|
07-20-2012, 12:30 PM
|
|
|
|
Location: Virginia
629 posts, read 1,563,041 times
Reputation: 566
|
|
|
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.
|
|
07-20-2012, 12:32 PM
|
|
|
|
885 posts, read 1,710,554 times
Reputation: 768
|
|
|
pics? maps?
|
|
07-20-2012, 12:34 PM
|
|
|
|
Location: North Beach, MD on the Chesapeake
36,653 posts, read 47,374,457 times
Reputation: 47609
|
|
|
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.
|
|
07-20-2012, 12:40 PM
|
|
|
|
Location: St. Louis, MO
4,009 posts, read 6,021,961 times
Reputation: 4586
|
|
|
Oh goodness!
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!
Kindest Regards,
Amber
|
|
07-20-2012, 12:56 PM
|
|
|
|
Location: Salem, OR
14,732 posts, read 35,678,570 times
Reputation: 14631
|
|
|
Who did the title search?
|
|
07-20-2012, 01:10 PM
|
|
|
|
Location: NJ
17,579 posts, read 42,268,931 times
Reputation: 16197
|
|
|
I don't know how this is supposed to work, buy I would be lawyering up pretty fast.
|
|
07-20-2012, 01:12 PM
|
|
|
|
Location: Virginia
629 posts, read 1,563,041 times
Reputation: 566
|
|
Quote:
Originally Posted by Blazah1080
pics? maps?
|
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. |
|
07-20-2012, 01:13 PM
|
|
|
|
Location: Austin
7,205 posts, read 19,321,744 times
Reputation: 9818
|
|
|
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.
|
|
07-20-2012, 01:14 PM
|
|
|
|
Location: Virginia
629 posts, read 1,563,041 times
Reputation: 566
|
|
Quote:
Originally Posted by Silverfall
Who did the title search?
|
The closing attorney's office ordered it. |
|
07-20-2012, 01:16 PM
|
|
|
|
Location: Virginia
629 posts, read 1,563,041 times
Reputation: 566
|
|
Quote:
Originally Posted by FalconheadWest
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? |
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.
