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Updated over 10 years ago,
Buying a property to split\parcel
I have come across a property 1.24 acre with a house that may or may not be worth saving. My area is expensive in land and construction. This is a highly valued location and a 1/10 to a 1/4 acre lot goes for 2-300k. Knowing the house is in bad shape the REO bank seems to be asking the value of the land (as 1/4 acre though it's over 1 acre in size). The property has been on and off the market for 7 years. The best utilization for profits would be to build 3 -4 houses. I am new at investing and am wondering how one goes about discovering if the previous owner has in the past, attempted to subdivide the lot and been turned down by zoning board. I know the zoning has rules and the lot seems to support the dividing guidelines but regardless, my understanding is that a council must vote on it. That being the case, if council records are searchable then I could find out if the previous owner had tried to subdivide and been tuned down. Anyone have advice on how you approach zoning and ask questions about whether a property is likely to be approved for a split? There are homes behind other homes in this area which looks like dividing has occurred before. I'm in MA. Any experienced property dividers chiming in here would be appreciated. Thank you.
Cheers!
Mike Shaffer