I have a question about property easements?

[Yetti]

Hi Guys, I know some of you have legal backgrounds and may be able to answer a question for me. I am looking at buying a forclosed home on 10.55 acres. the issue is it has an easement to the parcel behind it and it uses the same driveway entrance at the road and then runs 540' to the rear where it crosses into the other persons property. heres the question, what rights do I have as the land owner? and what can I do as far as using the easement to my own advantage?

[KenP]

Most likely you can only use it for getting to and from your property. You really can't use it to your "advantage".

Is the easment recorded? If not, how long has it been used? Not knowing the law where you are, there's usually a stipulated time period of use that will basically give you squaters rights on the easement.

Wish I could give you more info, but I didn't sleep at a Holiday Inn Express last night.

[Yetti]

The easement would cross MY property if I bought it. the trick here is to know whats legit and how to use it. from what I can tell theres 2 parcels behind the one I want to purchase. they would both have access through the easement. I want to build a big garage on back of the lot and use the easement.

[mikejr]

Been a real estate broker for 15 years specializing in the sale of foreclosed homes....ok...background on me....now to your question.

So let me understand this....basically an easement exists across your property that allows another to gain ingress/egress to their property behind yours(or soon to be yours). When you say you want to use it to your advantage, am I assuming that you just want to drive on the easement to get to your new garage? As long as you do not block or sever the easement, I dont see that being an issue.

OK now for the disclaimer....with matters dealing with real property and the legal ramifications thereof, always consult an attorney licensed to practice within your state. My opinion is just that and not intended to render legal advice or interpretation of the law.

[Yetti]

Thanks, I wasn't sure about the use structure. but I would guess its as you say. I already talked to the local Zoning guy and have to ask a few more questions of him.

[Yetti]

by the way, if you are a broker then how would recommened going about this purchase? Its a forclosure and has been sitting about 2 years. what should I expect in fees and other costs?

[mikejr]

Originally Posted by Yetti

by the way, if you are a broker then how would recommened going about this purchase? Its a forclosure and has been sitting about 2 years. what should I expect in fees and other costs?

Closing costs vary by state, since I am not familiar with your state, thats a tough one for me to answer. Is it listed with a RE broker now? If so talk with them, they will give you an estimate of closing costs. What are your intentions for paying for it? Naturally, if you pay cash the closing costs are less than if you financed it. If its in rough shape, the way the mortgage market is right now, you might have trouble financing it.

I'd expect since its been sitting for 2 years that if there is a house on the property to expect freeze damage, potential mold and god knows what else. Also, if it has septic then if its been idle for a certain time period, again varies by state, then you may have to have a new pit/perc test done before and a new system installed. Also if there is a well, i'd expect to have a new one drilled. Factor in the worst case scenarios financially then if you dont need to install a well or septic you are ahead of the game so to speak.

[Boss Hoss]

Originally Posted by mikejr

If its in rough shape, the way the mortgage market is right now, you might have trouble financing it.

A good team of professionals would certainly help here(mortgage broker, appraiser, realtor). Often times in todays mortgage market underwriters/product guidelines call for an interior AND exterior appraisal when not too long ago the same situation would only require an extrior property appraisal. If interior and exterior is required then the interior needs to look livable in pictures(cabinets hung, countertops in place, flooring, etc). In my neck of the woods lenders do not like properties on 10plus acres so that adds to the situation. Good luck.

[Walter_Cronkite]

It's nice to see you back Boss Hoss.

I was a bit hurt when you mentioned on Pirate 4x4 that it reminded you of the earlier days of Elcova.

Anyways, hope you're here to stay again. There was no intention to enrage you. But if you do feel the urge to lash out again, feel free to take it out on KenP.

[Yetti]

well just to give you guys an up date.
house #1 is still on the market. it just got picked up by another realtor.
still doing research to find out about parcels behind it. if they are owned by who i think they will never be devoloped.

house #2 was high on my list but I found out the previous own is still around and on the adjacent property. the guy seems to be stripping off pieces as I noticed more stuff gone out of it the last time I looked at it.

I looked at one yesterday that was just trashed. it sold 3 years ago for $859,900 and is listed at $554,000. it so bad I would find it hard to give $200,000 for it. its on a golf course with 4.4 acres and just destroied inside...what a shame. 4000 sqr with indoor pool.

[mikejr]

Originally Posted by Yetti

well just to give you guys an up date.
house #1 is still on the market. it just got picked up by another realtor.
still doing research to find out about parcels behind it. if they are owned by who i think they will never be devoloped.

house #2 was high on my list but I found out the previous own is still around and on the adjacent property. the guy seems to be stripping off pieces as I noticed more stuff gone out of it the last time I looked at it.

I looked at one yesterday that was just trashed. it sold 3 years ago for $859,900 and is listed at $554,000. it so bad I would find it hard to give $200,000 for it. its on a golf course with 4.4 acres and just destroied inside...what a shame. 4000 sqr with indoor pool.

Its typical for f/c homes to get vandalized. So many of the properties have everything of value removed from them...ie...copper piping, aluminum side etc.

Its funny that the prior owner feels they can take things from the house. Its never the person's fault that didnt pay the mortgage...its always the big mean bank that took the home back....

[mikejr]

Originally Posted by Boss Hoss

A good team of professionals would certainly help here(mortgage broker, appraiser, realtor). Often times in todays mortgage market underwriters/product guidelines call for an interior AND exterior appraisal when not too long ago the same situation would only require an extrior property appraisal. If interior and exterior is required then the interior needs to look livable in pictures(cabinets hung, countertops in place, flooring, etc). In my neck of the woods lenders do not like properties on 10plus acres so that adds to the situation. Good luck.

some areas lower the limit on "excess" acreage to 5 acres. Just depends on what the norm is in the area.

We've had appraisers ding a property for pet odor lately, its getting really tight!

[Yetti]

well I have the wife looking at more stuff searching for more homes to check out, she has been finding some monster homes that are forclosed. one was listed in the mid $1Ms seems everyone is bailing on Michigan and the end is nowhere in site. the part that seems to show what wrong is the taxes on the property were $60,000 a year.... who can afford that plus the house payment?

[mikejr]

There is a house here in the Pittsburgh area thats currently listed for $20 million, the taxes are $90K a year. What the heck does a person do for a living to be able to #1 afford the house payment and #2 afford those property taxes. Its insane! There are some crazy wealthy people in this world.

[wpage]

I owned a property with a easement. It was a little scary going in. Turned out no big deal! Yeah property taxes suck and are ruining the market in R/E

[mikejr]

Originally Posted by wpage

I owned a property with a easement. It was a little scary going in. Turned out no big deal! Yeah property taxes suck and are ruining the market in R/E

Most property has some sort of an easement be it utility based, municipal based or otherwise. 99% of the time an easement isnt a big deal.

[KenP]

Originally Posted by Walter_Cronkite

Anyways, hope you're here to stay again. There was no intention to enrage you. But if you do feel the urge to lash out again, feel free to take it out on KenP.

LMAO!! I just found this!

[wpage]

Originally Posted by mikejr

Most property has some sort of an easement be it utility based, municipal based or otherwise. 99% of the time an easement isnt a big deal.

Yes most. In this case I had a 2 family home that shared a driveway and then split off in the back. Since the neighbor was OK it was no problem. As long as no one blocked off the common easement area. Then the phone would ring!