All Forum Posts by: Michael C.

Thanks John. This is good advice. I'm always an advocate of doing the work upfront to avoid any surprises.  

Thanks Derek. The tax records (https://imgur.com/a/lPtGS4A) show the adjacent lot cuts through the entire back of the house, including part of the actual house, the HVAC units outside, the shed, and basically all of the backyard.

Any suggestions on how to proceed? I'm going to contact the City planning office tomorrow and the county planning office. 

My instinct tells me to get a surveyor and a real estate lawyer involved...there are alot of unknowns here. 

Thanks again. We were very excited to get the subject property under contract so this was definitely a surprise. 

See image. https://imgur.com/a/lPtGS4A

Will call City planning office tomorrow but the responses here give me little confidence that this can be definitely resolved without getting a survey.

How do we message this with the seller?

Hi all,

We are in contract for a property and just discovered part of the house may sit on a separate lot owned by another party. Property is located in Gatlinburg, TN.

We just checked the county website and discovered it.

Question- does an appraisal check to make sure a house actually sits on the lot you are buying? The current owner has an appraisal that says the property is worth $X, which is impossible if part of the house is on a different lot.

@Ken Latchers

Ken - where are you get 25-30k on 135k townhomes? If this is true, those cash on cash return would be amazing? But I’m curious - are these D class neighborhoods?

@Wayne Brooks thanks Wayne. Appreciate the feedback.

@David M.

Thanks so much. This is really helpful. It took multiple tries but i found an excellent agent who been very upfront about the fee structure. Dont mind her a bit extra for the honesty. Small $ to get quality advice.

@Mel Hayes

Great thread!

I had a separate question

- is there a 2 year hold period in order to refinance a OZ investment property?

- if so, does the 2 year close start at purchase or when you finish the rehab?

- are there any additional rules or carveout? I’ve read there is a 90 day hold on funds and your cannot distribute more than the original basis/investment or a portion of the refin proceeds above the basis would be a taxable gain.

Hi,

I’m working with a buyer broker on a potential deal and have a few questions

- is the buyer broker fee ENTIRELY paid by the seller?

- is the buyer ever on the hook if there is an issue w the buyer broker being paid by the seller?

- is it customary to sign a buying broker agent agreement to put in a bid on a property?

Thanks so much for any insight!

@Collin H.

Hi Collin. We are looking at some cabins in Smokeys. Would be great to connect.