My neighbor accidentally sold me his house.

Location: Southern California.

My neighbor agreed to sell me his two empty lots of land located next to each other. He also agreed to do seller financing.

We agreed to the financial terms and we were waiting for him to get everything ready for us to sign.

Weeks went by and he decided to use an Escrow company instead. This was going to be an additional cost but figured it would be worth it and make things easier.

The sale and Escrow process were difficult (to say the least) but we eventually worked through it and signed – whew, glad that was over and done with.

A few months later the seller/ neighbor gave us the property tax information a few days before it was due. We weren’t going to be able to get him a check for it in time but thankfully we found out we were able to pay it online.

When we entered in the property information it showed that one property was valued at around 40k and the other 140k. They are located directly next to each other so they should be the same value, right? It also said one was SFR which we looked up to mean Single Family Residence… We bought two empty lots, neither of which had any kind of dwelling on them.

We did some more digging and apparently he accidentally sold us the lot with his house on it and another lot next to it. Wow.

The house is his second home and he doesn’t live there full time.

We showed him what we found and he was obviously as shocked as we were. He said he would contact the escrow company the next day and get this fixed.

A few days later the Escrow company contacted me via email and basically said they didn’t do anything wrong and started pointing fingers, mostly at the seller.

Due to the title needing to be changed and the market boom in our area we decided to sell these properties and combine them with our house that is directly next to one of the empty lots.

We had bought the house at the same time as the lots and intended to set them up as a short term rental, keeping the option to sell them all together if we didn’t like renting.

Is this the escrow company’s fault? Or the sellers? Shouldn’t the escrow company have noticed they were selling a SFR when they were WELL aware we were selling/ buying empty lots?

We wanted to take the opportunity during the title adjustment to add a name to the title (so we could sell it with the house) at first they said they couldn’t do this without opening a new escrow. Then said they could add someone to the title and we would only have to pay the recording costs. (Around 200$)

This whole process has been a nightmare and contributed to us deciding to sell everything instead of proceeding with a rental business that we JUST finished and were ready to rent.

Before we proceed I wanted to see what other options we have and what we need to do with the title on the empty lots so that we can sell them with the house. The house is in another name and the empty lots were in mine. If they can add the other name to these lots will that be enough to be able to sell all 3 properties together?

What responsibility does the escrow company have? I feel they didn’t do their due diligence and are skirting any and all responsibility.

submitted by /u/NerveRate
[link] [comments]

Location: Southern California. My neighbor agreed to sell me his two empty lots of land located next to each other. He also agreed to do seller financing. We agreed to the financial terms and we were waiting for him to get everything ready for us to sign. Weeks went by and he decided to use an Escrow company instead. This was going to be an additional cost but figured it would be worth it and make things easier. The sale and Escrow process were difficult (to say the least) but we eventually worked through it and signed – whew, glad that was over and done with. A few months later the seller/ neighbor gave us the property tax information a few days before it was due. We weren’t going to be able to get him a check for it in time but thankfully we found out we were able to pay it online. When we entered in the property information it showed that one property was valued at around 40k and the other 140k. They are located directly next to each other so they should be the same value, right? It also said one was SFR which we looked up to mean Single Family Residence… We bought two empty lots, neither of which had any kind of dwelling on them. We did some more digging and apparently he accidentally sold us the lot with his house on it and another lot next to it. Wow. The house is his second home and he doesn’t live there full time. We showed him what we found and he was obviously as shocked as we were. He said he would contact the escrow company the next day and get this fixed. A few days later the Escrow company contacted me via email and basically said they didn’t do anything wrong and started pointing fingers, mostly at the seller. Due to the title needing to be changed and the market boom in our area we decided to sell these properties and combine them with our house that is directly next to one of the empty lots. We had bought the house at the same time as the lots and intended to set them up as a short term rental, keeping the option to sell them all together if we didn’t like renting. Is this the escrow company’s fault? Or the sellers? Shouldn’t the escrow company have noticed they were selling a SFR when they were WELL aware we were selling/ buying empty lots? We wanted to take the opportunity during the title adjustment to add a name to the title (so we could sell it with the house) at first they said they couldn’t do this without opening a new escrow. Then said they could add someone to the title and we would only have to pay the recording costs. (Around 200$) This whole process has been a nightmare and contributed to us deciding to sell everything instead of proceeding with a rental business that we JUST finished and were ready to rent. Before we proceed I wanted to see what other options we have and what we need to do with the title on the empty lots so that we can sell them with the house. The house is in another name and the empty lots were in mine. If they can add the other name to these lots will that be enough to be able to sell all 3 properties together? What responsibility does the escrow company have? I feel they didn’t do their due diligence and are skirting any and all responsibility. submitted by /u/NerveRate [link] [comments]

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