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Jackie’s comments on the above article, quoted here with permission:
“Unfortunately, most of these homes are not good deals because they are underwater or it would take too much $ to buy them even if you could find the owner, but another reason to do UHaul marketing.”
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Here’s a pitiful example of one of those zombie abandoned houses, in a high value neighborhood in Dallas:.
Now that last example has some opportunity. the owner is dead. Appears to be no heirs. The city wants $26,000 for getting the dead body and junk out of the house.
After a title search to determine that there is no mortgage I’d do this
1. Adverse possession – file the paperwork
2. Negotiate with the city to take less than $26,000 but be willing to pay it in a heartbeat.
3. get on record as the owner via adverse possessio so the tax bills come to my office
4. Start a suit for quiet title – which will cost about $1500 and take 3-6 months.
5. fix it up just enough to rent it out – but not too much.viola, I just bought a $300,000 property for less than $30,000
When there is an abandoned property, owner died, no heirs, you can get this property via adverse possession IF there is no mortgage. You will need to pay the back taxes and other liens. But you can usually buy for 90-95% BELOW market
Every state has different rules on how long you have to adverse posses before you can get clear title. But there is a way around the wait by doing a suit for quiet title.
You don’t want to spend too much money on the house until you have clear title. You sure don’t want to tear it down then start building something else..
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More zombie abandoned houses in the news — this time in Florida where some banks refuse to complete the foreclosure:http://www.publicintegrity.org/2014/09/15/15519/zombie-homes-haunt-florida-neighborhoods
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