Property vacant 10 Yrs. Owner surrendered it.. Opportunity???

Property vacant 10 Yrs. Owner surrendered it.. Opportunity???

Holiday, FL · Member since 2018 · 30 posts · 4 votes

This is a weird one... any help?  Property vacant 10 Yrs. Owner surrendered it.. County has him listed as owner still BUT lender is paying property taxes on it every year out of escrow for his mortgage that does no longer exists.   Prev. owner says he got a lawyer involved and the lender cannot foreclose on him... Also there is nothing that legally that can be done to remove his name from the title.

He says several investors have called him on it over the years and they brought it to the lender and were rejected as the lender wants top dollar/current market value for this abandoned property.  

Is there any opportunity here for me?  

0Reply
7 views

2 Replies

Jump to latestLatest
  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    Doesn’t sound like it....a short sale at best. The old “bank can’t foreclose” is typically BS.
  • Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    8y
    Vacant for a decade .. sounds like an opportunity to go broke doing a gut rehab with new roof and foundation . That’s a long time to sit unattended
Join the conversationCreate a free account to reply, vote on answers and follow this thread.