Landlocked In Atlanta Georgia

Landlocked in Atlanta Georgia?

Landlocked is a term that is sometimes erroneously applied in real estate referring to a seller wanting to move on but just can't sell their existing home in order to raise money needed to put towards another home.

The new home could be one that's a step up the property ladder or a step down for folks needing to downsize.

To be pedantic, "landlocked" definition: "Entirely or almost entirely surrounded by land or property or land confined to an inland waters."

Another correct application of the term "landlocked" applies to the following actual example.

"My mother inherited a lot to a property from her husband. The lot is connected to another lot on which the home of my stepdad's first wife lived. My stepdad is deceased and his daughter who occupied the home is deceased as well. His daughter inherited the home via JTWROS, but the lot on the back of it belongs to my mother. The home is now on the market for sale and a relative of my stepdad wants my mother to sign off the rights of the connected lot, which she inherited, so that he can sell it."

In this case, the land mentioned is surrounded by land owned by someone else albeit that owner is deceased and the ownership is possibly contested by the owner of the land that is surrounded. It is important to have a legal deeds signed so that ownership is defined with clear boundaries on title deeds.

Technically the term "landlocked" is a physical condition as defined by geographic terminology and sometimes by physical and legal conditions as the quoted example shows.

The idea of applying the term landlocked to property that simply does not sell because the price is not in harmony with what the current market will bear is a relatively new expression. This is one I am not yet comfortable with but okay I can go with the flow as many folks now use this term and it has found its way under real estate's glossary of terms.

So if you are in a situation of needing to sell your existing home to raise the cash towards the home you want or need to move to and you don't want to "give away" the home you want to sell and if you can be confident about your personal financial security then you may consider a bridging loan.

Bridging loans don't come cheap in the short term and you will have to pay an "origination fee" to set up the loan. Also the monthly amount for repayment rates will likely to be higher than a mortgage spread over many years. So get independent professional financial advise and calculate if you can afford to pay interest on two homes.

Actually, my advise is to see what an investor can pay you now so you can walk away with cash and have the freedom to move on. So if this is your situation then why not call me and see how I can solve your problem quickly and painlessly. You have nothing to lose and everything to gain and you can fulfill your plans and your dreams.