How do I pay off my owner finance loan, split my property and build a house?
I bought 20 acres 3 years ago for $ 80,000 in an owner finance situation. I currently owe $ 50000. I have sold my dad 10 of the acres. I would like to build on my half of the land. I need to find out how to get a loan, split the land and finance a house. Any ideas?
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Answer by Stephen T
In order to "sell your dad ten acres" you would have needed to legally subdivide the land through a formal process with the county. In order to split the land you will have to legally own it and it sounds like with your contract sale you don't own it outright yet. You'll need to pay off the balance of the loan and then call your county and ask how to initiate a subdivision process.
Finance
2012 Social Finance Forum: Measuring up
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Session: Financing community development models: Impacts and opportunities
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