What to do about the sale of real property and a foreclosure?

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What to do about the sale of real property and a foreclosure?

My home was foreclosed on 4 years ago. It was built on 3 lots and they only forclosed on the middle 1; the other 2 are still in my name. I just found this out and now someone has come to me and wants to buy them. Can I sell them since the house still sits on all 3 of them? The house has never been sold and I was told that is why it has not sold (because I still own the other 2 lots).

Asked on September 10, 2010 under Real Estate Law, Tennessee

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

No, I would not take a chance on that.  You could be placing yourself in a very bad position and buying yourself a lawsuit somewhere down the road.  I would go and consult with a real estate attorney in your area regarding this matter.  If the foreclosure was completed then you do not own the property in the middle or the house that it sits on.  But it seems to me that you are in a very good bargaining position because the bank is stuck selling the property because it sits on property that it odes not own.  Who would buy a house like that? No one.  So maybe you can negotiate a deal even at this stage of the game.  And then you can sell all the property, give the bank a cut (at a really reduced rate I am sure) and move on.  Good luck.


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