Found an Abandoned House.....what's next ?!

Found an Abandoned House.....what's next ?!

Real Estate Consultant · Las Vegas, NV · Member since 2008 · 32 posts · 0 votes

So if some of you have seen my previous posts, I am attempting to transition from a Bird Dog to a wholesaler. I was in a family member's neighborhood, and noticed a house that looked ......rough around the edges. Asked my aunt and she told me the house had been empty for some time.....Hmmmm. Okay.
I noted the address, and took a pic of property. Went back to my office and begun a little research. Uncovered owners name, and a possible telephone number.
Went back to the house, and talked to the neighbor that lived across the street, the owner was a single mom that got remarried, and they simply moved .....Thanksgiving 2009. I confirmed with the neighbor the owners name. The house is completely empty, overgrown lawn and a forest of weeds. I have tried the listed number, no answer. Someone suggested I contact the HOA, to see if they have any owner contact information, as they would have a vested interest in cleaning up the property !!

I would love a MENTOR or someone to walk me through the next steps, to see if this is a potential motivated seller...
As always, BP......I look to you for answers....

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Lender · Bryn Mawr, PA · Member since 2010 · 3 posts · 4 votes
15y

Make sure you look the property up on the county tax site, or call the recorder of deeds for that county. Some counties will give you info over the phone, is it delinquent? back taxes owed? is there a mortgage? is it current? Once you have that info you can decide if it is worth pursuing. Good Luck!

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  • Lender · Bryn Mawr, PA · Member since 2010 · 3 posts · 4 votes
    15y

    Make sure you look the property up on the county tax site, or call the recorder of deeds for that county. Some counties will give you info over the phone, is it delinquent? back taxes owed? is there a mortgage? is it current? Once you have that info you can decide if it is worth pursuing. Good Luck!

  • Real Estate Consultant · Las Vegas, NV · Member since 2008 · 32 posts · 0 votes
    15y

    Thank You, Mary ! Will do.

  • Real Estate Investor · dc, Washington D.C. · Member since 2008 · 392 posts · 89 votes
    15y

    Make sure you know how to run your numbers, and know where you need to be in the neighborhood(s) of the market(s) where you intend to do deals. That way you'll be able to price your profit into your offer and sales prices.

    Don't waste too much time on doing too much due diligence (ie inspection, appraisal, title work, survey, etc), because your end-buyer will do his/her/their own. Get a quick and dirty rehab estimate.

  • Real Estate Consultant · Las Vegas, NV · Member since 2008 · 32 posts · 0 votes
    15y

    Thank You again about the advice on running the numbers.
    @Mary - I spoke with the Assessor's office - they are not behind on the taxes, the clerk informed me that the Mortgage Co has been paying. Most likely they had enough escrowed to continue to do so.
    She confirmed with me the Owner's name and current address. I did a reverse lookup and look to have a current number..

    Okay...so now for the call .... (this is outside my comfort zone...I've usually passed this on to my investors at this point)...
    I'm trying not to start the conversation with...

    "You know that house you own over there, is starting to look real crappy...Wanna sell it ?"....hahaha..
    Any advise on convo starters ?

  • Real Estate Investor · Austin, TX · Member since 2011 · 271 posts · 106 votes
    15y

    I've had great success with hand written notes in these cases. On the phone via a cold call just seems to make lots of sellers defensive. Perhaps a hand written note saying that you will give them a call in a few days but leave your contact info in case they want to call you. Just seems to break the ice a tad and make the cold call a little warmer when you say "hi this in Kenyatta and I sent you a note about your house."

  • Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
    15y

    Do you have a buyers list yet? You mentioned you were getting into wholesaling.

    Also, do you have the numbers on the house? How much its worth, how much in repairs, how much you're willing to offer, etc?

    Go with the "yellow note" idea on the door, and follow up with a phone call. Tell them you were in the neighborhood, and you're interested in buying.

  • Real Estate Consultant · Las Vegas, NV · Member since 2008 · 32 posts · 0 votes
    15y

    Okay, so I was unable to reach the homeowner by phone. However ,I was successful reaching them by email. I asked if she was interested in selling. She replied that she was given notice that the property will be sold at auction in June. Is there anything I can do for her within 3 weeks...?????!!! - Should I just wait for it to go to auction ???.....

  • Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    15y

    If its going to the sale in a few weeks, then she hasn't been paying for some time and probably doesn't have any equity. Otherwise, she would have just sold it. So, your choice here is to do a short sale. Not impossible, but doesn't sound like that's something you've done and you will need her cooperation.

    Buying at the auction usually requires cash, but I don't know how it works in GA. If the bank prices it low enough to be a deal, someone will likely buy it. If not, it will go back to the bank. You could then try to buy it as a REO, but those are tricky to wholesale. For that matter, shorts are trickily to wholesale. The bank, in either case, really doesn't want anyone else to make any money off the deal and will do everything they can to put roadblocks in your way.

    May want to just chalk this up to a learning experience. This is a numbers game. You've looked at one deal now. Go look at 100 more and you'll be on your way.

  • Real Estate Consultant · Las Vegas, NV · Member since 2008 · 32 posts · 0 votes
    15y

    Thank You , Jon for the feedback.
    I am looking for my 100 more , right now !....
    I will give this one more try, maybe partner with someone who has handled short sales..I'm nothing if not tenacious.... OR maybe keep an eye out for this one at the auction..perhaps generate some interest with an end buyer over the next 3 weeks...hmmm...let me think on that...

  • Commercial Real Estate Broker · Silverdale, WA · Member since 2011 · 2 posts · 0 votes
    15y

    I work with a group who does short sales,

  • Investor · Skokie, IL · Member since 2010 · 8 posts · 1 vote
    15y

    Simple answer find out if the bank is willing to do a short sale. To do this you need to get an authorization to release information signed by the homeowner. Find out who is handling the loss mitigation for the property with the bank. Fax in the release form and then call and talk with the LM again to find out if they will do a short sale. You must do this ASAP to stop the property from going to auction

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