Today I went to do a little lot/block survey, but I couldn't get very far because there is a pad locked fence around the property. So I put a call in to the title agent that ordered the survey, and start poking around the block to see what I can find. This property is supposed to be two 60’ wide lots, but when I look at the parcel that’s fenced, it’s clearly more than 120’ wide. I get word that the owner won’t be able to let me in for a couple of hours, so we make arrangements to meet tomorrow.
When I get back to the office I pulled up more info on the parcel, and neighboring parcels, and find some odd stuff.
First, this is for a refi, and the current owner (“Jones”) bought the parcel in Jan 2011 from a bank.
In 2006, THREE lots (8, 9 and 10) were purchased by “Smith”.
There is no deed from Smith to the Bank, or Foreclosure documents that I can find, in the county records, so I’m not sure how the bank came to reacquire the lots, or which lots they reacquired, for that matter …
However, the deed from the Bank to Jones in 2011 calls for just lots 9 & 10. Lot 8 is fenced in, and the house is going to be real close to being over that line …
Should be a fun day tomorrow, especially since the current owner doesn’t speak English very well, but wants to meet me … I have a feeling I’m going to get an earful about this tomorrow ... in broken English.
I would actually be interested in knowing how this survey works out. Everything i read about this foreclosure business is a mess and I would guess it affects numerous surveyors.
This was an interesting article from Yves Smith concerning Florida foreclosure market.
Warning - semi political.
Not surprising for Florida actually. I'd guess the "bank" was one of those that was using a certain paper mill to generate documents. IMHO, the paper trail between the judicial system and the clerk of the court recordation system was never intended or designed to handle the volume of forclosure documents that are moving today, regardless of their ligitimacy. Wait until you read the title commitment, if you ever get to see one for the property.
Karnack says:
¿Smith still owns and occupies Lot 8. He purchased or financed 9 and 10 separately?
credit creates some interesting titles.
I've done a few foreclosure property sales surveys. Always from some realtor or some oddball bank or some out of state person, none of which I know. Both boundary surveys, or worse yet - elevation certificates.
Always slow to pay, but I've never been forgotton. Trying to get paid COD is never an option with these folks, I just chalk it up to dealing with realtors and the nasty part of doing business with them.
One of the things I ALWAYS ask about is for access to the property. Both for gates, or if I need to peek into the basement/crawl. I won't go until I'm assured of access.
Good luck. Hopefully we'll all get busy soon and won't have to deal with that crap....
Lot 8 is vacant, except for the fence and possible part of a "car port" on the side of the house. "Smith" is still the owner of record in the county Tax database. He might not even know that, at this point, and just assumes the bank took back all 3 lots? I have a feeling the guy I'm working for, when the bought the lots 6 months ago, probably didn't have a survey done, and assumed he was buying what was fenced in. I think he's doing this as a cash-out refi to remodel the property and "flip" it. He's probably going to in for a surprise tomorrow.
Pseudo - I find it hard to believe that anyone named "Jones" can't speak English!
:-/ (Just kidding)
Have done a few foreclosure surveys. The bank usually does not spend a responsible amount of time to verify title. (remember robo-signing?)
Research and get the title company to review...
The Mortgage May Only Be Against Lots 9 & 10
If the bank did not require a survey before they mortgaged the house, shame on them.
Paul in PA
I finished this one up today. I never ran into the owner in the field. He just left the gate unlocked for me. There is a concrete patio nearly 9' over the line and the house itself now has a 3.8' setback on that side, which is substandard for this county. The encroachment could be solved with a saw cut and sledge hammer, not sure how the county would view the setback issue, though. The title agent agreed that the bank only had the right to foreclose on 2 of the 3 lots.
That seems amazingly cut and dry. There must be a real lack of income in the real estate market. I almost miss the posts where the registered is beseiged by the realtor or broker to "change that setback line immediately and forward them seven copies of the new survey by noontime closing showing no encroachments." 🙂
Here locally one notable title company has made the news.
"Stewart Title expands into foreclosure market"
> Here locally one notable title company has made the news.
>
> "Stewart Title expands into foreclosure market"
Now it makes some sense to a degree. Big bank stocks have really been getting hammered
and quarterly profit after quarterly profit are getting eaten up by settlements and fines. I would guess these banks would be willing to do or pay any amount to extricate themselves from the foreclosure backlog and limit their legal and financial exposure.