This past summer one of my rental properties burned down. I worked through the claim process with the insurance company and properly had the house demolitioned to meet City codes. So, now I have a vacant lot in an urban area.

I quit paying the property taxes on it and owe about $650 to the City. At the end of the year when it's reassessed the taxes will go down to $11 a year.

What are some things you guys have done to get rid of unwanted properties? I'd like to donate it to get the tax write off, but have been unsuccessful so far. Here's what I've tried:

Contacted the neighbors to see if they want it
Contacted all the local churches to see if a parishoner wants it
Contacted Habitat for Humanity
Contacted the City to see if they just want it back (before tax foreclosure hits)
Contacted the Land Bank (charitable orginazation in the area that helps reduce blight in the City)

None of them have interest in it because it's not in any of their revitalization zones. (The parcel of land is in a nicer part of town).

So, all this being said, what do the bulk REO people do to get rid of their junk properties?

I never thought it would be this hard to give away real estate. lol

Mark, if it's in a nicer part of town, isn't there something you can do with the land to create some value out of it?

The only thing I could do, which I investigated, would be to reconstruct a new house. Given the current building costs vs. the cost to buy an existing home (albeit an older home) it makes no sense to build on the land. At least not to me as an investor, but I would think it has value to someone else.

Have you considered placing an ad on Craigslist, or any of the other free sites?

Raymond

Originally posted by Mark Yuschak:

I never thought it would be this hard to give away real estate. lol

Had the same problem here. My first buy ever was at a city auction. There was a picture of the house and that was it, I didn't know then what I know now so I bid. Only took one bid... mine.

Imagine my drive past... 33 blank ave, 36 blank ave, 42 blank ave... wait where's 38 and 40??? The city had torn down the building months prior. I still have that lot to this day! LOL!

What about setting up a contest and giving it away that way?

What city is it in? I can see if I can find someone for you if you're interested . . .

The lot is in the City of Flint. Zip code 48507 - the most desireable area of the City.

I have it on craigslist but haven't had any bites. This just crazy!

Mark, how big is the lot? What's the annual tax and other costs associated with it? I may be able to relieve you of your burden. :)

If you have an address, please PM it to me. My contact info is in my signature.

If Vikram decides not to take it, put it on ebay with a starting price of $650. Advertise as "will sell, no reserve price"

If that doesn't work, put it on Craigslist in expensive cities. Someone in San Francisco would buy a lot for $650 just so they could be a landowner. If taxes go down to $11, it's not going to cost anything to hold on to it.

Hey, Christmas is coming up. Wap that deed up with a bow and give it to someone for Christmas.

Try everything else first, then allow the county to sell the property for you in the tax sale. If anyone bids more for the property than you owe in back taxes (plus penalties and court costs) you can claim the excess monies from the county.