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Updated over 6 years ago on . Most recent reply

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Donta' Collins
  • Marietta GA/ Tuskegee, AL
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Mortgage Servicer deemed a house abandoned, how can I purchase?

Donta' Collins
  • Marietta GA/ Tuskegee, AL
Posted

Hello all, While investigating a couple of property that have tax liens I noticed a unoccupied house that was in awesome condition. The house does not have a tax lien on it. There was a notice the door.  The notice stated " This property has been determined to be vacant/ abandoned. This has been reported to the mortgage servicer. This property may have its locks replaced and/or plumbing system winterized. Do anyone know how can I purchase it. I know the house was built in 1998 and have an appraisal value of $70,000.

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Ned Carey
  • Investor
  • Baltimore, MD
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Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

@Donta' Collins what you are seeing is a notice from the mortgage servicer. The owner has left and the bank has taken possession.  However the owner still owns it until the bank forecloses. Try to locate the owner and make a deal with them.  

However they may have left because they owe more than the house is worth. The only way to make a deal is a short sale. This is where you buy from the owner but the bank agrees to take less than is owed as full payment. These are tough to do.

  • Ned Carey
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