Abandoned property in estate with no heirs with interest

Abandoned property in estate with no heirs with interest

Property Manager · Fort Wayne, IN · Member since 2016 · 5 posts · 0 votes

I have two condo units that were declared abandoned by the estate of the owner. No heir wanted them and they are sitting empty and will for another 2 years until tax sale. Would like to figure out how to acquire them in order to sell them or get one for my daughter in college. I contacted estate attorney and he said he nor the family have any interest in the properties and he couldnt help me. Any ideas? Could I take estate paperwork and clear title to assessors office and pay the minimal taxes owed? Help? These are lower priced condos and are apartment like. I am the property manager for the entire association and there are liens that were placed for delinquent dues (which we will never get). The condos have been winterized and do need some work. The final heir and executrix wanted nothing to do with them because liens for dues were close to what they are worth and then repairs. My interest is acquiring/cleaning/flipping so that they do not sit vacant for next 2 years until tax sale.

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  • Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    10y

    Buy the HOA debt for a couple of bucks.

    Got to the estate attorney and contact the PR.

    Offer to pay the attorney for his/her time and draft a compromise and settlement of the debts in return for a deed (or order) conveying title to you.

    It's a loose end for the estate and it vould be argued that you could abandoned the collateral and submit a claim to be paid from General estate assets. No one wants that. 

    So, you are doing them a favor.

    Send me a PM if it works! But not until try it ...thus is free advice, after all.

  • Property Manager · Fort Wayne, IN · Member since 2016 · 5 posts · 0 votes
    10y

    @Rick H.Thank you.  I have a call into the estate attorney and HOAs are covered.   Will let you know!

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