The man thought he was getting the deal of a lifetime. He put in a bid for just over $9,000 to get a villa. He won…or so he thought. Upon further review it turns out he did not get the villa. Instead, he is now the owner of a plot of land that is approximately one foot wide and runs 100 feet long.
To make matters even worse — it was not a good deal. The land is valued at approximately $50.
Do not make the same mistake: 3 lessons to learn from the case
Those looking to buy property in Florida can learn three valuable lessons from the case:
1: Double check the paperwork
The old saying about the devil being in the details is particularly true when it comes to real estate. When it comes to real estate transactions, it is often worth the effort to get a professional to review the contract and paperwork to ensure you are getting what you think you are getting.
2: Be wary of auctions
The property owner found the deal on a county action. Although these platforms can provide an opportunity to get a great deal, it is important to take the time to do your homework (refer back to the first tip) as the pictures used to explain the parcel that is available can be deceiving.
3. Florida property lines can be interesting
Perhaps one of the biggest questions of this case is how the 1 ft x 100 ft piece of property came to be in the first place. The property was likely overlooked by government officials after the dissolution of the developing company.
Regardless of the exact reasoning for this piece of property, it serves as a reminder that property lines in Florida can be odd.