Re: How to deal with irregular and rogue properties?

Posted by W_B on December 01, 2016 at 06:09:01 from (155.188.123.24):

In Reply to: How to deal with irregular and rogue properties? posted by jocco on December 01, 2016 at 05:31:48:

Not sure if this is what you are getting at but is related.

My Mother in Law had inherited a lake cottage on a channel from her father. Across the road from it were some small lots owned by multiple owners. She and the FIL bought a few lots from one owner and built a pole barn to house the boats, jet skis, mowers, that sort of thing. The lots there are 20' wide and 100' deep. Later they decided they wanted to build a house at the lake and live out there full time. The current rules are you have to have at least 5 lots to build. For the house they wanted that would not have been enough. In addition the lots were two deep from the road because there was supposed to be a road build 200' back from the existing road, but it was never built but shows on all the survey maps.

So her and her lawyer, who specialized in real estate law, found the owners names and began to contact them to buy the lots. Some she contacted in her own name, others the lawyer contacted. Many of the owners owned anywhere from one to three lots and they all thought they were going to build on it or put a camper on it, etc. Most eventually sold when they were told they had to have at least five to build on or park any sort of living unit. Some were land locked due to being on the second tier and with no road there was no access, especially since she had most of the road lots tied up at that point. Some actually came out to look, and yep, no road. They sold. At closing many of the owners never knew who really bought it, the attorney or his secretary was the "buyer" on many of them, with an immediate transfer to the MIL.

A group of three lots had been inherited by five siblings, three of them were willing to sell the other two not. Never could understand what they thought they were going to do with it other than pay taxes on it. So she just bought their three fifths interest and became co-owners with the other two. I believe the other two eventually sold out once they figured out what happened. On one lot the owner had stopped paying the property taxes and couldn't be contacted so she started paying the taxes and just using it as part of the whole parcel. I think they call that "adverse possession". It was one of the land-locked lots anyway. One guy said he was going to buy more lots, MIL said: no you won't, because I own all the lots around you. People get stupid when it comes to real estate I guess.

I think she ended up with 14 -18 lots total and built the house they wanted and have a nice sized yard area to go with it and the big barn for storage.

Replies:

• Re: How to deal with irregular and rogue properties? jocco 06:17:49 12/01/16 (0)

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