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Updated over 3 years ago on . Most recent reply
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I bought a house split on two parcels but my deed only shows one
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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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?