Question: Abandoned property

1 Reply

I located an abandoned property that is owned by a person who skipped out of the nation. The property was with a real estate development group that has hardly any credentials and hardly anything on its website. I have been making calls and leaving messages to the number provided. Nothing in return. Neighbors say it's been that way for almost a decade. Tax office shows a pass due account for $100,000. The property is with far more. How do I acquire legal access to buy? Or what hoops do I jump through to make an offer?

Anthony, getting abandoned property is a tricky transaction but it can INDEED be done but with lots of patience.

1-Make sure you verify the owner and address through your local tax assessors website.
2-Go to your local probate court website and see if you can pull up the Chain of Custody of the property. 
3-Pull up the transaction where it went into the company's hands and see if it was purchased with cash or with a loan or mortgage.
4. Using the same website or Listsource,com see if the company has defaulted on the loan property was foreclosed upon. Your local county site may have this information too!
5. Then SPEND the money and have a reputable LOCAL Title Company do a search on the property looking for liens, heirs, etc.
6. Depending on your specific city and state, you can complain to the city stating its a nuisance and force a public sale for back taxes
7. Or you can approach directly to purchase at a reduced rate given the condition and back taxes that need to be paid.
8. Other cities have programs where they take possession of the property and sell back for $1 or greatly reduce price only if the new owner agrees to build affordable housing.  In this case your rental income or your flipping price will be capped.  But REMEMBER you only bought it for $1 or at greatly reduce cost.

At any rate make friends with the folks downtown in your city. The relationships go a looooooong way!

Good Luck!!