Hi All, I have an abandoned house down the street from me. It had a fire and is damaged, the owner is deceased. I would really like to see it rebuilt and not just sit there abandoned for who knows how long. Any ideas on how I could buy this property and how much it would be to demo and rebuild? Anyone have any experience with a flip like this? thanks in advance.
hi ben. yes, i have some ideas on that house. first, since the owner is deceased, there had to have been an obituary in the local paper for them. find that obit because in there, they always list the people who survive this person. chances are, one of those people are going to be the executor of the deceased's estate. this is who you will need to deal with to buy the property. also, any estates and/or wills will be recorded in the county court house of the county you live in. in that estate, it will be listed who is in charge of the estate and therefore, who you need to contact to buy the property. buying distressed properties that are not listed is a great way to make money flipping houses. having a deceased owner add a special issue to buying the property, but it is not impossible to do so because all estates have to be settle somehow some way, which means someone is going to be in charge. find them, and find your deal. good luck
Someone is paying the property taxes, you have to figure out who that person/entity is. Go to County Tax Dept (sometimes records are online but sometimes they are not updated) and find out who to contact regarding ownership. Also, make note of what the different taxes on the structure and on the land are (these should be separate numbers), you should pay for the value of the land only if the structure is so damaged that it must be demolished. It sounds like you are basically buying the lot. So look at what the tax assessment on the lot only is and offer that much.
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