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Updated over 9 years ago,
Interesting potential SF situation (owner inherited, behind on taxes...)
I'm living in one of my triplex units, and I would like to start looking for a single family to move into. Renting the 3BR 2BA unit I'm moving out of would pay the PITA on the next property.
I've been eyeing a property around town, because it appears like it has never been rehabbed and has a HUGE yard. I'm in a college town, so a yard like that has nice potential for a mother in law cottage/second rental, and I want to be able to put up a shop down the road. The house itself is a 1600 sqft 3br 2ba.
Yesterday I finally stopped by the house to see if the owner was around. This is what I learned between talking to the resident (the son) and a little research online.
- The owner passed away a couple years ago, but is still on the deed.
- The son hasn't transferred title.
- The son is behind on his property taxes.
- The son works in a kitchen and doesn't have money to take care of the place.
- The place was a mess - hoarding and junk everywhere.
- Yard is mostly dirt.
- It needs a total rehab.
I'm sure the son owns the property free and clean, his mom was in her 90's when she passed and has lived there over 30 years.
How would you proceed with a deal like this?