I stumbled across a vacant property and had a couple questions. I did some digging and found that the lender had sent a notice of pendency for foreclosure in 2011, but it looks like nothing ever came of it and the owner still owns the property. I double checked the lenders website for REOs and the property didn't come up. I also checked the county tax records and it looks like taxes are up to date with no liens.
I have the name of the owner but before I made a phone call I just wanted to run it by the forums. Is there a particular approach to contacting absentee owners that works best? I obviously need to know if he's interested in selling (I'm assuming he would be?) and what price he'd be willing to sell at. I'm not prepared to offer cash so I'm also not sure of the best way to approach giving an offer. I don't want to scare him off by sounding like I don't know what I'm doing so I guess whatever advice you can provide would be great.
Quick side note:
I don't really get how this happens in the first place. I guess it could come down to any kind of personal situation. But if the property has been abandoned, but the owner continues paying the mortgage and taxes (or appears to be), why don't they just sell the place? Obviously if they still want it for some reason then they wouldn't sell, so this question assumes they don't want the property.
That's not abandoned. Merely vacant.
If I park my car on the street but pay to keep tags current, does that mean I've abandoned it? Of course not.
Look for cues and clues that the owner doesn't care and is no longer attached to the property.
As to why? Create a list. Use those in matching the USP's in your marketing message.
I am actually going to be doing this myself but with some medical buildings Ive come across that are vacant. The owner is a Doctor and has his medical office down the street and Im actually just going to show up to his office and present to him what I can do for him. You just really have to find out why do they still own the property and what are their plans. They're just losing money with the property sitting there and not making any kind of money.
Yea vacant is what I meant, bad wording on my part. It occurred to me that I had noticed this house vacant a couple years ago as well, (I've walked by it near our neighborhood) and hadn't thought much of it at the time because I wasn't involved in REI yet. I guess that's why I said abandoned (essentially), because there's been what appears to be no attempt to sell or rent or live in the place for some time. I'm going to knock on some neighbors doors today and see if I can get some info out of them.
Good point on the 'why'. It all comes down to solving other people's problems right? So I just need to find a way to pitch a solution.
Just retagging Freddie, I don't think it worked on the last post.
@Josh Stetson Exactly finding the 'why'. I always tell people I am a passionate problem solver because at the end of the day were solving problems and trying to make a deal happen. Good luck on the door knocking, its always fun.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing