Posted by Rich-CA on August 26, 2007 at 08:16:10:
Sorry. I just checked listings I was send from my purchases in CA, TX, CO and AZ and the type of zoning is listed towards the top near the price on each one. The label is not “zoning” and its different on each local MLS report. But if you know the codes (PUD, R-1, R-4, etc) you can find it. Since each MLS has a different report layout you may be unlucky enough to be in a city whose MLS does not show this.
residental home in commercial zone - Posted by Nancy Walker
Posted by Nancy Walker on August 24, 2007 at 20:58:16:
We purchased a Tri-plex in 2004. There were no problems with a mortgage or zoning. Now in 2007, we are trying to refinace and have discovered that the property is located in a commercial zone. We can’t refinance because of the zoning. My question is who should have picked up on this in 2004. Should the realtor who list the property have known about this zoning? Should the appraiser have picked up on this? or even the title company? This zoning has been on the books since 1953 and the last change in 1998. This last change made it so if more than 75% of your home was distroyed by fire or natural disaster, you can only rebuild if you are going to put a business on the property. Because of this zoning requirement we were denied a residental mortgage. If we were told this in 2004 we would never have bought the property. We live in one of the units, this is our home. I don’t want to have a business where I live. I have brought this to the attention of the City Manager, who had no idea this area is zoned the way it is. They are going to look into changing the zoning but that doesn’t changed the fact someone didn’t know in 2004 what they were selling.
Re: residental home in commercial zone - Posted by John Merchant
Posted by John Merchant on August 27, 2007 at 09:28:08:
I agree with Rich here and would advise you to find and talk to a commercial RE Agent who really knows that area and market.
You just might have a property that’s much more valuable than a mere triplex and that agent will know how to capitalize on what you have.
I know of old houses that are now rented/leased by CPAs, lawyers, insurance agencies, etc. and clearly they’re paying more rent for smaller spaces and make for great tenants and more valuable properties.
On many such professional office leases, the lease makes the tenant responsible for maintenance, painting, etc. so there would be no more “tenants and toilets” for you to worry about.
As far as obtaining a loan, it shouldn’t be all that difficult even though the local banks can’t do it…if your credit and the location and income potential of the property are all good there should be many good loan sources for you.
Re: residental home in commercial zone - Posted by Rich-CA
Posted by Rich-CA on August 24, 2007 at 21:41:55:
Can you convert the triplex into a multi office property (such as dentists/eye doctors and the like)? I may be a lot easier than getting a zoning change, and may end up being more profitable (unless its a restaurant, you’re not likely to get the urine and feces infested carpeting crawling with maggots that was recently pulled out of one of my residential properties).
The path of least resistance can be a profitable one as well.
The MLS listing almost always shows the zoning. If you got a copy of that, then you were informed. Unless you didn’t read it or ask what the abbreviations meant. You’d be hard pressed to make a case on this.
If you want to try and get things your way in the middle of a commercial zone, I wish you luck, because as I see it, that or massive bribes to public officials is the only way you’re likely to have your way.
Re: residental home in commercial zone - Posted by Nancy Walker
Posted by Nancy Walker on August 25, 2007 at 07:19:59:
The MLS listing said invest/residential…so I never thought about it until now…there are many other homes here that I am sure that do not know that they can’t rebuild if something should happen.
MLS Listing - Posted by Rich-CA
Posted by Rich-CA on August 25, 2007 at 08:03:56:
There is usually a field on a full MLS report that indicates the zoning of the property. There are also partial reports, such as the buyer summary and the Realtor.com listings that do not show this. Your buyer’s agent should have sent you a copy of the full listing before the offer was made.
Re: MLS Listing - Posted by Nancy Walker
Posted by Nancy Walker on August 25, 2007 at 10:33:43:
There is no where listed zoning!!! This area is 65% single family homes, 15% multi family or apartments and 20% businesses. I spoke to the broker who had the property listed on Friday morning after this mess started and he claimed not to know the area is zoned commercial…I find this hard to beleive. There are many houses in the area for sale right now. I plan to get the listings and see how they have them listed and what they plan to do with them now that it is a fact that the area is commercial and until the zoning is changed how will they represent these properties…as residential or commercial…or just ignore the zoning as they have done in the past.