Open Question: Should we buy a second property with title problems?
My husband found a small piece of lakefront property that we can actually afford. But one of the reasons we can apparently afford it is because the seller doesn’t own the entire thing outright. He shares an undivided interest in the 10X60 foot strip that actually borders the water with his late wife’s kids (who may not even know this). We asked him to resolve this problem before we would buy the property but he has refused to do so (there’s a back-up contract in place but we’re assuming they don’t know about this problem yet). He’s apparently 90 years old and doesn’t want to deal with the hassles. So should we go ahead and buy this piece of property, taking the risk that we may have to share a small strip of it with some strangers? If we don’t buy this piece, we probably won’t find another property we can afford for several years.
Posted: January 31st, 2008 under Renting & Real estate.
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