Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That is funny. I never thought of it, but I guess the guy that I allow to cut hay on my land for free, for the last 6 years, now owns my place too
Not if you allow him...supposedly. But you should have a neatly written brief agreement putting it out in the open that this is not adverse and not possession but is an agreeable exchange revocable at any time by you.
Yea my kids almost rented a house- from this company-- in the end, the co might have had a quit claim deed, but the place was in-foreclosure and eventually the bank will collect thier property ../ BUT will have to honor the present lease of those renting the place, and we, knowing that company had no skin in the property, could have moved in- and NOt paid rent. whoo whoo- what a MESSSS!! and the banks have created it. we dont do things like that, but could have. more squatter problems
My next door neighbor had the banks tied up in knots... it helped his brother in law is a Real Estate Lawyer.
In short, the guy lived in the home for free for 27 months and the bank paid him 25k to move and leave it in good condition.
He got the money only if the home was vacant.
The problem for the bank was he had 3 roommates with recorded leases at the county.
The bank could have the owner put out.. the issue was the bank had to deal with 3 separate renters and they decided to pay not to have to deal with them.
Last edited by Ultrarunner; 01-07-2014 at 02:38 PM..
In Washington state, neighbors of my aunt and uncle bought a piece of land on the other side of them and then went to court and claimed ownership of a strip of my aunt and uncle's land so that they could take their cattle from their house to this newly purchased land.
Apparently, in Washington people have a legal right to access their land. Why the judge didn't decide they had to take their cattle out to the road and then through the property of the folks they bought the back piece of land from, I'll never know. There were lawyers involved and my aunt and uncle lost legal ownership, not just an easement over, that strip of land.
Cost them thousands of dollars and they still lost the land.
Frankly, I wouldn't ask the neighbors to sign letters waiving any claims to the property--that could only give them ideas (they might even read about the scumbag attorneys in Colorado).
This would be exactly the wrong way to go. Getting the letters signed, in most cases will work, and the cloud on the title is gone. Then the OP can get financing and finish buying the property.
Quote:
I think a much better tact is just to request that they remove any items or encroachments from the property, and give them a deadline for doing so. If need be, remove the items for them.
You can tell them to remove the road as an example, but if they refuse, and you go in and bull doze out the road area and fence them out, you could end up with a big fine, or even end up in jail if they call the police and say you are destroying their road.
But (a big but) It does not clear the cloud from the title, and the bank would not give the mortgage nor would the title insurance company insure the title until either the document was signed by all parties, or had gone to court which can take years to finish up and a lot of cost to do it.
I know, as I have been involved in getting titles cleaned up numerous times over the years, and have talked to lots of attorneys over this type of problem and studied it through the University Of Colorado Law School.
Until this cloud on the title is cleared up, the property cannot be mortgaged, and it cannot be sold with a clear title.
The OP needs to do exactly what I said earlier. Get those three parties signatures as they bank has requested, or tell the owners (the estate), to clear up the title. If they will not sign the document, then it can take many months, or even years to make the property salable with a good title, and will cost thousands of dollars in court and lawyer fees to clear it up.
This would be exactly the wrong way to go. Getting the letters signed, in most cases will work, and the cloud on the title is gone.
That assumes that they will sign, which is not a given. Sure, it would be nice if they'd sign, but it's likely they have no intent or even an idea about trying to claim title. Why stir up things if it can be resolved otherwise?
If the bank insists on signed letters, however, there may not be much choice in what is attempted.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,852 posts, read 10,483,116 times
Reputation: 6671
Quote:
Originally Posted by Ultrarunner
The bank might be doing you a favor... easier to deal with now.
On the other hand... maybe you could find another lender or pay cash?
That's right, he's not being prevented from purchasing said 'private property'… unless he does it by borrowing someone else's money, in which case that party has a perfect right to make sure the "collateral" is 'unencumbered'. Even so, I'd still make sure I had damn good Title Insurance!
I was in the police station a few weeks ago and a landlord was having all kinds of issues in there. He had a tenant die and some convict just moved in and started living there for free. He said the woman never worked and was currently in jail again, yet she paid an attorney to go there and fight the landlord. The poor guy just got back from going in with the police and they could not do anything. I think life would be so much easier for these people if they just got a job and paid for their own house instead of paying to work the system.
Why argue with the bank? They're protecting themselves and this will actually protect you in the future unless you love lawsuits. There's a simple solution. Don't buy this property. You will find that many properties have easements and encroachments. There's not a damn thing you can do about them except not buy that property.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
