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Updated over 8 years ago on .

User Stats

499
Posts
219
Votes
Avi Garg
  • Rental Property Investor
  • Concord, CA
219
Votes |
499
Posts

Easement and financing issue

Avi Garg
  • Rental Property Investor
  • Concord, CA
Posted

Found a 4 unit that needs work and would be great money maker. Got it under contract as well for a cash purchase. However the title company mentioned we may have issues. Below is what they said:

There is a MSD easement and structure that runs directly under the building. The easement and sewer structure predate the construction of the building, but it was somehow erected. In each of the prior deals, the purchaser was utilizing bank financing, and the lenders refused to finance the transaction because of the existence of the easement and sewer structure. 

Now even though I am buying cash, I would like to cash out after rehab. Any one had any similar experience and were able to get financing?