Posted by Steve Heller on May 03, 1999 at 06:54:08:
If you buy property with extra land you want to be sure it is ‘NOT’ included in your original mortgage, if you can. Otherwise you will have a hard time trying to sell the property later. The mortgage company will probably not release the property from their mortgage and you will have to get a new loan. Then get a lot split, through your city. Then move a house on the property or start building.
Hope this helps,