I'm interested in buying a certain property.
I looked it up on line , the county property appraisers web site.
The property is currently owned by a bank.
I've tried contacting the bank but I can not get any real pertinent answers from them.
I want to be the first to have the opportunity to buy this property, so my friend says that
If I am living in the house , eventually the bank will start to talk with me.
The house looks abandoned, all the windows are missing as well as the doors, get the drift.
Would I be going to far in setting up house there. I would make it livable by placing in
Windows and doors and anything else, also have the electric put on as well as the water.
The water would have to be paid under the last known owner and the electric under my name.
May I do this under squatter rights or adverse possession ? I don't want to try to steal the property from the bank ,I just want first tibbs on on buying it at a resoanable price.
Will the bank look on me favorably or disfavorably?
I don't know how much the bank has into the property, if it's too much then the asking price
Might be too much for me to undertake . What should I do?

Your friend trying to get you arrested for trespassing?

You have to follow conditions to get adverse possession (squatters rights)

Adverse possession - Adverse possession - Wikipedia, the free encyclopedia

The basic most states that still follow squatters rights (adverse possession) are
----Prove upkeep, paying taxes and nobody to dispute it.

Adverse possession requires five elements in regards to the possession of the property[1]:

1. Actual possession: it's a function of the type of property, location, and uses. Paying taxes may or may not be required as proof. Can also be by “color of title” where the adverse possessor enters by way of a faulty deed (many states reduce the statute for someone claiming color of title). This sometimes results in “constructive possession” although legal owners in actual possession will negate the constructive possession of another.

2. Open and notorious: adverse possessor's use of the property is so visible and apparent that it gives notice to the legal owner that someone may assert claim. Must be of such character that would give notice to a reasonable person. If legal owner has knowledge, this element is met, although can be also met by fencing, crops, buildings, or animals.

3. Exclusive: adverse possessor holds the land to the exclusion of the true owner.

4. Hostile or adverse: Objective view: used without true owner's permission and inconsistent with true owner's rights. Bad faith or intentional trespass view: the adverse possessor's subjective intent and state of mind. Mistaken possession in some jurisdictions does not constitute a hostility. (An element that is often irrelevant). Good faith view: a few courts have required that the party actually mistakenly believe that it is his/her land.

5. Continuous: adverse possessor must, for statute of limitations purposes, show that property was held continuously for the entire limitations period. Must use as a true owner would for that time. When is the use significant enough to start the running of statute of limitations. This element is focused on adverse possessor's time on the land, not how long true owner has been dispossessed of it.

In addition, some courts require (by common law or statute): 6. Claim of title or claim of right 7. Good faith or bad faith 8. Improvement, cultivation, or enclosure 9. Payment of property taxes

Often what people presume to be squatters rights is now called trespassing


THEN too many states do not acknowledge squatter rights either.

Quote:

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Originally Posted by Florida 1 2 3

I'm interested in buying a certain property.
I looked it up on line , the county property appraisers web site.
The property is currently owned by a bank.
I've tried contacting the bank but I can not get any real pertinent answers from them.
I want to be the first to have the opportunity to buy this property, so my friend says that
if I am living in the house , eventually the bank will start to talk with me.
The house looks abandoned, all the windows are missing as well as the doors, get the drift.
Would I be going to far in setting up house there. I would make it livable by placing in
windows and doors and anything else, also have the electric put on as well as the water.
The water would have to be paid under the last known owner and the electric under my name.
May I do this under squatter rights or adverse possession ? I don't want to try to steal the property from the bank ,I just want first tibbs on on buying it at a resoanable price.
Will the bank look on me favorably or disfavorably?
I don't know how much the bank has into the property, if it's to much then the asking price
might be to much for me to undertake . what should I do?

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A good realtor in your town should know which realtors get the listings from which banks. For example, where I live Countrywide lists all of their properties with one certain realtor. And all of the (good) realtors know who gets which listings. That realtor would know who to contact at the mortgage company, and if he/she knows you're a serious buyer they may work hard to get the easy sale.

Also, if you start banging on enough doors at the bank, you should eventually find someone to talk to you. Is it a bank bank, or a mortgage company? Local or national? Obviously with some of the bigger ones it's tedious and time consuming. But there's someone at that lending institution whose job it is to sell that house for as much as possible. If they can do that without paying a realtor, etc, it may be an attractive option. Just make it your mission to talk to that person.

Don't even consider moving in!

Welcome to AMHD. This sounds like the opening chapter of a book or movie. I'm afraid it will turn out badly for you. Follow rockin's advice about contacting a realtor. (I have to spread it, NOHELP!)

Also, be aware that you may not get the place that cheaply. The bank isn't going to just give the property away, even if it's in bad condition in a bad neighborhood.