Weird dock situation

[glenn walker]

As far as I searched yet, I do not see it on a deed - public records here have a dock recorded on an improvement when it is real property. Other oddball cases owners have given me a deed. This owner did not do that. He used the term "deeded dock" in a recent listing , but a listing of subject back in 2017 said the dock could be leased or purchased. I contacted another RE agent on a similar listing and he said dock is purchased separately as do other listings say this.

Some mystery quit claim deed last year from another party. J

I do not trust owner because house has been listed on and off the market multiple times in past 5 years both for sale and for rent _ why? Listed as recently as 3 months ago then "cancelled". What normal person does that _ it always bothers me when I see that -

Then his most recent listing was well above 800k ( on a property that so far, looks more in 600k range )...as if appraisers are that STOOPID - then at inspection he tells me he "needs" 830 k and I tell him it does not work that way, I can not promise any value .

I kinda would like to give assignment back at this point, though I can finish it, bring it in for what it is supported , say that due to lack of evidence on a deed or real property tax card the dock is treated as personal property and if he is unhappy well..

Yeah sounds like he is a player if he has a Deed or an-agreement to use it then he should be able to produce it--Its a cash out and he is using that Boat as his escape vehicle and probably will sink the boat and file an-insurance claim to boot. We had a guy up here do that he intentionally sank hos boat between long beach and Catalina Island-Calls Coast Guard. and a Helicopter picks him up and the idiot didn't wait for it to complete submerge and another Coast Guard Boat hooked it with a tow line-- 8 weeks later he gets arrested at his mortgage company by the FBI as the idiot had filed a $500K Claim but the investigation showed he had un- plugged that bad boy intentionally- If your Borrowers Name Is Walter-A Cuban who looks Italian and one hell of a salesman be careful--Last we heard after his 2 year stint in the Fed-Pen he fled to Florida with money out of his Brokers Trust Account : ) LMAO

 

[J Grant]

it is deep intracoastal waterway

It is a townhouse in a PUD community. the subject is dry lot, but the community has a marina with docks, and the docks can be sold or leased to a resident.
the QC deed assigns right and title and interest in dock # to owner name an address., contingent on approval from the HOA - dated 2 months ago

BUT does the above QC deed make the dock part of the real property?

I don't think it is real property but I could be wrong - if I am not sure seems I should give it back.

 

[Zoe]

You were made for this assignment. Things don't just happen. They happen for a reason.

 

[J Grant]

Yeah sounds like he is a player if he has a Deed or an-agreement to use it then he should be able to produce it--Its a cash out and he is using that Boat as his escape vehicle and probably will sink the boat and file an-insurance claim to boot. We had a guy up here do that he intentionally sank hos boat between long beach and Catalina Island-Calls Coast Guard. and a Helicopter picks him up and the idiot didn't wait for it to complete submerge and another Coast Guard Boat hooked it with a tow line-- 8 weeks later he gets arrested at his mortgage company by the FBI as the idiot had filed a $500K Claim but the investigation showed he had un- plugged that bad boy intentionally- If your Borrowers Name Is Walter-A Cuban who looks Italian and one hell of a salesman be careful--Last we heard after his 2 year stint in the Fed-Pen he fled to Florida with money out of his Brokers Trust Account : ) LMAO

Thanks - I did find a QC deed ( see above ) but for dock only and for TEN DOLLARS - then he tells me dock is worth 100k -clearly it is not only worth $ 10, but the whole thing looks hinky - 2 months ago he gets a QC for a dock so it shows up in a refinance then after the refi he will QC the dock back ? And subject was listed on and off the market multiple times in past 5 years...

 

[J Grant]

You were made for this assignment. Things don't just happen. They happen for a reason.

yeah they happen to waste my time and drive me crazy

 

[Zoe]

it is deep intracoastal waterway

It is a townhouse in a PUD community. the subject is dry lot, but the community has a marina with docks, and the docks can be sold or leased to a resident.
the QC deed assigns right and title and interest in dock # to owner name an address., contingent on approval from the HOA - dated 2 months ago

BUT does the above QC deed make the dock part of the real property?

I don't think it is real property but I could be wrong - if I am not sure seems I should give it back.

Let's go back to square one. If it is part of the real property that is in the deed to the physical address, it will be included in the deed where these people bought it.

Next, the bank may still want to lend on it as different property. You can value the dock separately. New assignment.

You may not feel comfortable valuing the dock separately. That's your out if you don't.

 

[Zoe]

You could go further and say they need to be sold together for H&B use if market tells you that. Be as specific in H&B use analysis as you can and property rights.

 

[glenn walker]

Well if it is above my skill level to definitively identify property characteristics I will give it back, no charge to owner or client of course.

Gee I wish I had this assignment I could play with this guy for weeks - Everyday --Ring-Ring- Did you get the deed ? Help me find some $100,000 Docks that have sold -- This is a real tight one we need a miracle-- Let me place it in my Red-Rack which is my emergency rack and light some candles and say some prayers. How come when I divided your new requested loan amount at 80% LTV- it magically comes up to $800,000--You must be a very lucky man : )

 

[J Grant]

Let's go back to square one. If it is part of the real property that is in the deed to the physical address, it will be included in the deed where these people bought it.

Next, the bank may still want to lend on it as different property. You can value the dock separately. New assignment.

I don't want to value a dock I am not a dock appraiser.

I m close to deciding to give this back. will decide in next hour

 

[J Grant]

You could go further and say they need to be sold together for H&B use if market tells you that.

heck no not me I mean HBU for max $ why not a Mercedes or the boat -a dock is no different if the owner can sever it out and sell it alone, plus not recorded on the property tax record so nothing to sever, he just can QC dock over or sell it to another party,, ( back to his scheming buddy who QC it for $10 to him 2 months ago )