Home Buying in 11238>Question Details

Eric Gewirtz, Other/Just Looking in 11238

What is the procedure to research a seemingly abandoned property?

Asked by Eric Gewirtz, 11238 Tue Dec 30, 2008

Further, What is the proper method to approach an owner if a property is in distress but still not listed for sale or foreclosed?

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the first thing to do is check the county record to se if the property is in foreclosure. After verifying the county record go to the clerk of court for the area an dsee if the property is slated to be sold on the court house steps. If not, go back to the county record to find out what bank is holding the property or if the owner still holds the property. If the owner still holds it get their address from the tax records and send them a letter regarding the property. If owner by the bank try to contact the bank to see if they are willing to negotiate a sale.
0 votes Thank Flag Link Tue Dec 30, 2008
Besides the county records (specifically the clerk of courts [in most areas]), order a title search.

If you opt to work with a buyers agent, then ask that agent to give you a broker's price opinion. Although that's technically neither an inspection nor appraisal, it should give you a pretty good starting point if you don't already know that property and neighborhood it's in. Also, you could order an investor's inspection and appraisal to give you a more precise idea of what's the property worth right now (and after it's repaired).

Armed with that information, then write up your offer, and present it. That seller has 3 options: to reject your offer, to counter your offer, or to accept your offer. If that owner agrees to your price and terms, or if s/he is willing to counter then roll with it. Otherwise, roll with the punches, and move on to the next deal.
0 votes Thank Flag Link Tue Dec 30, 2008
County Records.. Find out owner. You should hire an agent as they know the ins and outs, so you don't get embarassed or cursed out.
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0 votes Thank Flag Link Tue Dec 30, 2008
County tax records, approach a property owner forward a letter express your interest regarding purchase of home, I would not insult owner regarding condition of home.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 30, 2008
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