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Updated about 2 years ago on . Most recent reply
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Trying to buy off market house
Hello all,
I am very interested in an off market property. Needs work but good neighborhood, no tax lein and would be perfect for a house hack. I contacted the previous homeowners who advised me they don't have anything to do with the house (neighbors told me the house has been abandoned for at least ten years). I contacted the trustee lawyer I found listed and through my own lawyer sent them an offer which they say they received. I tried contacting again but his response was "since you've retained counsel I can only speak to your lawyer". I feel like I am going to drive by this house and see someone fixing it one day (this has happened to me before). Are there any other angles I can try? The taxes are being paid by a 'debt management company' who I have also tried to contact but can't get any information out of them. Taxes are current and up to date (verified by town tax assessor). My offer was a conventional mortgage with a 20% down payment (trying to reserve capital for the repairs the house will need). I have a hard time believing I am the first person to attempt to purchase this house, and I know there are plenty of investors/contractors in my area with cash. Wondering why it's been sitting/ what other strategies I can take to acquire it.
Any advice?
Most Popular Reply
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@Jaron Walling From what I gathered from a few neighbors, it was a reverse mortgage and the owner passed and her kids inherited the house. I believe they began defaulting, hence the debt management company paying the taxes (plus the son telling me he had 'nothing to do with that house). I'm trying to buy one of these houses at ground level and seem I can't break the barrier to entry. I don't know if there are just too many people in my area with better contacts and more cash but seems like these houses get scooped up before a newbie like myself can even begin to get involved.