Advice Please!!!

[Beachlover2]

Are you still paying a mortgage on both the house you have up for sale and the lot next door?


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We bought the house with the lot next door - so technically the mortgage is on both. But the mortgage could be paid off with the sale of the lot.

I have talked to my acct and he is looking into a few things for us and will get back to me today. I just want to make sure we are doing the smartest thing tax wise as well.

I am a little surprised no one thinks the construction is that big of a deal. I guess I am just use to having my quiet and privacy. But I needed the be reminded that it is just a finite amount of time. I guess I am too emotional after living here since we first got married 20+ years ago and thinking of some beautiful trees that will surely be ripped down to build a new house. One think I will not miss is the mowing!!!!!!!

 

[Beachlover2]

you can spend it in Walton County when you want and where your heart is.

That is definitely part of the plan;-)

 

[peapod1980]

I don't think this is going to help your decision any, but I had something similar happen on my street, and it has been a disaster. I live in an older, established area on a street with brick homes. We have had an empty lot on our street for years. "The Lot" was where the neigborhood kids could set up a baseball, soccer game, whatever. When it got overgrown, a neighbor would tend to it. We were all confident it would never sell and used to joke that we should all pool our resources and buy it to keep it empty. Well, it sold. A builder bought it and threw up (pun intended) a two-story house covered in vinyl siding; it was as if he intentionally built an eyesore. The construction dragged on and on and on, and more than a year later, it's still unfinished. The weeds are tall, the front yard is mud, and we all miss the vacant lot. The neighbors have made endless calls to our alderwoman and the city with little result. Now one family is talking of hiring a lawyer.

 

[Beachlover2]

I totally understand and know that none of my neighbors would want me to sell this lot. I have heard similar things over the years about how we can't ever sell this lot. And it has never bothered me - in fact I enjoy seeing the kids in the neighborhood playing in our "yard". But I also know that we are the ones that has paid the taxes and maintained it over the years. I have talked to the neighbors bordering the lot to let them know what is going on and no one is happy about what could be - but then they have all known the house has been on the market for the last five months and no neighbor has made me an offer for the lot either. So as much as they might want it to stay the same - they aren't willing to pay to make that happen. One neighbor even suggested that I sell 1/2 of the lot to the neighbor that lives next door and sell the rest of the land with the sale of my house so that no one can ever build on it. Nice for him - but what about the neighbor that is suppose to buy 1/2 of my lot and us losing the money from the sale of a buildable lot.

This really is a tough one for me. Thanks to all for their imput!!!!

 

[Miss Kitty]

In lieu of peapod's post, have you considered asking your neighbors if they are interested in buying the lot? If nothing else, it shows good will. I lucked out recently with a lot directly behind me. I live in an older neighborhood prime for teardowns. The people behind me were selling as they are moving into a zero lot line. Their neighbors next door ,who live in a huge brand new construction, have purchased the lot from them for a play yard for their kids. Extreme maybe, but that means no huge house behind me!!!!

 

[Mermaid]

I totally understand and know that none of my neighbors would want me to sell this lot. I have heard similar things over the years about how we can't ever sell this lot. And it has never bothered me - in fact I enjoy seeing the kids in the neighborhood playing in our "yard". But I also know that we are the ones that has paid the taxes and maintained it over the years. I have talked to the neighbors bordering the lot to let them know what is going on and no one is happy about what could be - but then they have all known the house has been on the market for the last five months and no neighbor has made me an offer for the lot either. So as much as they might want it to stay the same - they aren't willing to pay to make that happen. One neighbor even suggested that I sell 1/2 of the lot to the neighbor that lives next door and sell the rest of the land with the sale of my house so that no one can ever build on it. Nice for him - but what about the neighbor that is suppose to buy 1/2 of my lot and us losing the money from the sale of a buildable lot.

This really is a tough one for me. Thanks to all for their imput!!!!

So what it boils down to is that you don't want to offend your neighbors by doing something they don't want, but at the same time, they're making your blood boil because they're not willing to put their money where their mouth is. You are indeed in between a rock and a hard place: regard and respect for your neighbors and regard and respect for your personal financial well-being. You're the only one who can decide which is of greater importance to you. Someone's going to be less than happy with either choice. I don't envy you.

