mortgage loan for 2 different parcels

 I own a house and recently purchased an additiona acre adjoining my house.  When I sell my house will there be problems for the buyer to get a mortgage loan that will cover the main property plus the second parcel (acre)  ?   They are listed as separate parcels with separate tax id's

There probably will be a problem.  I would suggest that you start with your city or county to combine them if you think that brings the most value rather than leaving them separate.  Or you could have two seperate sales to the same party with a nominal value on the vacant lot and just make sure that each is contingent on the other closing at the same time.  However, if the vacant lot significantly effects the overall value then that might not work.  Best course of action would be to combine them.

This is not completely out of the ordinary.  In Oregon where I'm located this situation comes up rather frequently in rural areas.  If the buyer of a property like this was doing a Fannie/Freddie loan, it typically is not a problem.  Sometimes you can have issues with the title company in generating the legal description (it should read:  Parcel I: ...... and Parcel II: ......)  The only time that this is an issue is with some Reverse Mortgage lenders we deal with...they get hung up on the "dividability" of the property.  But that is the only situation I've experienced any trouble.  Basically, the Title Report and Appraisal must be describing the exact same piece of property.

I had a problem with a USDA loan recently that had two parcels.  The underwriter required that there be only one parcel and tax ID.  Fortunately the county did in one day what normally takes months to accomplish.

I'm guessing that was a Lender issue.  Who was it?  I have lenders that would freak out over this issue, and others that would not bat an eye.

Bryan Bledsoe:

There probably will be a problem.  I would suggest that you start with your city or county to combine them if you think that brings the most value rather than leaving them separate.  Or you could have two seperate sales to the same party with a nominal value on the vacant lot and just make sure that each is contingent on the other closing at the same time.  However, if the vacant lot significantly effects the overall value then that might not work.  Best course of action would be to combine them.

Bryan, that is excellent info / an excellent idea...I've had this come up a few times in the past month or so and the solution I always give is to, of course, combine the parcels...like you mention - depends on the (appraisal) value in order for it to work, but nonetheless another approach to a solution!!!

5 stars!!!