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Copyright© 1999-2008, Holly Grigaitis-Svercl. All rights reserved. Reproduction of any content requires written permission from the owner. |
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1645 E Cottonwood St. Ste. G Cottonwood AZ, 86326 |
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Common Yavapai County Zoning Abbreviations When buying, selling or developing land, it is important to understand existing allowed uses of a property as well as the potential for re-zoning. Zoning establishes what uses, or activities, are allowed on the property. Here are some helpful techniques that you can use to help evaluate a property’s potential. This article specifically focuses on single-family residential land use regulations. Zoning ordinances are usually divided into sections called "Articles" and include items such as Administrative Policies, Definitions, Zoning Districts, General Provisions, and the like. The Districts section will generally have a table listing the names and abbreviations of all the zoning districts. For single-family residential zoning, the district abbreviations tell you in a few short seconds what can and cannot be done on a given piece of property. Keep in mind that an acre is 43,560 sq ft. For instance, a common local zoning designation in R1L-70. R means "residential" 1 indicates "single family", L tells us that manufactured homes are not allowed and 70 tells us that our lot size can be no smaller than 70,000 sq ft. In other words, R1L-70 is a zoning district which allows single family homes (no manufactured homes) on lots no smaller than 70,000 sq ft. R1-18 would allow single family homes or manufactured homes on parcels that were at least 18,000 sq ft If you see a simpler number in the area, such as R-3, this means the property is zoned residential, but may allow 3 housing units on the property, provided that all setbacks, parking and other requirements are met. There a multitude of other requirements and limitations that will require further examination, but understanding zoning abbreviations will help you evaluate a properties potential in a matter of minutes. Say you spy a 1.00 acre parcel out in the county. You know the zoning is R1L-18, so you automatically know you can only split this property 2 times because you are short 28440 sq ft for a 3rd split. But the neighboring lot is for sale...it is 1.6 acres and the seller is desperate to move it. You think to yourself, hey, I’ll buy both, re-survey, recombine and sell all six of em, right? WRONG! You were absolutely right in your calculations. You can get 6 lots and have .2 of an acre left over, but you have just violated Arizona Subdivisions laws when you created the 6th parcel….but we will discuss that in another article!
Reverse Mortgage: What is it?
A Reverse Mortgage is a special type of home loan that allows the homeowner to convert a portion of equity in the home to cash. Unlike a traditional home equity loan or second mortgage, payment is not required until the borrower no longer uses the residence as their principal home. The loan is granted by a federally-insured private loan and allows older Americans financial security. Started by the U.S. Department of Housing and Development, seniors can use Reverse Mortgage to supplement social security, meet unexpected medical expenses, make home improvements and more. To be eligible for the Reverse Mortgage the borrower must be a homeowner, 62 years of age or older, own the home outright or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan. The borrower must reside in that location. You are also required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. Even if you didn’t buy the home with an FHA-insured mortgage you can apply as long as your property meets HUD minimum standards. The type of homes eligible must be a single family dwelling or a two-to-four unit property that you own and occupy. Others types of properties may be eligible such as townhouses, detached homes, condo units (FHA approved) and some manufactured homes. The home must also be in reasonable condition and meet minimum standards. What is the difference between a reverse mortgage and bank home equity loan? With a reverse mortgage you receive a check each month from the mortgage company rather than make a payment. This loan is available regardless of your income, and unlike a home equity line of credit, you do not need a sufficient income versus debt ratio and are not required to make monthly mortgage payments. The amount of money available to you from your home depends on your age, the current interest rate, other loan fees and the appraised value of your home or FHA’s mortgage limits for you, whichever is less. Reverse mortgages are not for everyone but can be incredibly beneficial to cash strapped seniors. Give me a call for a referral to a local lender who handles reverse mortgages.
What is a CLUE Report?
CLUE stands for Comprehensive Loss Underwriting Exchange. What are these reports and how are they used? CLUE is the name of a database shared by insurance companies to collect loss history information on people and property. More or less, it is your insurance claim “rap sheet,” and like the police, insurance carriers use your past insurance claim history to determine how accident prone you may be in the future. The CLUE report helps insurers gauge the risk in underwriting and rating of customers. Previous studies show that there is a direct correlation between a person’s prior claim history and his/her future loss potential. You can review your CLUE report by requesting a copy through Choicepoint at (866)527-2600 or online at www.choicetrust.com. (There is a $9.00 fee, unless you’ve had adverse action taken against you in the past 60 days). We can all expect for our past history to continue to shape our future as computers and the internet are cataloging an unprecedented amount of information. If you want to see something truly amazing and fantastically frightening about the future of America and the computer world, type this address into your browser: http://www.glumbert.com/media/shift Take five minutes and watch the video available at this address in its entirety. It is truly bewildering!
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This page was last updated on 12/26/2007 |
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Yavapai County Zoning / Reverse Mortgages/ CLUE Reports |