Adverse Possession
Recently we came across a property owned by a bank that subsequently has merged with another and changed its name. The property has sat vacant for the past six years. At this point what are some options that we have in going in and adversely possessing this property.
State law mandates a 7 year period.
The law says that possession must be open, hostile, and notorious.
ANd it usually takes 7 -10 years depending on your state. And then you don't have a marketable title to the property.
WHy would you want to try and take it that way? that is kind of underhanded isn't it? approach the bank and make them an offer.
[addsig]
I am looking for someone that can give me a realistic answer in the above mentioned scenario as opposed to a cookie cutter I just came back from a rei seminar and now I'm motivated answer.
I would like to know the step by step process when dealing with a "Bank" that doesn't even know the asset is theirs and tell us that they do not own it. Hope that adds further clarity.
PS - adverse possession is a legal process for a reason. [ Edited by tailfeather on Date 08/20/2003 ]