The vast majority of buyers and sellers in the rural market are not aware of local banking policies regarding vacant land or farmland. Unlike conventional homes or condos, special rules apply to the preceeding property types.
Banks traditionally will only take the appraised value of the home and 10 acres of land as a basis for a mortgage......barns, outbuildings, additional acreage have no value to a bank.
Unless a buyer has a huge downpayment, only disappointment remains for him or her, once they discover the above.
Not to be distressed......There are alternatives !
My website features rural properties as well as family homes, in various Nova Scotia localities, and many more are available once the desires and parameters of the client has been established. |