How can I un-own a property ?

Buying & Selling Real Estate

How can I un-own a property ?

Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes

I own an now long since abandoned house in NJ. There was no mortgage but the taxes and W/S bills now far exceed any possible value of the property. The town used to clean up the property and then put a lien on the property for the costs. This proving generally ineffective to their purposes - they have adopted an alternative tactic now. Now they do nothing but demand that the owner clean up the house, repaint it, and etc. And then if the owner doesn't do it they issue a 'ticket' - which results in a summons to appear in municipal court, where the judge then revokes the owners driver's license.

My question is: can I form a land trust or other entity, sell the subject property to the created entity, and then just let them chase that phantom? Who, after all; even if they do ever catch them, will not be at all inconvenienced by having it's driving privileges revoked in the state of new jersey.

Or can you all think of any alternative resolution to this issue?

stephen

-------------

484 views

Most Popular Reply

Jean BolgerPro Member

Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes

12y

@Account Closed that is an uncalled for attack. Have you actually read this thread? do you know the area and the circumstances? To say that this property is unsaleable due to Stephen's being "unaccountable" is to ignore pretty much every relevant detail.

See this reply in the discussion

118 Replies

Jump to latestLatest

Sort by

Mark Boegemann
Investor, trucker · sugar hill, GA · Member since 2014 · 25 posts · 5 votes
11y
put it in the Land Trust and then fire the trustee
0 Reply
Benjamin Ellis
Investor · Barrington, NJ · Member since 2013 · 83 posts · 9 votes
11y
I'll take a stab at it @Stephen S.. Email me the address.
0 Reply
Jennifer Hollstein
Home Rehabber · Rockaway, NJ · Member since 2014 · 62 posts · 24 votes
11y
http://flippingnj.com/seller.php
Contact these guys. There are people buying in Camden. Good luck
0 Reply
Dan Waugh
Welder · Aberdeen, MD · Member since 2015 · 51 posts · 11 votes
10y
Originally posted by @Derek W.:

Though it won't remove existing fines/liens as @George C. pointed out, I vote for you "selling" it to the "Camden Revitalization Trust" and putting the address for the trust as the local code enforcement or city building. Hopefully it throws off the scent and prevents future harassment. Then since you are actually in charge of the trust, if a miracle happens and property even regains value, you still have a play. Who knows, maybe they will believe they own it and remove the fines? It's not over-insured with faulty electric wires, is it? Just asking!
-- I laughed --
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
I like to joke around as much as or maybe more than anyone else - but I am not willing to actually break the law to get rid of this house. That is; insurance fraud or anything like that does not interest me as it would be cheating someone who is not my enemy.
I have been busy with other things and so the trust documents are Still sitting on my desk in Florida. <g> That error of mine may actually work out favorably for someone as a friend of friend of mine is intrigued by the idea of 'squatting' in the house. With his interest, and with the massive capabilities of our mutual friend and I may be able to re-make the place in some basic fashion for him. It seems like maybe the best all-around solution as he will be there to maintain it, and so; the neighborhood.
stephen
--------------
0 Reply
Jeff B.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
How serious are you to be off the title? A total write off might be a "deed in lue" process.
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
Thanks.

And I am about as serious as a heart atack.

But a deed-in-lieu presupposes a willing 'buyer' on the other side of the transaction. Someone has to be willing to take the property - and to the best of my well researched knowledge: no one is actually that willing. <g>

A fair number of people on this forum contacted me and expressed an initial interest in taking the property. But they all apparently came to the same conclusion I already held: there is no way to make a dollar with this property.

stephen
------------

Originally posted by @Jeff B.:

How serious are you to be off the title? A total write off might be a "deed in lue" process.
0 Reply
Jeff B.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
Originally posted by @Stephen S.:

Thanks.

And I am about as serious as a heart atack.

But a deed-in-lieu presupposes a willing 'buyer' on the other side of the transaction. Someone has to be willing to take the property - and to the best of my well researched knowledge: no one is actually that willing. <g>

A fair number of people on this forum contacted me and expressed an initial interest in taking the property. But they all apparently came to the same conclusion I already held: there is no way to make a dollar with this property.

stephen
------------

Originally posted by @Jeff B.:
How serious are you to be off the title? A total write off might be a "deed in lue" process.
No buyer required - - surrender to 1td holder
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
Who / what is the "1td holder" ?

stephen
---------------

?Originally posted by @Jeff B.:

Originally posted by @Stephen S.:
Thanks.

