Advice: Bank sold us one property, with two houses on it, already 2 parcels, but 1 address on the deed.

[Ben Bakhshi]

Has this happened to anyone else?

We bought a Freddie Mac foreclosure recently for under $50,000. We assumed we were buying 1 house on 1 lot. I didn't pay special attention to the warranty deed at the time of the purchase.  We are now selling the property for $75,000. Our agent double checked our special warranty deed, and noticed that in fact we purchased two parcels. Our agent took pictures of the second house, it needs little work, and should be worth over $100,000.

Our sales agreement is contingent on a survey, so we are about to send the surveyor out there to properly divide the property into two addresses, and we will sell the first one to the buyer, and proceed with repairs and sale on the second.

Buy 1 get 1 free. Never heard of it, thank you Freddie.

What should I be aware of, and what should I make sure to do in this situation?

[Wayne Brooks]

Check your sales contract with your current buyer.  The legal description generally overrides the address, as identifying the subject property.  You may have just Sold 2 for 1.  Surveyors can't divide properties, they can simply find the established corners/lot lines.  Note, there is a difference between two "parcels" and two "lots comprising one parcel". Is there one tax ID/parcel number, or two?  I recently subdivided one "parcel" consisting of 9 platted 25' lots, with two houses on it, and One address identifying the parcel, into two "parcels".