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Tax, SDIRAs & Cost Segregation

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Andrew Fidler
Property Manager
Pro Member
  • Real Estate Broker
  • Toledo, OH
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376
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Bank foreclosed on the parcel with house but not the side yard with driveway???

Andrew Fidler
Property Manager
Pro Member
  • Real Estate Broker
  • Toledo, OH
Posted Jan 15 2014, 05:18

I'm hoping someone can provide some precedence or experience with a foreclosed property I'm in process of buying in Toledo.

The house USED to be one owner, who owned two adjacent parcels...a North lot with the house and half the driveway...a south lot with half the driveway and a side yard (all enclosed by a chain link fence).

So the bank foreclosed on the HOUSE and forgot to do the side yard and it's still in the owner's name.

Of course I can ask the old owner to sell, so long as he's friendly I'm fine buying it from him for a few hundred bucks.

What do I do if the old owner is a pain, wants thousands, or worse refuses to sell and wants to be stupid like drop a fence down the center of the drive?

I'm hoping there is some prior grandfather'd statute that says if a house has had a driveway for 50 yrs and there are two lots and one gets sold but not the other, that the old owner cannot infringe on the use of said driveway.

Hell, I'm hoping that the guy just transfers the thing to me.

I know that I can be nasty too- complain to city when lot isn't mowed, sue him for use of the lot since it has and is an infered contiguous space...still I'd rather not play games.

Anyone have experience with this???

Thanks!

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