Who Owns the Pool?

One of the most….no probably THE HARDEST real estate transaction I have ever been involved in occurred when a client was referred to me by a previous customer saying “If anyone can get it done…Kim can!” The reality was that the property was a foreclosed property owned by Freddie Mac but was listed for $182,774 which was considerably more than they were willing or able to pay for it….and that was the ‘easy’ part!

Amy called me one day saying that my previous customer “Steve” referred her and that she had fallen in love with this property North of Springfield & that she & her husband both worked in North Springfield & she would like to make an offer on it. I’m thinking to myself, ”wow this sounds like a piece of cake!”….I will NEVER think that again. I began by taking them out to see the home and then did a little homework on it before we got too excited about it. The home was nestled on wooded acreage down a little lane with an in-ground pool out back, several out buildings, and a circle driveway. It sounded perfect …UNTIL…

After doing our normal due diligence on the property we discovered that there looked to be at least one boundary issue on the property; the back property line was going down the MIDDLE of the pool! In addition, the neighbor’s driveway was encroaching on our property and our driveway would be encroaching on another property. Not to mention it had been unoccupied for a long time, the electricity and water was turned off to the property, it was winterized, and there was a ‘cage’ built over the pool for security reasons making the property inspections a real challenge.

Most realtors would have turned & ran (not walked) away from such a complicated deal, but not Team 24/7, we pushed up our sleeves and went into ‘Make It Happen’ mode! We first did an initial inspection on the house; furnace, roof, etc …all looked good. The well was tested and found the water was satisfactory for drinking. The septic had to be located and uncovered for inspection & was found to be acceptable as well.

Now we had to tackle the boundary issues. We first contacted the neighboring property owners to discuss the issues. It turns out they did not want to own half of a pool for liability reasons. The driveway encroachment(s) were able to be ironed out as well. We then began the commission of a surveyor to the tune of $3800 which included new legal descriptions, new property lines, & new easements. We were finally able to move to closing.

Not all stories like these could finish with a happy ending. It took an enormous amount of cooperation from the listing agent, the neighbors, and of course, THE BUYERS! It all took nearly 60 days but they did move in and are living “HAPPILY EVER AFTER”!

P.S. Just a side note…they bought the property for only $165,000! WHAT A BARGAIN!

Share this Post