DEAR BOB: I am looking for raw land acreage or problem properties, which will sell at a discount, have difficulties with access, title problems, water rights, survey disputes, divorce, encroachments, tenant in common difficulties, and any property that can be purchased as a fixer-upper. In the past, I worked on two landlocked properties where I was able to solve the access problems. Where can I find these properties? – Paul B.
DEAR PAUL: Most real estate investors try to avoid acquiring troubled properties. I can’t believe you are actually searching for distress properties.
Purchase Bob Bruss reports online.
From reading this column, you know there is no shortage of real estate problems. I’ll be glad to pass along any reader mail offering such properties for sale at bargain prices.
HOW CAN CO-OWNER FORCE THE SALE OF A HOUSE?
DEAR BOB: I read with great interest your recent item titled “Co-owner can force sale of house.” I am in the same situation. About 1971 my partner and I bought a vacation cabin together. But then my partner moved to Alaska. In the last six years, he has visited the cabin once. I have been there one time in five years. We have turned off all the utilities and are paying the insurance and property taxes together. I contacted my partner about selling the cabin. He said my ex-husband and he agreed to sell only to each other for the amount of money put into the property. My ex-husband has died. There is nothing in writing to back this up. We bought the property for $10,000. It is worth about $130,000 today. The partner wants to leave the property to his new wife’s family. But I want to sell it. Local Realtors won’t help me to sell my half. What can I do? – Charlene R.
DEAR CHARLENE: As a co-owner, you can bring a partition lawsuit to force the sale of the property with division of the sales proceeds between the two co-owners. You’ll need a local real estate attorney. But the result should be worth the expense.
NO MARKET FOR 25 PERCENT OF A PROPERTY
DEAR BOB: I inherited 25 percent of a property, which I want to sell. Four of us siblings are listed on the deed. The others don’t want to sell. How can I sell my share without causing trouble with my siblings? – Mike K.
DEAR MIKE: There just isn’t any market for one-fourth of a property. However, you might locate a bargain hunter speculator who would buy your one-fourth interest and then bring a partition lawsuit to force the sale of the property.
But with three co-owners opposing the sale, a judge might be very reluctant to order a partition-forced sale of that property.
The new Robert Bruss special report, “Pros and Cons of Flipping Houses and Investment Properties for Fast Cash Profits,” is now available for $4 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet download at www.bobbruss.com. Questions for this column are welcome at either address.
(For more information on Bob Bruss publications, visit his
Real Estate Center).
***
What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.
