Unwanted Property

[RunningBum]

Quote:

Originally Posted by marko For $25 a year in taxes, what's the downside of holding onto it? Sort of a "living memorial " ( I'm assuming there's trees there) to your dad. "Yup, somewhere up that mountain is Dad's old property, taking in CO2 and spitting out oxygen"

What if someone gets hurt on it?

[RetireeRobert]

Quote:

Originally Posted by RunningBum What if someone gets hurt on it?

OP could hike in and post a few "No Trespassing" sign on it. Then trespassers do that at their own risk.

[RunningBum]

Quote:

Originally Posted by RetireeRobert OP could hike in and post a few "No Trespassing" sign on it. Then trespassers do that at their own risk.

OK, a quick google shows that this is a very good defense. But just hiking in to a remote worthless property with signs seems like a downside to me. And I wonder if you have an umbrella policy if they would require you to insure that property.

[RetireeRobert]

Quote:

Originally Posted by RunningBum OK, a quick google shows that this is a very good defense. But just hiking in to a remote worthless property with signs seems like a downside to me. And I wonder if you have an umbrella policy if they would require you to insure that property.

Umbrella insurer would probably raise the umbrella rates by $50 a year for owning this land! Thereby making owner pay each year perhaps total market value of the parcel.

[RetireeRobert]

Quote:

Originally Posted by JoeWras You can also search for "vacant land buyers". You might get a few bucks, literally, or maybe only $1. After trying to sell a vacant lot gifted to me, I finally resorted to this.

Such as this organization. I googled and found this one and about six other similar (just on page 1 of search results)": https://sellunwantedland.com/

[JoeWras]

Quote:

Originally Posted by RetireeRobert Umbrella insurer would probably raise the umbrella rates by $50 a year for owning this land! Thereby making owner pay each year perhaps total market value of the parcel.

When I changed insurers 6 years ago, I disclosed this. Given the circumstances of where the land was, it had no effect. But YMMV.

Quote:

Originally Posted by RetireeRobert Such as this organization. I googled and found this one and about six other similar (just on page 1 of search results)": https://sellunwantedland.com/

Yes, I sold to someone like that. It was fairly painless. The cash I got was low ball, But I Don't Care. I just wanted out. I had the original sale papers on the property and followed the IRS rules on gifted property to figure the loss -- so there's that.

[euro]

Quote:

Originally Posted by W2R Would it hurt to ask? I mean, that's what they do for a living, and we really don't know how much it's worth or not worth.

Wont hurt to ask, but highly unlikely any realtor will be interested. Given the $25 a year tax bill, even the county seems to think the property is basically worthless ($25 may well be the default minimum that county has).
I helped my DMIL get rid of a couple of lots in rural Texas some time ago. Those lots had SOME value as they were zoned for residential construction with available utilities access. Still, the value was low enough that realtor did not work on a standard 5-10% commission. Instead, they asked for a minimum dollar amount, which ended up at maybe 35% of sale price. Was worth it nevertheless in that case because my in-laws had already paid many multiples of the value in property taxes over the 50 or so years they owned the land. Just kept draining them.
Raw land is a strange beast - depending on specifics, it can appreciate at amazing clips over the years, or go straight from “cheap” to “near worthless”. That said, there is a romantic component to owning “real dirt” for a lot of people, so that is why there will almost always be a buyer at the right price (even if the right price is $1). Just have to find them.

[ExFlyBoy5]

Quote:

Originally Posted by OldShooter The counties I am familiar with have on-line GIS systems that include all this information including the address of the taxpayer. It is a matter of minutes to look it up.

Many north Georgia counties are still in the 1980s when it comes to land records. You often have to go to the clerk's office to look up/file deeds and if you aren't familiar with how the filing system is done, it could take HOURS to pin down who owns the adjacent lots. They simply don't have the money or manpower to use GIS.

[ExFlyBoy5]

Quote:

Originally Posted by RunningBum What if someone gets hurt on it?

Not an issue on vacant land in Georgia, unless the owner has an attractive nuisance on it but even then...if the owner doesn't know about it, then no issue.

We have some vacant land here and there and has had no effect on our umbrella coverage since it's vacant. Now as soon as you put ANY structure on it...then there would be a change in policy. Of course, this is dependent on your state and insurance laws so YMMV.

[street]

Quote:

Originally Posted by ExFlyBoy5 Not an issue on vacant land in Georgia, unless the owner has an attractive nuisance on it but even then...if the owner doesn't know about it, then no issue. We have some vacant land here and there and has had no effect on our umbrella coverage since it's vacant. Now as soon as you put ANY structure on it...then there would be a change in policy. Of course, this is dependent on your state and insurance laws so YMMV.

Applies to my State and Umbrella policy also.

Not sure in Ga if you can land lock but it is a rare law if you can. Montana is one of very few states that can land lock. It isn't a good law to have from any aspect of life.