BTW, we have the same situation on our block as yours and Pea's, though in our case the lot that sold never was never built on. Why? The neighbors, who thought of the lot as theirs, made such a stink about a house being built that the new owners (the prospective builders) got a sour taste about being on a street with such a hostile people and decided they never wanted to live among neighbors like that. So the lot, ten years later, is still empty and is still the "park" it always has been. The buyers of the lot will have the last laugh, though, because they will evenutally sell the lot--it's buildable after all and as such has value--and the neighbors will eventually have to deal with someone else. All the variances necessary to build on the tiny lot (the variance issue is what originally pitted the new owner of the lot and the neighbors against each other) have long since been cleared and it's ready to go, just waiting to be sold. Change is inevitable...unless of course you have the $$ to stop it.

 

[SHELLY]

I totally understand and know that none of my neighbors would want me to sell this lot. I have heard similar things over the years about how we can't ever sell this lot. And it has never bothered me - in fact I enjoy seeing the kids in the neighborhood playing in our "yard". But I also know that we are the ones that has paid the taxes and maintained it over the years. I have talked to the neighbors bordering the lot to let them know what is going on and no one is happy about what could be - but then they have all known the house has been on the market for the last five months and no neighbor has made me an offer for the lot either.

This really is a tough one for me. Thanks to all for their imput!!!!

Repeat after me...I am no longer a part of that neighborhood.. You've been a good neighbor all those years and have done your part by offering up the land to the neighbors. Time to lay aside the guilt-trip and move on.

If you sell the lot and pay off the mortgage, you'll be able to cashflow the rental (what do your neighbors think about a "rental" in their area? :shock: )

If you don't sell the lot and leave it to be the neighborhood "Field of Dreams" you'll be paying through the nose for 2 mortgages with no guarantee that your house will sell this year, next year, or ever.

You've got some tough decisions to make based on the input from your accountant and your comfort level--your EX-neighbors' feelings, property values or loss of the "park" should not enter into the equation.

Moreover, you may think twice about "allowing" the kids to play on your property--if little Joey fall out of "your" tree, your ex-neighbors' lawyer will make this present conundrum you're going through seem like a walk in the park.

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[Mermaid]

Repeat after me...I am no longer a part of that neighborhood.. You've been a good neighbor all those years and have done your part by offering up the land to the neighbors. Time to lay aside the guilt-trip and move on.

If you sell the lot and pay off the mortgage, you'll be able to cashflow the rental (what do your neighbors think about a "rental" in their area? :shock: )

If you don't sell the lot and leave it to be the neighborhood "Field of Dreams" you'll be paying through the nose for 2 mortgages with no guarantee that your house will sell this year, next year, or ever.

You've got some tough decisions to make based on the input from your accountant and your comfort level--your EX-neighbors' feelings, property values or loss of the "park" should not enter into the equation.

Moreover, you may think twice about "allowing" the kids to play on your property--if little Joey fall out of "your" tree, your ex-neighbors' lawyer will make this present conundrum you're going through seem like a walk in the park.

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You worded that much more clearly than me.

 

[Rita]

....... I have talked to the neighbors bordering the lot to let them know what is going on ........

You've done the right thing. You're upfront with this. If your neighbors were in your shoes, what do you think they would do? Same as you probably. Those vacant lots don't last forever. (Unless maybe they're in Mermaid's hood!) We had one next to us too. It's gone. But the new neighbors are nice. (We didn't try to run them off ....) :funn:

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[SHELLY]

Have you considered selling the lot, paying off the mortgage and then AGGRESSIVELY pricing the house just to TOTALLY get out from under it NOW? Even if you pay off the mortgage and rent the house, you'll still be saddled with the carrying costs (and landlord headaches) until the time you think the market will turn.

Oh sure--your EX-neighbors may be cheezed that you are lowing their property values

So, what is the price you are putting on your peace of mind anyway?

P.S. You'll finally find out who your "friends" were in that neighborhood, they're the ones who will say to you in private, "I don't like what you did, but I understand why you had to do it."



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