How to Acquire Abandoned Homes

Question

I have found several abandoned homes in my area.  Usually there is some notice posted with an 1800 number to contact.  I call the number and make it as far as the bank holding the property such as Bank of America but never make it any further.  I would like advice as to how I proceed further.  These seem like great opportunities but can't penetrate the fortress of bureaucracy. What are the next steps?

David Krulac · Answer

@Kenneth Goldman

Often times the signs and placards with the 800 numbers go on the abandoned property before the bank actually owns it.  In one of my neighborhoods, I used to own 28 properties on the same block, and actually am the former owner, 2 owners back of the foreclosed property.  The property has been abandoned for 4 years, about 2 years ago Bank of America boarded up the house, cut the grass once and put there no trespassing signs and 800 number all over the house.

They are not the owner as the house has not been through the foreclosure process.  The defaulting owner is still the deeded owner.  so when you call Bank of America, they can't find any record of them owning the property, which they don't, AND they can't give you any information about the loan status without written permission from the owner, and the owner moved to TN, just ahead of the warrant for his arrest.  Good luck trying to find somebody who intentionally is trying not to be found.

Robert Adams · Answer

From my experience it is very difficult to get a hold of someone at the bank directly. If you can find an agent that handles that banks listings they will have a better chance of getting info for you than you trying to make it happen alone. Good luck!

Account Closed · Answer

When you get someone on the phone tell them you are a cash buyer and do not need contingency of financing and show proof of funds, and you be a surprise how quick they will act.

Ellis San Jose · Answer

If they are owned by the bank, make contact with the agent that they use in the area.  Tell them you are a buyer one house 1,2,3 (give them the address) are put on the market, & follow up regularly.

2nd step. continue to look for homes, sooner or later you will find some that are not owned by a bank.  You may have a better shot at those.