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Horse property in Cave Creek
I have a highly motivated seller of an acre lot with a 3 bed 2 bath manufactured him on the lot. I have the deal under contract for $60k. From the comps I was able to find the land alone is around $100k. Part of the deal is the owners will rent the property back from me for $580 on 6 month contract and month to month after that. This would allow me time to market the property due and cash flow while I'm doing so.
After I got the deal under contract I found that they own the adjacent lot (1.5 acre with 1,200 stick built house) and is going into trustee sale. I also learned that the lot that I have under contract is land locked by the adjacent lot and I can't determine if there is an easement or legal access to the lot I have under contract. The numbers for the adjacent lot don't pen out for me to make a deal. Should I proceed on the deal which goes to trustee sale on Friday, or kill it?
Any advise or suggestions would be appreciated.
Cheers!!