How To Make an Offer on Unlisted Property to Out of Town Owner

[Isaac Isaacson]

This is an empty, overgrown lot next door to a duplex I just purchased. I've located the owner's name and address through tax records. I was thinking about writing a letter and making an offer for substantially lower then the city appraisal. Thoughts? Suggestions?

More details: This was a less-then-desireable area which is coming back, but wont be back for another 2-3 years when ($1 billion public works in progress, Whole Foods announced quarter mile away, etc). Also, it doesn't really fit my strategy at the moment, because I would prefer to use the cash to put into the next investment property - rehab & flip or rehab & rent. So I wouldn't really have a firm plan for the empty lot. I am currently living next door in the double I own.

[Patrick G.]

Kind of an old thread, did you pursue this yet?

I think I would write the first letter introducing yourself and ask if he would entertain an offer. He will likely respond saying if he plans to keep it or not, and if he is willing to hear an offer, then you can make it.