Looking to buy vacant off-market property

[Nicholas Fitzgerald]

After my due diligence, I know the property has been within a family for a number of years....

It looks like there have been multiple quit claim deeds to different family members. The vacant property is also sub-standard, which if I read correctly, prohibits the owner from any sort of tax deductions on the property, ie they cant depreciate, cant write off interest from the loan

Also, the home has gone into foreclosure multiple times, but is later rescinded after outstanding payments have been paid. My first guess would assume that they can barely hold onto the property, but the tax address of the homeowner/s is in Beverly Hills, not exactly a cheap place to live...

My question is, why would they be holding onto this property? Is there a tax incentive I am not aware of?

[Alecia Bolton]

People can be weird about property, especially if i'ts been in the family for a long time.  It's family property and so they can't lose it or sell it, even though they don't want to keep it or maintain it.  Sentiment can be a huge driver for irrational decisions.