Duplex with one deed, one or two loans?

[Karen Kasjaniuk]

Background: We are currently under contract for a duplex that in 1998 had a deed for each address, but in 2004 has one deed for both addresses. The appraisers office has a shared parent parcel id and then each property also has an individual parcel id. There are separate mailing addresses and MLS numbers.

We prefer to get one loan (reduce interest rate and single set of closing costs) for both properties and our lender said that was an option because of the single deed. The real estate agents (seller and buyer) are in opposition saying they have to remain under two separate contracts because two separate MLS numbers. Even if we concede to do two loans, I fear that further into the process we will have an issue splitting the deed back down to two deeds. Is that a complex, expensive process?

Has anyone had experience with this that can provide some insight?

Thanks!!