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Buying part of property?
Since we moved into our house, dh has been talking about tying to buy part of our neighbors property one day if they ever moved.
Does anyone know if this is something we could actually do? We have a feeling they may be getting their house ready to put on the market, and I’m assuming it would need to be done before then-but we rarely talk to them.
Also, how would we go about finding the value of the property? The lot is about 50x250, and we would be looking to purchase the back 50x 125 or so, which does include a run down in-ground pool (we would have to redo it).
Who would we contact about doing this? Town of Hempstead if it makes a difference.
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Posted 6/10/19 8:57 AM  |
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SusiBee
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Member since 3/09 8268 total posts
Name:
S
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Re: Buying part of property?
I would assume if you want to buy the property, contact the owner.
Not sure how you would find out the value of the land.
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| Posted 6/10/19 9:45 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
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Re: Buying part of property?
Maybe contact the town first and inquire if subdividing that land is an option.
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| Posted 6/10/19 9:53 AM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
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Pomegranate5
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Re: Buying part of property?
Depending on where you live it could be a long, expensive process to subdivide a lot.
I would contact the owner first and see if it's something they even want to do. It's kind of a headache, and if they want to sell soon they most likely won't want to deal with this kind of thing.
If you do all decide to do it, get a really good real estate attorney who has dealt with something like this before and let them guide you through the process.
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| Posted 6/10/19 10:08 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
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..being a mommy and being a wife!
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Re: Buying part of property?
Posted by Pomegranate5
Depending on where you live it could be a long, expensive process to subdivide a lot.
I would contact the owner first and see if it's something they even want to do. It's kind of a headache, and if they want to sell soon they most likely won't want to deal with this kind of thing.
If you do all decide to do it, get a really good real estate attorney who has dealt with something like this before and let them guide you through the process.
This.
If they are looking to sell, I doubt they want to give up part of their property. It would just be easier for them to sell the house and the entire lot it's on.
I know if it were me I wouldn't want to be bothered with all that prior to selling my home- I'd just want to sell it as is
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| Posted 6/10/19 10:12 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
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Re: Buying part of property?
Agree with all of the above.
I also suspect it would be very difficult to divide the plot of land.
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| Posted 6/10/19 10:24 AM |
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JandJ1224
Member since 6/06 5911 total posts
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Jannette
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Re: Buying part of property?
As far as the value of the land I would compare the value of the house on the lot as-is to the value of the house on a smaller lot and then take into consideration the cost for subdivision.
I would speak to your neighbor and see if they would consider it.
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| Posted 6/10/19 10:24 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
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Re: Buying part of property?
Posted by NervousNell
Posted by Pomegranate5
Depending on where you live it could be a long, expensive process to subdivide a lot.
I would contact the owner first and see if it's something they even want to do. It's kind of a headache, and if they want to sell soon they most likely won't want to deal with this kind of thing.
If you do all decide to do it, get a really good real estate attorney who has dealt with something like this before and let them guide you through the process.
This.
If they are looking to sell, I doubt they want to give up part of their property. It would just be easier for them to sell the house and the entire lot it's on.
I know if it were me I wouldn't want to be bothered with all that prior to selling my home- I'd just want to sell it as is
This. We’re going to list our house in the spring and there is no way I would ever entertain this.
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| Posted 6/10/19 10:58 AM |
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Buying part of property?
Thanks everyone. We’re not terribly friendly with the owners, but we wonder if they’re listing for financial reasons. They had stopped paying g their mortgage awhile back, but started paying again. We’re not sure if they’re selling for financial reasons, so figured that it couldn’t hurt to make an offer and pay cash.
I guess we’ll contact the town and a lawyer to make sure it’s possible before we approach them.
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| Posted 6/10/19 11:03 AM |
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JandJ1224
Member since 6/06 5911 total posts
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Jannette
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Re: Buying part of property?
Posted by mommywantsababy
Thanks everyone. We’re not terribly friendly with the owners, but we wonder if they’re listing for financial reasons. They had stopped paying g their mortgage awhile back, but started paying again. We’re not sure if they’re selling for financial reasons, so figured that it couldn’t hurt to make an offer and pay cash.
I guess we’ll contact the town and a lawyer to make sure it’s possible before we approach them.
I would probably plant the seed and approach them before they make any decisions on listing
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| Posted 6/10/19 11:40 AM |
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Re: Buying part of property?
Posted by mommywantsababy
Thanks everyone. We’re not terribly friendly with the owners, but we wonder if they’re listing for financial reasons. They had stopped paying g their mortgage awhile back, but started paying again. We’re not sure if they’re selling for financial reasons, so figured that it couldn’t hurt to make an offer and pay cash.
I guess we’ll contact the town and a lawyer to make sure it’s possible before we approach them.
I'd approach them ASAP then, because maybe selling you the property would relieve the need to sell the house. I'd try to have an amount in mind, and have an idea of how the subdivision would be handled, e.g., what would they need to do, what would you take care of, etc. If you make it easy for them and they need the money, it might benefit you both.
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| Posted 6/10/19 1:30 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Buying part of property?
Posted by mommywantsababy
Thanks everyone. We’re not terribly friendly with the owners, but we wonder if they’re listing for financial reasons. They had stopped paying g their mortgage awhile back, but started paying again. We’re not sure if they’re selling for financial reasons, so figured that it couldn’t hurt to make an offer and pay cash.
I guess we’ll contact the town and a lawyer to make sure it’s possible before we approach them.
They told people they stopped paying their mortgage??
If it’s for financial reasons, you’d probably have to foot the bill for their lawyer as well.
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| Posted 6/10/19 2:02 PM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
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Buying part of property?
Not sure where you live but the property probably won’t be cheap. It seems like so many investors are buying oversized properties and building 2-3 houses.
If they haven’t paid their mortgage I wonder if it’s even something they could seep since it might be bank owned or in the process of the bank owning.
I would contact a real estate lawyer to answer your questions because I feel like you need to try.
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| Posted 6/10/19 4:36 PM |
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Re: Buying part of property?
Posted by loveus
Not sure where you live but the property probably won’t be cheap. It seems like so many investors are buying oversized properties and building 2-3 houses.
If they haven’t paid their mortgage I wonder if it’s even something they could seep since it might be bank owned or in the process of the bank owning.
I would contact a real estate lawyer to answer your questions because I feel like you need to try.
The lay out of the property prevents anyone from ever putting another house there, but we thought of that too. Dh emailed a lawyer today, so we shall see.
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| Posted 6/10/19 8:15 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
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Re: Buying part of property?
While this might be hard it’s not impossible. You will have to likely go to the town to redefine the lots.
My friends back yard neighbors did this. They purchased the house with the now smaller yard (but their yard is still huge). This was in west Chester but wanted you to hear a positive situation.
Good luck
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| Posted 6/10/19 8:32 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Buying part of property?
I have a friend in TOH who has a backyard just like what you are describing. It must be 75x150 deep and then she has a side lot behind her neighbors yard that has the inground pool. She bought it like that though.
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| Posted 6/11/19 10:13 AM |
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hmm
Sweet
Member since 1/14 7994 total posts
Name:
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Buying part of property?
yes, my friend bought part of someones property in Brookville, this way if that property was sold no mansions could be built. It added to her acreage
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| Posted 6/12/19 6:10 PM |
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