Marietta GA/ Tuskegee, AL · Member since 2018 · 8 posts · 0 votes
Hello all, While investigating a couple of property that have tax liens I noticed a unoccupied house that was in awesome condition. The house does not have a tax lien on it. There was a notice the door. The notice stated " This property has been determined to be vacant/ abandoned. This has been reported to the mortgage servicer. This property may have its locks replaced and/or plumbing system winterized. Do anyone know how can I purchase it. I know the house was built in 1998 and have an appraisal value of $70,000.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
8y
@Donta' Collins what you are seeing is a notice from the mortgage servicer. The owner has left and the bank has taken possession. However the owner still owns it until the bank forecloses. Try to locate the owner and make a deal with them.
However they may have left because they owe more than the house is worth. The only way to make a deal is a short sale. This is where you buy from the owner but the bank agrees to take less than is owed as full payment. These are tough to do.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
8y
@Donta' Collins what you are seeing is a notice from the mortgage servicer. The owner has left and the bank has taken possession. However the owner still owns it until the bank forecloses. Try to locate the owner and make a deal with them.
However they may have left because they owe more than the house is worth. The only way to make a deal is a short sale. This is where you buy from the owner but the bank agrees to take less than is owed as full payment. These are tough to do.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Yes, that simply means the bank is enforcing their contractual right to take over “preservation” of the house, and add the costs to the mtg balance, until they foreclose.
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
8y
You need to attempt to get in contact with the owners of the home and see if they are interested in selling. To reiterate what the others before me posted the mortgage servicer is simply doing their practice of property preservation to protect and secure the asset due to the noticeable vacancy.