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Updated over 3 years ago on . Most recent reply

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William Calabretta
  • Rolling Meadows, IL
0
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I bought a house split on two parcels but my deed only shows one

William Calabretta
  • Rolling Meadows, IL
Posted

PLEASE HELP! I purchased an older 2 story house that needs a lot of work.  The problem is my house is split on two parcels but only one parcel came with my deed.  I am not sure how this is possible but from what I gather this is what happened.  The original owner acquired both parcels together and deeded one of the parcels to their stepdaughter.  The step daughter later got a loan on the house and foreclosed on the property.  I am a newer investor and was not familiar with the whole process, however my realtor had explained to me that in order to close this deal I had to use the bank that sold me the property for the title search. This should have been a red flag but I wasnt familiar as I mentioned before.  Now I am getting ready to do work to this house however I am worried about putting significant money into the house if I will never be able to sell it.  I dont understand how i could have purchased a house split on two parcels and own the whole house.  This seems like it will cause an issue when I go to sell the property.  Any advice would be great or past experiences.

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7
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2
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Cindy Gong
  • Realtor
  • California
2
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7
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Cindy Gong
  • Realtor
  • California
Replied

hey~I am wondering how this went. would appreciate your insight.  I came across a deal that the house is built mainly (70%~80%) on one parcel,30% or less on the 2nd parcel. but the 2nd parcel wasn't on the deed as well. the seller has been advocating his house being on 2 parcels for great potential. I was hoping to build 2nd property on 2nd parcel for rental or sale. I'm wondering if this is possible and what are the catch around this type of deal?

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