Hello, I found an abandoned house in a nice neighborhood today. I saw a notice on the door from the City Code Enforcements. I also saw about six telephone books at the front door. The property is in a very nice neighborhood and looks to have been abandoned for about three years. The house is literally covered with overgrown hedges and the soffit is starting to rot. I noticed a letter on the ground from Chase and was able to get the previous owners name. My question is how would you handle this lead? The house is probably worth about $110k. It appears to need at least 25k to 30k worth of rehab just from the outside appearance. It is hard to believe the bank has allowed the property to sit for so long. It is a brick and partial siding house on a slab foundation. It is in a preferred neighborhood and is an excellent starter home.
Is this a good lead to follow-up(I am sure) but what is the best approach?
Would love to purchase and wholesale--thanks for any replies