My question involves real estate located in the State of: Idaho.
The neighboring property is owned by a bank who has been trying to sell the 100 yr. old home for months. The buyers have discovered that half of the garage lies on our property and that there is no easement for the septic tank which is located on our property.
A surveyor has yet to detmine the exact amount of the property in question but it is a pretty sizeable piece. We have owned this property for 12 years and always thought the line was 5 ft. off the side of their garage and that there was an easement on our property for their septic tank. The realtor contacted us today to ask if we'd be interested in a settlement for a lot-lind adjustment. We may be in a position to profit from this situation but I do have questions about it. Namely:
1. The property was sub-divided after a divorce around 1990 and since then both the original owner and subsequent owner "thought" they owned the land under their garage and "occupied" it as such.
2. We have been paying taxes on that portion of land since we bought our property in 1999 as the survey shows the line was incorrectly drawn.
3. I don't know the Adverse Posession laws for Idaho and how this will affect us.
4. If no one will buy the property from the bank without if we won't agree to a settlement and a lot-line adjustment where does that leave the bank?
5. My husband says "Pigs get rich, hogs get slaughtered", meaning we don't want to push for too much and end up with nothing. On the other hand, I don't want to agree to give away what may amount to 1/10th or more of an acre without getting what it's worth if indeed the bank is in a position of having to tear down the garage, move the driveway, and install a new septic system if no one will buy the property otherwise.
What say you?