Their is a property here (Austin, Tx) that seems to be forgotten about. It's a large run down home in a nice neighborhood with a lot of potential. Only one problem, noone seems to know what to do with it.
This property is overgrown, worndown, two stories, has a pool and 51,000 dollars of debt.
After some investigation work (literally hired an investigator) we found the owner living in another city. The owner, who has owned the home since 1997 is dead. So we contact his mother, who from deed history seemed to of sold him the property, is also dead. After much grievances and more telephone calls to family members, no one seems to know what I'm talking about or even own the property. The city isn't much help as all they can tell me to do is contact my attorney (I thought they would want their money).
This all now leaves me with my main question, "What do I do now?".
- What type of attorney specializes in this type of circumstance?
- How will this deed transaction occur?
- Will the city call the tax balance due?
- What other things should I be concerned about with this situation?
Any and all replies will help tremendously, thank you in advanced and #biggerpocketsforthewin
based on my experience... the city and or county will eventually sell the property. Maybe you could find out what attorney handled the estate of the owner and or mom, and try and get them to sell you the property from the estate?
@Carson Wilcox good suggestion. Have you experienced a family neglecting to confirm this type of problem because of some other type of issue?
Last one I worked was just a dead guy with no next of kin.
It sounds like it is a confusing situation. Son leaves to mom, mom dies.... who gets it all...? tough one.
probably coming to a tax sale soon to the highest bidder
@Zachary A. as mentioned if an estate was opened the estate may be the fastest and best choice. Otherwise you need to find the heirs, get them to agree to sell and then have them open an estate so that you can buy it.
Will the city call the tax balance due?
It depends on how you define "Call the balance due" The taxes automatically attach to the property. You cannot record a deed without the back taxes being paid. The city or county may eventually sell the property via tax sale.
Tax sale is full of maybes and ifs. It can be a risky way to acquire property if you do not know what you are doing. A private investigator can help tremendously in tracking down heirs. It is easy to get excited about an abandoned property but not all of them are deals.
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
Join the Largest Real Estate Investing Community
Basic membership is free, forever.