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Answers (4)
- Dan Kingsley, "TheRealEstateRanger"
- Contributions:110
Steve is right. I would not do it unless you have purchases Forclosed/HUD homes before and are very handy at all traits or have friends who won't charge you labor and will work on your project when you need them.
- Stephen Murphy, "Outof thebox"
- Contributions:69
write a letter and make them an offer.
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
The information you have given indicates that this home is probably going to auction in a sheriff's sale. Have you contacted the county Assessor's Office to inquire. Buying this home could come with some negatives such as previously mentioned you would have to pay the back taxes and any other liens on the property. There also could be a waiting period where the current homeowner has a right to reclaim the home if they can come up with the money to clear the title. You are probably not going to be able to inspect the home. A home vacant for a period of time begins to deteriorate which means added repair costs to you. Most experienced investors will tell you that unless you have the ability to do the repairs yourself and not have to hire them done, then it is probably not worth purchasing the property as it will cost you more than it is worth. You really need to do a lot of homework to also include how are you going to finance it. Lenders will bulk in today's market as they have stricter requirements and unseen fixers or tax sales is usually not high on the acceptance list.
- Dan, "the_country_hick"
- Contributions:4699
I would contact the owner and ask if they want to sell it. Just be aware they probably can not afford to pay the taxes so it may be added to what you pay for the house.
What are my steps in buying a home that is abandoned
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