Post by Admin on Nov 24, 2015 13:47:37 GMT -5
In updating my database, I noted--with surprise and curiosity--2 of the highest selling prices EVER in S-bag and wondered about the properties. Here are the sales for the last 7 months:
9/14/2015 $44,000
9/2/2015 $0
8/21/2015 $29,000
8/14/2015 $135,000
8/7/2015 $22,000
8/6/2015 $34,000
8/6/2015 $0
7/30/2015 $0
7/28/2015 $0
7/28/2015 $100
7/17/2015 $100
7/2/2015 $16,500
7/1/2015 $39,000
6/26/2015 $43,000
6/25/2015 $37,000
6/17/2015 $0
6/12/2015 $56,000
6/10/2015 $135,000
6/8/2015 $10,000
5/28/2015 $0
5/27/2015 $100
5/18/2015 $21,000
5/14/2015 $21,000
5/5/2015 $84,000
Note that the 9 sales in red are not true sales; these are administrative transactions and not considered "qualified" sales. That means there were 16 qualified sales in the last 7 months, ranging from $10K to $135K. It was the $135K that caught my eye. An aerial view on the Polk County website revealed this home as a 2002 manufactured home of 1152 sq ft on Grey Fox bordering the orange grove. It's selling price exceeded any waterfront home selling prices. One of the properties was waterfront, but the second one was landlocked:
Attachment DeletedIf you enlarge it, you will see the green line overlaying the home which is the approximate boundary of the property. On this graphic, it appears that there is a signficant encroachment by the adjacent property structures. This might not be accurate, since overlays are not surveys. However, encroachments in S-bag are quite common and this has been noted by Polk County, who wrote:
This came up recently in conversation and someone said they have an oral, handshake agreement with the neighbor who does not object to the encroachment. A cautionary approach for a HOMEOWNER would be to avail oneself of one of the options described above--especially in a brisker real estate market where properties are changing hands more quickly.
Because banks will not finance resale housing in S-bag, a survey is optional and seen as an unnecessary cost. The best approach for a BUYER is to GET A SURVEY--it costs under $300 and is your best protection against unanticipated problems down the road.
A SELLER MUST disclose a known or suspected encroachment and would be wise to document in writing to a potential seller on a Sales Agreement or, if represented by an Agent, a Seller's Disclosure. Failure to do this can subject the Seller to a complaint of fraud if it becomes a problem later.
9/14/2015 $44,000
9/2/2015 $0
8/21/2015 $29,000
8/14/2015 $135,000
8/7/2015 $22,000
8/6/2015 $34,000
8/6/2015 $0
7/30/2015 $0
7/28/2015 $0
7/28/2015 $100
7/17/2015 $100
7/2/2015 $16,500
7/1/2015 $39,000
6/26/2015 $43,000
6/25/2015 $37,000
6/17/2015 $0
6/12/2015 $56,000
6/10/2015 $135,000
6/8/2015 $10,000
5/28/2015 $0
5/27/2015 $100
5/18/2015 $21,000
5/14/2015 $21,000
5/5/2015 $84,000
Note that the 9 sales in red are not true sales; these are administrative transactions and not considered "qualified" sales. That means there were 16 qualified sales in the last 7 months, ranging from $10K to $135K. It was the $135K that caught my eye. An aerial view on the Polk County website revealed this home as a 2002 manufactured home of 1152 sq ft on Grey Fox bordering the orange grove. It's selling price exceeded any waterfront home selling prices. One of the properties was waterfront, but the second one was landlocked:
Attachment DeletedIf you enlarge it, you will see the green line overlaying the home which is the approximate boundary of the property. On this graphic, it appears that there is a signficant encroachment by the adjacent property structures. This might not be accurate, since overlays are not surveys. However, encroachments in S-bag are quite common and this has been noted by Polk County, who wrote:
When a structure owned by one person extends over their property line onto a property owned by someone else, it is considered an encroachment. To remedy the encroachment there are three options:
1) remove the structure and repair the neighbor’s property if there are damages;
2) purchase all or a portion of the neighbor’s property enough to contain the encroaching structure; or,
3) purchase an easement from the neighbor to have and maintain the encroaching structure on their property.
There still remains the issue of setbacks and that have to be addressed with #2 or #3, but addressing the property encroachment is the first step in the remedy.
1) remove the structure and repair the neighbor’s property if there are damages;
2) purchase all or a portion of the neighbor’s property enough to contain the encroaching structure; or,
3) purchase an easement from the neighbor to have and maintain the encroaching structure on their property.
There still remains the issue of setbacks and that have to be addressed with #2 or #3, but addressing the property encroachment is the first step in the remedy.
This came up recently in conversation and someone said they have an oral, handshake agreement with the neighbor who does not object to the encroachment. A cautionary approach for a HOMEOWNER would be to avail oneself of one of the options described above--especially in a brisker real estate market where properties are changing hands more quickly.
Because banks will not finance resale housing in S-bag, a survey is optional and seen as an unnecessary cost. The best approach for a BUYER is to GET A SURVEY--it costs under $300 and is your best protection against unanticipated problems down the road.
A SELLER MUST disclose a known or suspected encroachment and would be wise to document in writing to a potential seller on a Sales Agreement or, if represented by an Agent, a Seller's Disclosure. Failure to do this can subject the Seller to a complaint of fraud if it becomes a problem later.
