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Updated almost 4 years ago,

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Jay Patel
  • Sylva, NC
0
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Buying a rental property that is to be surveyed and re-parceled?

Jay Patel
  • Sylva, NC
Posted

Under contract to purchase a rental property and having second thoughts. The  property in question was listed as 2 separate listings, one for a single family house and the other for a 2 unit investment property. The one I am under contract is the 2 unit investment property. Has 2 separate units on the parcel (one 2 BR and one 1 BR). Come to find out after going under contract that the property was not surveyed or classified as listed with the county while trying to secure financing. Both owned by the same owner. My agent has been informed that they are conducting a survey next week and will get the property appropriately re-parceled. Is it even worth it for me to spend more money on DD and home inspection, appraisal and such at this point? One lender simply refused to move forward after a cursory look at the PRC on county website. I can move forward with the other lenders but again, how likely is it that after spending another 1500$ on appraisal and a home inspection, financing will fall through? Little disappointed that neither the listing agent nor my agent mentioned the fact that the property had not yet been divided up by the owner before going under contract. 

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