Land Locked?

[Terrel L. Shields]

‘All our dreams are out of the window’: Florida couple paid $350K for an empty lot they can’t build on — here’s why

Their workaround is awaiting city approval.

finance.yahoo.com

So, everyone says it is buildable...except it isn't. How does an appraiser protect themselves if they do not a good title opinion, and know where the access is?

 

[Charles West]

So much for due diligence.

 

[Tom D]

Same here. Row home with a lot st to st. They bought o build a new house on the other st front. Opps city has a right of way running thru the back of the lot. City never used it, owners never said anyrhing, realtor never said anyting. Maybe nobody knew, but the sale price was for the extra ground to build. Too bad, city say no can build. Not sure what has come of it. Never saw that before.

The couple paid cash. They own a construction company. Kinda hard for them to point a finger at someone else for their lack of due deligence, research. And this involved a private road, extra stupid.

 

[Charles West]

Same here. Row home with a lot st to st. They bought o build a new house on the other st front. Opps city has a right of way running thru the back of the lot. City never used it, owners never said anyrhing, realtor never said anyting. Maybe nobody knew, but the sale price was for the extra ground to build. Too bad, city say no can build. Not sure what has come of it. Never saw that before.

Are the buyers suing anybody yet? The seller and seller's agent would seem to have some responsibilty here regarding a faulty disclosure. I also have difficulty with the buyer's sloppy investigation for a undeveloped lot within city limits. The mere fact that it is undeveloped in a densly developed urban location is a big red flag by itself.