So down the street from my house there is this house that has this notice on the door:
I'm not sure what it means. Can someone explain it to me? I looked up the property on the local county accessor's page and it seems to still by owned by an individual, not a bank. Does anyone have any ideas what might have happened? Also does anyone have any outside the box ideas for acquiring this property? I can't really mail a letter because this house is vacant, and it's the only house listed for the owner. Any ideas or thoughts would be greatly appreciated. This BP community is awesome!
This is a notice from the bank. All Mortgages say that if you abandon the property they have the right to come in and secure it.
It is s sign of financial distress. The property is or will likely soon be in foreclosure. (Keep in mind Soon in bank terms may mean a year or more) This could be a great opportunity or it could be a lot of jumping though hoops and red tape to keep hitting dead ends. The bigger the bank the more likely it is the latter
It means someone stopped paying and walked away. The agency identified on the notice investigated and found that the property appears to have been abandoned / left vacant.
You can expect a Notice of Default or Lis Pendens (depending on your state) to be recorded against the property as soon as the lender gets around to it.
Check also if the property taxes are being kept up.
This is a notice from the bank. All Mortgages say that if you abandon the property they have the right to come in and secure it.
It is s sign of financial distress. The property is or will likely soon be in foreclosure. (Keep in mind Soon in bank terms may mean a year or more) This could be a great opportunity or it could be a lot of jumping though hoops and red tape to keep hitting dead ends. The bigger the bank the more likely it is the latter
@David Dachtera Hey David, I found this thread through a search. I also found a house with the same note attached to the door. The property taxes have been paid up. Does the owner still have any claim to the house?
@BJ SwingIf the bank has not foreclosed then it is still owned by the owner. This is an opportunity to buy an off market deal. Locate the owner and try to buy the property if the numbers work and can benefit both the owner and yourself. You can check with neighbors and try to locate the owners that way. Next door neighbors can be a valuable asset.
@David Dachtera Hey David, I found this thread through a search. I also found a house with the same note attached to the door. The property taxes have been paid up. Does the owner still have any claim to the house?
Until the property is sold at a foreclosure auction or some other action, yes - the owner of record probably still has title.
Check the public records.
Are there any lender liens or other encumberances? Is a there a Notice of Default or Lis Pendens? Any auction sale notice in the local publications / courthouse?
If the property taxes are current, does it say who paid them? If not by the owner, then that's another sign of pre-foreclosure.