, 2009 at 6:36 am
Zoning terms, such as “commercial local”, is only meaningful to the town that defined it. Each town makes up their own terms and defines what each term zoning allows. The term “commercial local” likely indicates any retail business less than 50,000 square foot (no WalMart sized business) may build there. If this is vacant land or a business type building this zoning is very good. However, if it is a home it is not good. Likely the lot size is too small to develop as a business building. As such, the bank is afraid that every lot around you will be developed as a business and this lone home will be worthless as nobody will want to live there with businesses all around. I’d skip this house (unless it is very cheap) and look else where.
Addition: Since this is not just a single family home it does not qualify for a residential loan but rather as a business loan. These rates are higher as the risk is higher. Again, I’d pass on this unless the price is very low.