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Buying or Selling a Home/Lot Recombination Issue
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Question
When my house was built the underground gas tank was installed on the wrong side of the property line but not noticed until the plot next door was sold and a house was built. The new neighbors put up a fence on their side of the propane tank and never said anything to me in the past 4 years. Recently they have decided to sell and approached me about buying the small strip of land. We got acceptance from the HOA, preliminary approval from the board, a quote from the surveyor to do a recombination and submit to the board for formal approval. They now have reservations because the mortgage company wants a new application/appraisal and what sounds like a new mortgage potentially and now they just want me to dig up the tank (its big) and relocate it. The amount of land in question is ~1400 sq.ft. and by my estimate their plot would still be larger than mine. All plots in the neighborhood seem to have the same value. Their land plot has two recent appraisals with the land estimated at $40k on one, $50k on the other. I offered them $2.85/sq. ft. based on this. Since they don't want to go through the headache with their mortgage company, how can this recombination be included with their offer to there future seller - I assume ~$4000 would be useful for helping them with closing cost. I am looking for options and the correct terminology to present this to them as they are two older ladies and one has apparently heard bad stories about land disputes in the past... I'm not disputing it, I want to buy it.
This AllExperts.com "Question" was NOT sent to me;
I found it unanswered 11/25/09
in the QUESTION POOL.
CONSIDERING THE LITIGICAL NATURE OF SOCIETY TODAY,THE INVOLVEMENT
OF AN HOA,SURVEYOR,MORTGAGE CO & TWO OLD LADIES WHO'VE HEARD BAD STORIES
ABOUT LAND DISPUTES IN THE PAST,THE LIKLIHOOD OF ONE OF US "STICKING
OUR NECKS OUT" BY PUTTING A WRITTEN ANSWER TO THIS IS V-E-R-Y LIMITED.
As I am no longer a Licensed Realtor, Residential Appraiser or
Mortgage Banker and have NEVER been a Member of the Bar,my response
would be "practicing law without a licence"( A criminal issue)AND would open me up to
lawsuits from ANY/ALL parties to the "situation."(civil suits)
You need to protect yourself, too. CONSULT AN ATTORNEY
WHO SPECIALZES IN REAL ESTATE A.S.A.P.
J.L Root
CRO,RMU,CRA
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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