A neighbor who owns adjoining property mentioned that should I ever want so sell some of my land he would like right of first refusal.
I bought the house on 28 acres in Jan 2006 – purchase price 390,000, down payment 140,000, mortgage 250,000 with a current balance of 211,000.
If I were to sell 10 acres at 7,000 per acre would I have to do a new mortgage or pay down the existing one or ???
I don’t have a need to bring in any cash but also don’t need the full 28 acres that came with the place so I figured it was worth at least looking in to the ramifications