Is there hope anywhere?

[Ed Hughes]

What is the name of your state (only U.S. law)? Mississippi
I am thinking of buying a property that is in bankruptcy. Originally the property was 10 acres with a large house on it. At some point the lot was split and five acres were sold, not the five acres with the house on it. I had it surveyed and found out the new property line runs about two feet into the house. Is there anything I can do? I really don't want to cut 2 feet off the house or worse tear the house down. The house is 9000 sq.' Thanks

 

[FarmerJ]

Find some thing else to buy , it sounds like a MASSIVE headache just waiting to happen.

 

[drewguy]

Or start negotiating with the owner of the other 5 acres to buy a few square feet of land. If he's a jerk, back out of the plan. On the other hand, he may be happy for a few thousand $$.

I would not buy the property with the hope of establishing adverse possession or something like that. Too much risk to take on.

 

[Ed Hughes]

Thanks. I am a contractor so taking a couple of feet off the house would not be a huge deal. I was just hoping there was another way. Thanks I will consider all replies.

 

[drewguy]

Thanks. I am a contractor so taking a couple of feet off the house would not be a huge deal. I was just hoping there was another way. Thanks I will consider all replies.

Well, if it's not a big deal, then that changes things. It will cost you--the question is whether it will cost you in paying the potential neighbor for a few feet of land (or a land swap?) or paying the cost of cutting off part of the house. Since your a contractor you can at least figure out how much that will cost. Then evaluate whether the bankruptcy price makes the overall price attractive.

You could always make the property less attractive to others by mentioning this problem to other bidders

 

[Ed Hughes]

Thanks again. If I decide totalk to the neighbor about either selling a strip of property or trading a section, should I hire an attorney to do the negotiation?

 

[Cedrus]

Oh yes, hire an attorney. Also, don't forget about setbacks if you decide to cut off a portion of your house. It might mean an additional 10 or 20 feet from neighbor's property line.

 

[drewguy]

I would not hire the attorney for that until you know there's a realistic possibility of making a deal. Figure out how much you need (note setback points mentioned above), figure out what land prices are like per square foot, and come up with some proposals (say you need 500 square feet, and land goes for $10/sq. foot around there). I would also consider a "land swap" where you give the neighbor some of your five acres in exchange for the land he's giving you.

You will definitely want a lawyer to draft up the deed and record the changes. But I don't think you need one for preliminary negotiations. In fact, it might make the neighbor scared, whereas if you just talk "person to person" he won't think you're trying to snooker him.