Georgia provides a statutory process for obtaining access to a land locked piece of property. O.C.G.A. § 44-9-40 et seq. The process can be described as a private condemnation.

[Fermion]

Quote:

Originally Posted by street [/B] Applies to my State and Umbrella policy also. Not sure in Ga if you can land lock but it is a rare law if you can. Montana is one of very few states that can land lock. It isn't a good law to have from any aspect of life. Georgia provides a statutory process for obtaining access to a land locked piece of property. O.C.G.A. § 44-9-40 et seq. The process can be described as a private condemnation.

Now see, that there is how you get rid of the property. Any adjacent owner would rather buy it for $1 rather than have an easement forced across their land.

[street]

^ exactly. If I was in your state and close, I would buy it in in a heart beat!

[JoeWras]

Quote:

Originally Posted by ExFlyBoy5 We have some vacant land here and there and has had no effect on our umbrella coverage since it's vacant. Now as soon as you put ANY structure on it...then there would be a change in policy. Of course, this is dependent on your state and insurance laws so YMMV.

Ah yes! This rings a bell when I spoke with our insurance. She asked if we had anything, even a shed. Then she asked if we camped there more than -- I think -- two weeks per year.

My answer was "no" so there was no effect on insurance.

As usual, again, YMMV depending on state and policy.

[ExFlyBoy5]

Quote:

Originally Posted by street [/B] Applies to my State and Umbrella policy also. Not sure in Ga if you can land lock but it is a rare law if you can. Montana is one of very few states that can land lock. It isn't a good law to have from any aspect of life. Georgia provides a statutory process for obtaining access to a land locked piece of property. O.C.G.A. § 44-9-40 et seq. The process can be described as a private condemnation.

There are a couple of ways of doing this, but getting too deep could be considered the unlicensed practice of law since I am not licensed in Georgia (which is slightly annoying since I am more familiar w/ Georgia law than the state laws I am licensed in). Bottom line, there are several ways to deal with this and spending a few hundred bucks with an attorney will get it dealt with in a fairly quick order. Or you could spend that $300 and pay taxes for 12 years. Plenty of info on this thread for the OP to chew on.

[street]

^ yes, a third party paying the taxes would be a way to get ownership. Not a huge issue is someone wants this piece of land.

[marko]

Quote:

Originally Posted by RunningBum What if someone gets hurt on it?

One can always find a reason to not do something but considering the remoteness of the land and an even greater remoteness of that happening, its not something that would stop me. That's what insurance companies and lawyers are for.

If it did come to that, they could sue and settle for the land in question. Problem solved!

[marko]

I'm actually surprised no one on this forum has made an offer!

[RunningBum]

Quote:

Originally Posted by marko One can always find a reason to not do something but considering the remoteness of the land and an even greater remoteness of that happening, its not something that would stop me. That's what insurance companies and lawyers are for. If it did come to that, they could sue and settle for the land in question. Problem solved!

(sarcasm) Nothing says "no hassle" like the bolded part. I agree the chances are almost nil, but why deal with any of it? I would do what it takes to get rid of it or not accept it. Even if you don't mind paying the little bit of taxes, it just kicks the problem down the line when you die. I'm guessing the OP's grandfather wouldn't want to be remembered for this investment gone bad. But he kicked it down the line, as the OP's father is doing. Stop it here, I say.

[RunningBum]

Quote:

Originally Posted by marko I'm actually surprised no one on this forum has made an offer!

Bid a penny, maybe you'll get it!

[LRDave]

OP here - thanks for all the thoughtful responses!

We have talked to realtors a couple of times through these many years. No realtor wants to touch it, for the many reasons highlighted in this thread, plus the local realtors know it won't sell.

This thread inspired me to look deeper into the online presence of this county. It was not easy for me to find (so I missed it on the first pass - operator error, I'm sure...), but I did find a GIS with property records with enough detail to find adjacent property owner's names and addresses. I may pursue that angle. I also discovered that the lot is nominally 0.5 acre, so bigger than I remembered. There was a road cut in in the 70s and you can still see the vague outline on the satellite image. I don't think the lot is landlocked but I don't know who "owns" the road, but it is not county maintained.

I followed the link above (buys unwanted property) and submitted a request for my all-cash, quick-closing offer. We will see what comes back. I expect to be ghosted, but if it is anything above nothing, we will likely take it.

DW is campaigning for us to take it (my sisters would gladly deed it to us) to ensure it never gets developed. The taxes have gone from about $12/year to $24/year since about 2000. That feels like it may be a noble use of the asset that matches our values. OTOH, I don't see the adjacent area getting developed in our lifetimes, so I am not sure we are really preventing anything. It is not a place we would ever go and "hang out" - 3+ hours from home, steep hike up to an overgrown side hill lot. We live in 12 acres of gently sloping mixed hardwoods already.

Thanks once again to all that responded. The responses we helpful and actionable. This is an example of why this is such a great forum!