If you are contemplating buying a seized or deserted property there are a few things you will need to think about before finalizing anything.
Finding these properties can be challenging and although the asking price may be cheap, the cost to repair the property could be too much.
Here is a short guide to obtaining and purchasing these kinds of properties and how to evaluate whether or not a specific property is worth the cost.
When looking for a deserted property the most popular places to find listings are in the classified ads. If a property is going through foreclosure but hasn’t been achieved by the bank in possession of the property it will often still be listed. Check with a few real estate agents as well- they often have their eyes on stranded or foreclosed properties and may be able to direct you to the properties that you may like.
The housing market has not been in its best form in recent years, and all too many foreclosure signs have popped up in many different areas of town. If you are incapable of finding a foreclosed property through the classified ads or a realtor, consider taking a walk or a drive through the neighborhoods you are thinking of moving to. You might find an abandoned or seized property this way as well.
If you have found a property you like (through the classifieds, the internet, or a realtor) you will now need to go to the county clerk’s office to find out more data about the property. This will cover the home’s estimated value, and any tax information will also be added here. This cost will give you the property value, but you may still need to pay for extra upkeep or reviews on the abandoned property. The county clerk will also be able to give you additional information on how to contact the property seller in order to begin the process of buying the property.
If you have been approved by the bank for a mortgage and added up all the other costs of the property for its sale value make a bid to the seller (be it the bank, a realtor, or the homeowner). If the fees, inspection costs, appraisal fees, and the sale price are more than your mortgage and loans, you may want to reconsider this particular property. However, if the cost is still affordable and you feel satisfied making the purchase, compliments! You have just purchased your very own house.
Buying an abandoned property is just like making any other real estate purchase. You will go through the same steps you would take to buy a house directly from the homeowner. It is necessary to keep in mind any damages that may need to be fixed which will depend on how long the home has been rejected.
Finding and buying a valuable property can be challenging, but it is not unlikely.