the house i want to buy has an adjacent lot being used as another yard. i can't afford that lot. risks?

Asked by K, Chicago, IL Wed Oct 17, 2007

On the one hand, I could hope that they don't sell the adjacent property, which is for sale by the same agent, and it stays empty for the duration of the time i live there (hopefully 10 years). can i lease it from them or lease-to-buy from them?

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3
Ken Dooley, Agent, Chicago, IL
Wed Oct 17, 2007
K,
Depending on zoning and lot size it's likely a new home would be built on the adjoining lot by a developer or buyers looking to build a custom home. If the lot is smaller than a standard lot or irregular in shape it may not be as attractive to build on and could remain vacant. Assuming it's a standard lot and is zoned for a single family home, you can expect a home to be built there. If the lot is priced too high it may not sell for some time or the owner may take it off the market and sell at a later date. Alternatively it could be bought by an investor to sit on. 10 years is a long time to hope for nothing to happen.
A lease with an option to purchase may work but it would all depend on the terms offered. The seller may want to work out a deal on the vacnt lot if it means he can sell the home to you (assuming both properties are owned by the same person). Otherwise, expect construction at some point during your duration of ownership should you purchase.

Best of Luck, Ken.
Web Reference:  http://www.KDRchicago.com
1 vote
Pam Winterba…, Agent, Danville, VA
Thu Oct 18, 2007
Is the intent to build another home on the property? I would ask them to do a lease option.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Wed Oct 17, 2007
What don't you suggest the lease option idea to your agent since he represents both of you? Worst case scenario is the answer would be no.....but al least you know.
Web Reference:  http://www.cindihagley.com
0 votes
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