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General Area in 01749 : Real Estate Advice

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Melissa Manc…, Real Estate Pro in Plainville, MA
Fri May 13, 2011
Melissa Mancini answered:
Hi There,

Lots of good scenarios here that I will add to.

I have run into this recently and was told the following: The lenders perspective is that about 1/3 of an acre is what is most commonly “used” on a plot of land that is not sub dividable. Therefore, anything above and beyond is considered a liability from their perspective as well as an insurer’s perspective. (And it is the bank who hires the appraiser to determine the value of a property) I know it may seem silly. Don’t shoot the messenger!

Another reason why that may be the case, is perhaps that plot of land only has a small percentage of “uplands” or usable space. The remainder of the acreage could be conservation land that is completely unusable even an owner wanted to us e it! Hope this makes sense!
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