And I am about as serious as a heart atack.

But a deed-in-lieu presupposes a willing 'buyer' on the other side of the transaction. Someone has to be willing to take the property - and to the best of my well researched knowledge: no one is actually that willing. <g>

A fair number of people on this forum contacted me and expressed an initial interest in taking the property. But they all apparently came to the same conclusion I already held: there is no way to make a dollar with this property.

stephen
------------

Originally posted by @Jeff B.:

How serious are you to be off the title? A total write off might be a "deed in lue" process.
No buyer required - - surrender to 1td holder
0 Reply
J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
10y
Originally posted by @Stephen S.:

Who / what is the "1td holder" ?

1st Trust Deed (i.e., Lien) Holder...
Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
There is no lien holder. Well; not in the sense of a mortgage loan anyway.

The existing liens are all property taxes and the water/sewer bills. Both of which are the City Of Camden NJ.

They are the exact people who are refusing to take the property. Because they know that to foreclose means that they then won't have me and my money involved. <g>

Am I missing something important in this "1st Trust Deed Holder" comment?

stephen
-----------------

Originally posted by @J Scott:

Originally posted by @Stephen S.:
Who / what is the "1td holder" ?

1st Trust Deed (i.e., Lien) Holder...
1 Reply
Andre Palumbo
Philadelphia, PA · Member since 2015 · 5 posts · 2 votes
10y
Camden is actually starting to make a comeback. It's still not good but there is over 3 billion dollars of investments happening around cooper hospital. multiple companies are building headquarters in the city including American water which is the biggest water utility in the US, Subaru, Lockheed Martin, Campbell's soup. That along with Cooper hospital which is now teaming up with Rutgers and Rowan and building medical schools, higher degree nursing schools, huge health sciences facilities. The universities are also planning on expanding. Later this year two developers fr New York and Philadelphia and starting a 1 billion dollar project on the waterfront that includes two brand new glass tower building along with the American water HQ. Another couple years people are going to start pouring into Camden trying to buy while the prices are low.
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
Well Andre; here is Your chance to get in on The Camden Renaissance - and . . . . right on the ground floor.
What do you say? Want to start with me giving you a starter house there? <g>
stephen
----------------
(you)
Camden is actually starting to make a comeback. It's still not good but there is over 3 billion dollars of investments happening around cooper hospital. multiple companies are building headquarters in the city including American water which is the biggest water utility in the US, Subaru, Lockheed Martin, Campbell's soup. That along with Cooper hospital which is now teaming up with Rutgers and Rowan and building medical schools, higher degree nursing schools, huge health sciences facilities. The universities are also planning on expanding. Later this year two developers fr New York and Philadelphia and starting a 1 billion dollar project on the waterfront that includes two brand new glass tower building along with the American water HQ. Another couple years people are going to start pouring into Camden trying to buy while the prices are low.
0 Reply
Lisandro Garcia
Investor · Camden , NJ · Member since 2010 · 77 posts · 7 votes
10y
where is your property located in Camden send me a message !!! How many years back tax
0 Reply
Lisandro Garcia
Investor · Camden , NJ · Member since 2010 · 77 posts · 7 votes
10y
Read some your post . Camden is a loss cost if you where to send me the adress I will go down to city hall and talk to them and see if the city will come up some kind of payoff amount for that debt I mean they have to realize 75k in tax debt there not getting that but if they drop it to 8-10k and you would let me get the house free and clear and I just pay the taxes then my friend that makes sense but knowing how dumb city hall is in Camden that will be a long shot .. It will makes sense for them
To work on this but they won't if the house is in fair view -east Camden -carmer hill section I'll see what I can do .
0 Reply
Stephen S.
OP
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
10y
Sorry: Fairview. <g>
And I have talked myself Out trying to get anyone in Camden to see the obvious path to revitalizing Camden residentially.
My Plan is this: Anyone who wants a house which is well underwater with unpaid liens can have clear title to the house under these conditions:
Before they actually receive title -
1. They repair the house to Section 8 grade rental standards (which are not high <g>).
2. They agree to Only occupy the house personally for at least five years.
At that point the house is placed into their name. It becomes their house. Their title carries a lien for the full amount of the back taxes and previous liens.
3. If all water, sewer, and property taxes are paid, in full and on time, for a period of five years - and the house and property are kept in good repair and appearance - the previous lien amount against the title is forgiven in full.
0 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
7y
Any update?
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.

Log In Join for Free