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We bought a foreclosure in a subdivision in January. The listing agent ended up being our buyers agent. We were using another agent in the same office but once we submitted the offer..she started deferring us to the listing agent.
So I'm on a blueberry picking outing with other girls from the subdivison and they mentioned the one and only entrance being changed. As we own the property from the start of the neighborhood and on up is mountain..I was confused..and concerned. There is nowhere to move it other than on more of our property. We hadn't heard anything about this so this morning we went to the township to see the plans. OMG!!! The new entrance wraps completely around our house on 3 sides with a constuction right of way on the 4th. As well as a new county road crossing our property to the back. This is less than a 3 acre tract so we are talking in the backyard where my kids play. We are dumbfounded. It seems there were 2 condemnation easements recorded a couple of yrs ago with the bank holding the foreclosure getting compensated for them. We lose about 40% of our property. There is no way it would appraise for what it did considering the loss of land. We have contacted our closing attorney who is in court today..her paralegal couldn't tell us at what point or who should have disclosed this.I'm worried it's them. Can someone tell me where and by who in the process this should have been disclosed? The realtor? The bank? The closing attorney? How in the hell did this happen? I'm going to throw up.
Did you get title insurance? You're correct in that this should have been caught, either by your attorney, your mortgagor, the property survey if you had one done or the title company.
What's sad/bad is that the prior owners were likely paid for the easements through the condemnation process.
What an AWFUL situation for you! Unfortunately, I'm inclined to believe that in most States it is up to the Buyer (or in your case, your attorney since it sounds like you had one) to verify property boundaries and verify any plans that may have been put in place to alter the boundaries. I really hope that for your sake I'm wrong!
Best of luck and I'll keep my fingers crossed for you!
Hmm..pic is too big. I will try to resize and upload it.
Quote:
Originally Posted by North Beach Person
Did you get title insurance? You're correct in that this should have been caught, either by your attorney, your mortgagor, the property survey if you had one done or the title company.
What's sad/bad is that the prior owners were likely paid for the easements through the condemnation process.
No one said a word. I looked back in the paperwork and the only mention of easements were in the back of title ins papers presented at the end of closing. Check had already been passed at that point so would have been too late even IF we had seen/been shown it.
Apparently the bank holding the property got paid for it. Then got paid again when we bought it for full value. I just can't believe they would not have to disclose this.
I'm betting the bank has no responsibility since they're selling the property "as is" with no disclosures as they're not required to disclose anything. Good luck with that one.
I'm betting the bank has no responsibility since they're selling the property "as is" with no disclosures as they're not required to disclose anything. Good luck with that one.
Well wouldn't with the "no disclosures" be because they know nothing therefore have nothing to disclose? Are they not required to disclose something they DO know?
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