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We are looking to purchase a home on a private road that currently does not have a road agreement. Its completely paved. The other 4 people who live on the road do not wish to sign a road agreement.
Is there any legitimate mortgage that a person might find that this would not be an issue? We've looked at USDA>no, FHA>no, conv>no and we don't qualify for a VA.
I'm not sure. I came across this once too. No agreement, other people not interested in signing one. My broker was requiring it. I eventually backed out, but not because of the road issue. Good luck.
What's strange is that it seems to be a problem in most rural areas and quite common here in Hawaii (having no road agreements). But yet there are houses on them, so someone at some point had to loan money on them.
Where is the house you want in relation to the state maintained road? I've been successful in cases where the subject house has been the first one on the road, if the buyer takes responsibility for the private road from the state maintained road to the home. If the home is further back, how many homeowners are there from the state road to the house? And can you get just those owners to sign?
Do you not realize the significance of the private road issue? What happens if you buy and then they decide they don't like you and prevent you from using their road? Now you won't pay the mortgage because your house/ lot are inaccessible.
- a big storm and the road washes away. house inaccessible.
- blizzard and no one plows the road, and there is a fire. fire trucks cant access.
- road in disrepair. emergency vehicles cant drive down the road.
The house is 3 down from the Hwy. Its in Hawaii, so no blizzards. It has electric, but is on a catchment as are most in South Kona. That doesn't seem to be an issue. We are looking into agreeing to maintain it ourselves to the house, but thats a little worrying in itself. I don't want to have to pave 1/2 mile of road someday in the future. It seems that the road is a separate parcel with each home fronting it owning a % of the road in front of their house. Any helpful comments appreciated.
Do you not realize the significance of the private road issue? What happens if you buy and then they decide they don't like you and prevent you from using their road? Now you won't pay the mortgage because your house/ lot are inaccessible.
I believe you are confusing ingress/egress with maintenance. Two separate issues at play.
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