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Second opinion] Looking at a property with 80acres and

single family home. Large properties...
Second opinion] Looking at a property with 80acres and single family home. Large properties are common in my area(MI). Lender told me parcel must be split 30-40acres+house and then a vacant 40-50 acres. Problem is i can do 5% down on the 40acres+house but the "vacant" land requires 25% down with seems like a lot!Current property is located in northern Michigan, Negotiated price is atm around $120k. This is farm land and we farm so acreage is important. Unofficial Property appraisal is $145,400.Is there another way to do this and how does one appraise the value of vacant land? If the house and first 40 acres could carry the entire negotiated buying price could the seller legally sell me the other 40acres for $1 or something?Vacant land here goes from $500-2,000 an acre appraised value. The farm next to this farm, similar conditions 105acres sold for $160k in October 2016.The property would be income producing and I was told by many people not to mention this to the lender....is that correct? The income is raising and selling pigs and sheep for breeding stock or meat with a current approx yearly income of $15k 2yrs into the business.
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Answered in 5 hours by:
5/15/2017
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,538
Experience: 17 years real estate, Realtor. Landlord 26 years
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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome to JA and thank you for your question. Where is the real property located?

"The broker price opinion (BPO), also known as a broker opinion of value (BOV), is a popular way of estimating the value of a property...

The primary difference between a broker price opinion and an appraisal is cost. Because a broker price opinion is less comprehensive, it is usually a fraction of the price of a full appraisal. It’s also important to note that an appraisal is provided by a third-party and is not biased in its estimate of market value. On the other hand, a broker price opinion is typically performed with the intent that the broker will ultimately win the listing, and as such the underlying motivations behind a broker price opinion may be different than that of an appraisal." https://www.propertymetrics.com/blog/2014/02/25/broker-price-opinion/

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Who is telling you not to mention this? You good be looking at mortgage fraud for failure to disclose.

"The FBI defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan." By that definition, such fraud can clearly be committed by both lenders and applicants, even though the latter may not think their misrepresentations or omissions are significant enough to be a concern." https://www.mortgageloan.com/mortgage-fraud/about

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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Customer reply replied 8 months ago
Thank you for your time, the property would be income producing in the form of a typical non-commercial farm after the loan was closed so the lender said i don't have to worry about it. Thank you for your time anyhow!!
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Attyadvisor
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
7,734 Satisfied Customers
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.

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