Updated over 7 years ago on . Most recent reply
Zombie House Acquisition - Thurston County, WA
There's a zombie duplex (with an additional trashed single wide) that I'm eyeing if I can get it for a song (cause let me tell you, this place is what nightmares are made of, but I'm a glutton for punishment). Only problem is that I'm not sure how to find or talk to a decision maker about buying it.
Here's what I know (long story short):
-Owner died about 2 years ago (currently still the owner according to the county), however, it is listing "her" address as an Arizona address, but I dont know if it was listed that way before her death.
-I'm 100% sure she's dead, as I became the reluctant owner of the cat she left behind AND I was there for her body removal by the coroner (hey, I have an exciting life!).
-No children, no husband. The only "heir" found was her brother, but she was very estranged from him, so it was a "there's no one else to claim her stuff" kind of thing. (Could the Arizona address be her brother's address but it is still in her name?)
-Turns out she had a REALLY bad QVC problem and was basically up to her eyeballs in debt leveraged from the property to pay for said habit.
-Once brother saw that the place was underwater like whoa and its condition, he said "no way, Jose," and said he would just let it go back to the bank, and wiped his hands clean of the whole situation.
-I drove by it earlier today, no posted evidence of foreclosure.
-Taxes are delinquent about 1.5 years now.
-This place is so bad, I think the bank is probably doing the "maybe if we pretend it's not there, it won't be," kind of thing, as this is not a place any bank wants to deal with. Example: hardcore indoor chainsmoker for about 35 years. This is a "to the studs and then some" kind of place. Cat Pee Palace as well!
I've got a pipe dream that maybe I can acquire it for about what is owed in taxes....am I delusional? Has anyone dealt with anything like this? Any leads on how to claim this sh$tshow for myself would be great!
Most Popular Reply
@Wendy Carpenter you need to find the brother, possibly buy the note from the bank then foreclose yourself, or buy the tax lien or deed if it comes available.
Banks don't like to sell individual notes unless it is a small local bank. Your best bet is find the brother. Do a "Skip Trace" or just Google people finder. It will cost some money. You may even want to talk to a private eye.
Once you find the brother he can't sell it to you. An estate would have to be opened and you would buy it from the estate. To make it a price worthwhile you will likely need to do a "Short Sale" with the bank. Again this can be tough unless it is a small local bank.
The bank may have already written it off. They may or may not bother to pay the taxes. They may just let it go.
One of the first deals I did with my current partner was a property that had a $70K mortgage and was already in tax sale foreclosure. The bank accepted $2,500 as payment in full. The owner got about $100. We sold it as a fixer upper for about $25K. These kinds of deals do happen but they can be a lot of work.