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I live in AZ and a piece of land in partially developed area…

I live in AZ...

I live in AZ and a piece of land in partially developed area that has had problems. We have had the property for approx 10 and have not been able to sell it. I just want to get rid of it and take the loss without damaging my credit. What are our options?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

We have had it listed with Coldwell banker for two yrs with no success.

Lawyer's Assistant: Have you talked to an AZ lawyer about this?

No That was my next step unless there was any other way

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of unless you can think of a question I have not answered he will ask,

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Answered in 1 minute by:
3/19/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 13,438
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Is there a mortgage on the property?

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Customer reply replied 4 months ago
no
Customer reply replied 4 months ago
not at this time

I see. So, maybe you can help me understand your question a bit more carefully. You said that you're looking to get rid of it without damaging your credit, but with no mortgage on it, your credit won't take a hit. Can you help me understand a bit more clearly as to what you're hoping for?

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Customer reply replied 4 months ago
we are getting ready to retire and want get rid of the assn fees and property taxes. I have capital gains coming in from sale of my business interests that I could use the loss to offset.

I see. Unfortunately, I'm not sure of what questions you have necessarily about this as there are concerns with your credit and taxes and it's a little confusing to me. I don't want to waste your time or money so let me opt out and another expert can take over (you won't be charged anything in addition).

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Customer reply replied 4 months ago
If we can't sell the property what are our options to get rid of it and take the tax loss?
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,905
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified

I am an Arizona licensed Attorney and it will be my pleasure to assist you. What is the issue that is prohibiting your ability to sell?

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Where is the land located?

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Are you online with me?

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Customer reply replied 4 months ago
In a development just north of Cottonwood Arizona called Thunder Ridge.

Thank you for the clarification. In some cases the municipality will take the property as a donation. Have you spoken to anyone with regard to this? Let me provide the link for you to contact.

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Community Development

Physical Address
111 North Main Street
Cottonwood, AZ 86326

Can you tell me id there are any issues causing you to not be able to sell?

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Customer reply replied 4 months ago
No.
The development had some financial issues a few years back but those seem to be taken care of. I think the fact that each site has to have a well and septic put in plus the area has a bad rap from previous years has made it undesirable. Our site does not have a well yet since we decided to build here.
Customer reply replied 4 months ago
Correction. We decided Not to build there.
Customer reply replied 4 months ago
Are you still there?

I am here. Every post you add kicks out my response. I have no idea why that happens. My apologies.

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You can try to donate the land. The issue is that the property taxes will continue to be billed and obviously you do do not want to continue to pay taxes on land that is worthless to you. Is the developer still involved with the development?

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Customer reply replied 4 months ago
Not that I know. He turned it over to the Association a few years back but will verify that in the future.

Please do check with the Association they may also be interested in the lot. I have handled these situations where I have had the municipality take the donation of the land or the Association.

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Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work from the site I would appreciate it. A positive rating will not impact your ability to obtain a refund.

You may not be familiar with how the site works. The Attorneys to not receive credit from the site for their time or with customers unless the customer provides a positive rating. We answer your questions in good faith, hoping for a good faith response regardless of whether the law is in your favor or not. If you were unhappy with my service please let me know that you would prefer to work with another Attorney and I will opt out.

Can you see the rating scale on your end, 5 stars?

Thank you for your consideration.

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Customer reply replied 4 months ago
I will check check with the assn and the municipality. The assn will probably not be interested. There only about 20 houses on a development of almost 100 sites. If the assn and city dont want the property what are my other options?

You would donate the land.

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Would you like a link for a local Land Use Attorney that provides FREE consultations?

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Customer reply replied 4 months ago
Sure
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Thank you for using JA. We appreciate your business.

Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,905
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified
Attyadvisor and 87 other Real Estate Law Specialists are ready to help you
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Thank you very much for taking the extra time to rate.

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