I found a flip property that is in a great location with potential to make a great return. Went to look at it the other day and the the property is land-locked. Overall the property is in a good location for commuting, would make a great starter home for the price-point, and a similar spec home sold very recently in the same town rather quickly. Has anyone dealt with a right-of-way access before? Has it hindered resale? If it was the only land with right-of-way access I'd probably just offer the owners some cash to pay for that little section of land, however there's another lot adjacent to the one I'm looking at that also shares the same access. I know not many states allow land-locked lots, but was wondering if anyone had any experience with this.
Thanks in advance!
The first thing you want to do is pay a visit to your local assessor's office. If there is any legal existing easement or right of way they will have it on file and be able to show it to you on a map. That alone might prove this property to be worth buying as you currently feel but this evidence might provide you with more confidence. Sometimes previous owns might not have have a reason to establish access to the land but that may not mean none exists, at least legally.
well your description of the situation is not complete.. do you know its landlocked.. somehow if there is a home there I suspect it is not.. but it does happen I am in a landlocked case right now been two years fighting it thankfully I have title insurance and they are paying the lawyers..
first thing you do is not rely on your own due diligence if your not a surveyor or familiar with maps etc.
you do one thing first .. you order a title report.. you may have to pay for it.. say 200 to 250.. your probably in a title abstract state. ( not sure but most of the NE is) the title company hires an abstractor to do the court house work
they will then write you a title commitment.. if your TRULY landlocked there will be an exception IE they wont insure access.. if this is missing then you ask them to clearly denote on the plat map where the legal access is.. you then take that map and see if it works on the ground.. your lender will require it.. any future buyer will require it..
its a cheap cost of doing business before you get all cranked up and waste a ton of time and effort.
my SOP to buy property is one.
get it in contract.. waste of time doing anything else until that happens.
then order title report next day.. in our state we have it back in 48 hours or less.. read and approve
then go through the rest of our due diligence..
now to be completely fair I don't pay for title reports because of my volume with the title company..
in other states were I might only close 6 deals a year.. I do have to pay and expect to pay but in Oregon nope I get them for free as an accommodation for all the business I bring them. but I don't abuse this generosity either I only order them when I am in contract.
if I am just snooping.. I can call customer service and get a date down on the phone.. in 60 seconds.. but for survey stuff you need the report first and foremost.