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Buying or Selling a Home/recombination of land
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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.
Have you thought of an easement, this might be something you might look at.If this don't work , come up with a price that will work for all property owners, ,always remember, ye who owns the property at the end . WINS., Your appreciation starts then..his ends
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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