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Updated about 7 years ago,

User Stats

1,141
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602
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Stephanie Medellin
  • Mortgage Broker
  • California
602
Votes |
1,141
Posts

HUD home with double lot, but one lot not transferred.

Stephanie Medellin
  • Mortgage Broker
  • California
Posted

I came across a HUD home for sale, and then looked up the property history in the MLS. The last listing said that the property had a double lot with 2 separate deeds, and the vacant lot was build-able. I then researched the property taxes and discovered that the other lot was not owned by the lender / HUD, but a 3rd party. The house was also transferred to this 3rd party first, before being transferred to the bank and then to HUD. The vacant lot stayed in the name of this 3rd party. The 3rd party is an LLC, but when I look up the mailing address for the LLC it's just a house. Could this be a trustee or attorney that helped with the foreclosure?

I have heard of foreclosed property with 2 lots not being foreclosed together, with the owner retaining ownership of the secondary lot.

If I decide to make an offer on the property, especially with the HUD contract, how would I even make it contingent on getting that second lot?

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