All Forum Posts by: Justin Shaulis

Well, yes I thought I owned the property, but I did not know were the property line was.

Some additional details. I purchased on the 17th, 4 days earlier the same guy sold a part of the property(the 11 feet) to the now neighbor. The title company which did not do there due diligence issued us a warranty deed which guarantees the property title was clear on date of closing, which it was not. This is why people pay the almost $1,000 for title insurance is to prevent this very issue and why they are agreeing to pay.

Don, are you recommending waiting for what they come up with then base the decision on that?

Is there a easy way to figure out value without going through using an appraiser so I could get an rough idea of what to expect and then base my decision on that information? Is there a "magic" number that title companies use to just settle these cases without issue.

I am also worried about my refinancing, specifically the PMI insurance. The new mortgage is doing a PMI transfer assuming the terms of the new loan are the same as the old loan (which is what I want since the value of my home has dropped). I hope the new title (which excludes the 11 feet does not make it so I can NOT do a PMI transfer.

So we are trying to refinance our home and found out that we had an issue with the property and after about a month of dealing with the title insurance company we finally got the following letter:

This is good news, but I have a couple additional questions.

What/How do you figure out the 11 feet of property is worth? To make this more complex, the 11 feet in question includes our neighbors home (as in 8 of those 11 feet). Should I expect the title company to try and screw me for a money standpoint? What can I do to figure this out and to counter whatever they offer me?

Any advise would be awesome!

Anyone else have any advise or things to consider? Any advise on how to convince the current owner that it is not worth what they think it is worth?

Thanks,

Justin

I got a pretty sweet deal on the house, but one of the downsides was no garage. My lot has less road frontage and is pretty deep. I could get a garage, but it would be about touching the home next door.

From my understanding...

50 or 60 years ago the city was almost burned to the ground. The house that was were my current house is and the house next door, where relocated to were they are now. The house where my house is today was demoed and my house was finished in 2007. The house next door is over 100 years old. Value of my house is somewhere between 110-140k. My house is the last house on the north side of the industrial zone, the house next door is in the middle, there is a cabinet making building is the last place in the industrial zone. Everything north of my house is single home residence, for about half a mile which brings you downtown which has 2 blocks or so of commercial. Just a small area and never made since why it was industrial to myself.

I will plan on going down to city hall and finding out what the requirements will be for demo'ing the house. Any other things I should be concerned or worried about?

My main point that makes me hesitate is the price.

Is it worth playing a premium on the property to protect your property?

I live in a small town (Perry, MI) and I have one of the newest/nicest houses on the block. I also have one of the oldest, most run down homes right next door. The neighbors are friendly enough, but the house is not.

They made a offhand comment that they may be moving and selling. I asked what she would be looking for if moving and she said maybe 15k. The house itself is over 100 years old is VERY small. It is 2 bedrooms, each bedroom can barley fit a bed. Tiny living room, even smaller kitchen and a bathroom that has the floor caving in.

The house sits on approximately 1/3 - 1/2 of in acre within the city limits. Both my house and the neighbors house are zoned for light industrial.

Thoughts, the house is worthless. No one in there right mind would buy this for purposes of fixing up. I honestly can not think of a home I have seen in worse condition. It is also super small house. I think it should be demo'ed.

The 15k question is:
1. Should I buy this?
Pros:
- I could demo the house and it would help my property value.
- I could have room to build a garage
- Prevent some business from coming in next door

Cons:
- Price seems high but I might not be up on my property values. When research other properties in the area, they where selling between 5-7k, but out of town and in larger quantities(5+ acres)
- Lady thinks the house is worth something, I do not. Cost of demo'ing would be a con.

Does city property really worth that much more than county property?

Thoughts or other things I should consider before making any type of offer?

Thanks!

Justin

I have been doing a lot of reading and have a quick question. Is there one central place to give you "general" information about everything. I would like to get to a place where I know what I know and know what I don't know. At this point, I don't know what there is to not know....

If that made since, any recommendations?

Thanks,

Justin

Thanks everyone. Some good advise so far and will follow up.

Hello everyone!

I am new to this site! I welcome all comments and suggestions you have. I want to be successful.

Real Estate Experience
I do not have much "experience" other than purchasing the home I currently live in. Real Estate is something I have always been interested in but never had a real means of pursuing. At this point I feel I know enough to get me in trouble, but not enough to be truly be successful without getting lucky. I want to change that.

Real Estate Goals
I would like to supplement my current income and eventually replace my current income.

Currently Seeking
Honestly, I am not sure what I am seeking. The obvious answer is a mentor when getting started, but long term possible partners on larger projects.

I purchased my home in late 2007 when I thought I was getting a pretty good deal. I have since noticed the very same houses that I was viewing back then going for as low as 15k (these where 100k+ homes). I feel like I could purchase 2 or 3 of these homes and be renting them out in no time in the 500-700 range.

About Me
My degree is in computer engineering/mathematics. I am 27 years old, married and just had my first child. I currently work for a software company doing software development and more recently project management.

I stumbled across this site and looks like my best bet to get actual answers/advise.