Buying a "Fannie Mae" house

[Instrument 41]

After reading the Short sale thread I wanted to put this out there and hopefully get some advice. Back in November we found a house on Home Path website. Put in offer with the listing agent and it was accepted. Background info-The house is on a 35 acres plot. Whats up for sale is a 10 acre tract of that 35 acres. The issue is that there were 11 liens on the property and only 2 are left, which total about 60K. The bigger issue and what has to be solved and is a contingent in my contract, is that one of the property lines cuts almost through the center of the house. So, what I am being told, is that once the liens are satisfied a new survey will be done to rectify this issue. As a side note the surround acreage is now bank owned. The original owner had all 35 acres, divorce she got the 10 acre tract.
Other than the obvious title search what else should I be aware of or questions I should be asking in this situation?

[tevake]

Bummer to have ten acres with the house right on the property line. Even when they redo the lines off the house it will probably be very near the line. Is it farm land?
Has the subdivision of the property been completed cleanly?

Cheers Richard

[KFC911]

Originally Posted by Instrument 41

.... The original owner had all 35 acres, divorce she got the 10 acre tract.
Other than the obvious title search what else should I be aware of or questions I should be asking in this situation?

Be sure to check for ingress/egress easements (which might not appear on deeds). I'd be attempting to buy the 10 acre tract (or a portion of) also if I was in your situation. Went through something similar just last year with "family land"...know (learn) about your rights and enforce them. Lady wanted to run a driveway splitting "our" property and within feet of a family home (which had been added on to decades ago). IMO, some folks are clueless (as was the lady I was dealing with), she "backed off", but I'm betting I'll need to revisit the situation again sometime in the future (as she has a "piece of paper" and still thinks she has "rights")...good luck!

ps: I was dealing with two families that have shared (including sales back and forth between 'em) 'bout 100 acres for over a century. It was a "walk through history" as I researched the deeds/records etc. Most of the principals are deceased and the last one is over 95 years old now...

[Instrument 41]

That is a very good point and something I have already though of and not sure how I would handle it. The property to the left is land locked but the property to the right is not and definitely could happen. I am told though that there is 2.3 million owed on the remaining property, which is worth maybe 150K. So it will be a while before anything is done with that. The property to my left I plan on buying that when it comes up. It already had a tractor and horse barn. Some gratuitous pics......

[KFC911]

That's a mighty fine "cement pond"...Granny Clampett would be so proud! For some reason I have to believe it wasn't there originally . Best of luck!!!

[tevake]

Do you think that the line was done that way out of spite, during the divorce settlement? May be getting involved in a mess.
I see lots of pool skimming in someones future. Nice though.

Cheers Richard

[KFC911]

Originally Posted by Instrument 41

That is a very good point and something I have already though of and not sure how I would handle it....

Go to the Register of Deeds and ask/check for yourself. Do not depend upon docs based upon "estates", etc. Sometimes items are missed (by attorneys). My situation...lady had an "easement" over 35 years old (contradicted by deeds her parents signed decades ago)...there was either "fraud" or "abandonment" involved. Due dilligence is required...good luck!

[RWebb]

I'd nab it. Have the property checked for any buried toxic waste & flood zones; termites obviously.

It will balloon in value with the next oil boom -- you know when the crash is coming because you'll see Maseratis at the Bon marche shopping center...

Is it in BTR or Denham Springs, or what?

[Instrument 41]

Maseratis at Bon Marche??, how long have you been gone from here?? Its located north east of baton Rouge. The only region that is really affected by the oil boom or bust would be Lafayette. Baton Rouge has so much chemical production we have, so far, really been sheltered from any major economic swings.

[RWebb]

All I know is what I see and I've been there every year since 1952.

[Por_sha911]

This may be an ignorant question but, do you know for sure that she owns the house or just the acreage? Think of it like buying a house but not the furniture currently inside.

[Instrument 41]

She owns nothing its in the hands of Fannie Mae

[rpenfuyf]

I see lots of pool skimming in someones future. Nice though.