Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

9
Posts
0
Votes
Spencer Anderson
  • Southaven, MS
0
Votes |
9
Posts

"Undivided interest" on foreclosed land

Spencer Anderson
  • Southaven, MS
Posted

Hello folks! I have found a piece of property that has a Trustee's Deed in the chancery clerks office that has an "undivided interest" by 3 different parties. I chased court records concerning the property for a while and the best I could figure is the land has a home on it that the person took ownership of it by heir but several people within the family had portions of the property. Either 1 or 2 of those people took a loan against the property and defaulted, the first by taxes and the second by default to the bank. 

So, I called the bank in reference of the 31% and they want to collect, and have been for several years. There is another 31% undivided interest by the state and the following 38% by the person living in the house on the property. So here lies the question... How do I go about purchasing and claiming a clear deed on the bank portion or the states portion? I do not want to cause grief on the person that lives there by stopping in and questioning but thought about sending a letter to see if they would allow the 31% or 62% to be sold and allow a survey and appraisal to be done.

How would I go about purchasing the 31% owned by the bank and getting a clear title? I was told at the county tax assessor to "run fast and far from this" due to the history! But I know the bank wants at least a portion of their investment back and they should be able to collect as well as a buyer own the portion in default.

Any thoughts, advice or personal experience with this type of property before?

Loading replies...