Neighbors house fell down, I want to buy property
Our neighbors house fell down due to snow build up, I would like to buy the property, it would make a great addition to our property, but where do I start, who does clean-up, how much is the property worth, can we buy with a land contract?
Re: Neighbors house fell down, I want to buy property
When buying and selling a property, most items are negotiable. That is, the buyer or the seller can be asked to complete most things, and the price would be negotiated to take into account the terms that were negotiated. In your case, you could make an offer, subject to the seller agreeing to remove the existing structure. Or, you could do the same thing and take the property “as is.” The price may reflect a higher price if the seller has to do a lot of things to comply. In you situation, you should have a good real estate attorney work with you to put your offer together to assure you get in the terms you want at a price you are willing to pay.
Thomas Schober
Schober Schober & Mitchell, S.C.
16845 West Cleveland Avenue
New Berlin, WI 53151-3532
Re: Neighbors house fell down, I want to buy property
Hello,
You could pay to have an appraisal done from either a real estate agent or an appraiser. Then you can show the seller how you concluded what the value was. Either party can clean it up. If you do it, you have to pay less for the land. If he cleans up, then you don’t have to deduct for the clean up cost. If you buy it, you will have to give him the purchase price or he will have to provide the financing (land contract). Whether he will or not depends on if he needs all the money now, or if he can wait and get paid over time.
Let me know if you need help.
Best wishes,
Mark J. Mahoney
Mark Mahoney
Cassiani Law Office, Wise Shepherd Law Office
2701 Larsen Road
Green Bay, WI 54911