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Updated over 6 years ago on . Most recent reply

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Josh MADONNA
  • FREMONT, CA
1
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8
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Help me outwit a scam...or at least stop the loss!

Josh MADONNA
  • FREMONT, CA
Posted

Hi.  Thanks for reading.   My dad was scammed and I now own the problem...can you help me with ideas of what to do???      10 years ago my dad bought 10 acres of open land for $10k in upstate NY.  It's got underbrush and a few trees, and its got frontage on a busy 2-lane road.   He may not have known it was 'wetland' and cannot be used for building...or maybe he did.  He passed away 5 years ago.  My brother was taking care of things (he is not business-minded at all), and one day I thought to ask him:   Hey, what about that old property...do we have it? what are the taxes?  Well, we do, and taxes are about $1k per year!

So here's a non-useable property that I've paid over $10k in taxes on top of the $10k cost...and it has no sale potential, according to a new real estate agent I just found.  (She wanted to help and to list it, until she found it was 'wetland.'   

So how can I let go or dispossess this property and in some way recover some money?    BTW I don't live in NY so i cannot really manage any dealings that take a local presence.    Can I donate it, but to who and why would they want it?  Can I call it a Wildlife Refuge and take a tax break?   if so do you know the details of how to do it?     

I appreciate all suggestions, but pls keep it constructive and positive.  I am very distraught that my father was scammed and my family has lost $20,000 or so.   thank you.

Most Popular Reply

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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,385
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3,926
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied
@Josh MADONNA depending on where it is ( you'd have to do a little research in it) you could sell it as "recreational land". People will buy it for hunting on, or for dirt biking, etc... there is a market for unbuildable land, you could call a realtor in the area to find out if that option is possible. Good luck!

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