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I purchased a residential home zoned commercial -- seller fully disclosed. I am trying to refinance but every financial institute that approved me is not approving the property; due to zoning regulations of the city, the dwelling situated on the property cannot be rebuilt as a residence if more than 50% of the dwelling is destroyed. Banks require the city to provide an official letter stating that the dwelling can be rebuilt as a residence if 100% of the dwelling is destroyed. I spoke with the city and was informed that a variance is difficult, if not impossible, to obtain.
What are some ways to go about obtaining this "official letter"? I am at a disadvantage compared to a person in the same city who is similarly situated as me but own a property that is zoned residential.My whole block is zoned "regional commercial" (C-3) by the city and more than 90% of the structures on the block are residences.