Cheap land prices - east / middle TN?

[Eat]

I would urge caution for anyone considering purchasing the 200 acre farm the Forest Breath has brought to our attention. While it may be very good deal, there is something that must be considered if the father was either wholly or partly the legal owner.

The previous owner is deceased. Under relatively new Tennessee law, the estate does not own that land. Title passes to deceased's beneficiary immediately upon death. That means that whomever inherited the property, or a share of the property, can sell it at will. Unfortunately, Tennessee law also has a provision which allows a probate court to seize the property to satisy the estate's debt. As you can see, there is a conflict.

The conflict can be avoided if there is specific language in the will deeding the property to the estate, instead of a named beneficiary. According to one attorney I spoke to, even a lot of attorneys are not aware of this little problem.

The power of attorney is now useless, since the father is dead.

Bottom line, don't touch any property whose owner is recently deceased without benefit of a good attorney.

I am not an attorney, and this isn't legal advice. It's nothing more than what I have read, and what I have been informed of.

[Forest Breath]

No, only all of us neighbors know at this time. She has let all the neighbors know so they can be given the chance to buy it first. It was in her family for several hundred years and she would prefer it go to someone she knows, BUT....the neighbors well...none of us have that kind of money. Not for the whole thing.

If she lists it with a realtor OR a sign goes up....I can contact you if you are interested.

[Forest Breath]

She owns the land. The deed has been in her name for awhile.

The reason I know the details of this situation is because I work at a Center for mentally retarded adults and the brother is on my caseload. As a result and the fact that he is funded by the state, I have to be made aware of legal affairs of the family.

I am not trying to sell the land for them. I only made the post because people think land deals are a thing of the past and to be honest, they are not. Yeah they are rare and certainly do not happen every day, but once in awhile a good land deal does pop up. I know this to be a fact because I just got one myself.

I hope people do not think that I am trying to sell this farm for anyone. I was using it as an example that there are good deals on land, you just have to chance up on them.

There are 83 acres at the foot of Starr Mt. for sale right now for $283,000, no buildings but has several streams and is connected to the Cherokee National Forest. That is less that $3500 and acre and to me is considered another GOOD DEAL. So those deals ARE there.

[Eat]

No thoughts that you are trying to sell the land on my part. I guess someone needs to tell her she is giving it away.

[buttonslady]

Forest Breath,

Just sent you a post about the 200 acres. However, since I'm not good at working all this hi-tech stuff, I sent it under the "just bought in athens" thread. My bad.

[jorjust]

I'm looking for land in TN to build a vacation home. Where is this land? I also live in Florida.

[mrs1885]

Sounds like a great deal, but too far from Nashville for me. I just can't give up my job. Darn!! I'd love to get ahold of 200 acres. Sounds like heaven to me. And it would put me closer to my grandfather in Limestone. Unfortunately, I'd also be closer to my mother and sister.

[Beretta]

This thread is very borderline on advertising; especially with the "DM me for info" type posting. I think we will just close this one to avoid any future problems. Sorry and thanks for great intentions Forest Breath.