What to do about the sale of real property and a foreclosure?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about the sale of real property and a foreclosure?
My home was foreclosed on 4 years ago. It was built on 3 lots and they only forclosed on the middle 1; the other 2 are still in my name. I just found this out and now someone has come to me and wants to buy them. Can I sell them since the house still sits on all 3 of them? The house has never been sold and I was told that is why it has not sold (because I still own the other 2 lots).
Asked on September 10, 2010 under Real Estate Law, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
No, I would not take a chance on that. You could be placing yourself in a very bad position and buying yourself a lawsuit somewhere down the road. I would go and consult with a real estate attorney in your area regarding this matter. If the foreclosure was completed then you do not own the property in the middle or the house that it sits on. But it seems to me that you are in a very good bargaining position because the bank is stuck selling the property because it sits on property that it odes not own. Who would buy a house like that? No one. So maybe you can negotiate a deal even at this stage of the game. And then you can sell all the property, give the bank a cut (at a really reduced rate I am sure) and move on. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.