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RE Rookie · Dec 11, 2008, 11:00 AM

So, let me start by giving some background information...

I found a piece of home in Georgia that looks to have been empty for several years and vandalized numerous times. I am extremely interested in purchasing this home.

I did a little research and found out that it was originally in an estate from 1968, but it was deeded in 2006 to an individual that lives down the street. The Taxes are current on the property and it doesn't appear to have an existing mortgage. The county property appraiser values the home alone at $99K, but it is in such bad shape it is probably worth more like $30K.

Also, the property is actually the home and almost 20 acres (part of which is a small triangular section across the street), but I only want the home that sits on the road front and the 1 1/2 to 2 acres around it. I would be more than willing to allow an easement for access to the back of the property if needed.

I really want this house, but I am not sure what my chances are for only purchasing a portion of the property. I am not sure what would involved in separating a portion of the property either. I am sure a survey would need to be done, but other than that I don't know.

I have never done anything like this before so I am not sure what the next step should be.

Should I contact the owner and place an offer or are there other steps I need to take first? Do I need to obtain more information?

I need some advise and direction please. Sorry my question is so long, but I was trying to cover all the information I have found.

Thanks for any feedback... very much appreciated.

Fr_Chuck · Dec 11, 2008, 04:40 PM

You contact the owner ( but don't sound so "I have to have it" but more I could use it perhaps)

The property will have to have a survey ( you want one anyway) and then two separate deeds written up, not hard but will need a real estate attorney or a title company.

And you can tell if there is a mortgage by looking up the deed records, any mortgage will be listed there.

But best to go see the owner and find out if they are even intersted in selling. And if they are, if the amount is reasonable.

ScottGem · Dec 11, 2008, 04:45 PM

You also need to check local zoning rules. There may be minimum lot sizes so you might not be able to subdivide or you may be restricted to maybe 5 acre lots.

If the owner agrees to subdivide you will have to hire a surveyor to subdivide the lot.

At closing, two deeds will be issues, one from the owner to you, the other to the owner with the new plot description.