We own a property that does well with STRs. There's an abandoned house sitting on the adjacent property that was "winterized" several years ago, the owner of record passed away and apparently the heirs did a reverse mortgage on it and hit the high road. It's got an FHA case number on the sign posted on the front door but when I go to hudhomes I come up dry.
We want to buy this property, resurrect it and potentially rent it out or flip it.
Does anyone have any tips on locating the financial institution or individual who's paying the taxes on it (they're getting paid)?
@Tim Blanchard The lender is paying the taxes. There is nothing you can do, assuming heirs don't want to deal with it which is likely, you'll have to wait until they foreclose…then you could buy as an REO. Fannie will require a sales price of at least 95% of a current fha appraisal at that time…at least for the first 3-6 months anyway.
@Tim Blanchard The lender is paying the taxes. There is nothing you can do, assuming heirs don't want to deal with it which is likely, you'll have to wait until they foreclose…then you could buy as an REO. Fannie will require a sales price of at least 95% of a current fha appraisal at that time…at least for the first 3-6 months anyway.
This property has been abandoned for over 4 years and we're willing to pay cash for it and there's no way to find out who will take our money? That just seems odd.
@Tim Blanchard The lender is paying the taxes. There is nothing you can do, assuming heirs don't want to deal with it which is likely, you'll have to wait until they foreclose…then you could buy as an REO. Fannie will require a sales price of at least 95% of a current fha appraisal at that time…at least for the first 3-6 months anyway.
This property has been abandoned for over 4 years and we're willing to pay cash for it and there's no way to find out who will take our money? That just seems odd.
Only the Current owner, or heirs with the legal authority to sell if the owner died, can sell the property now. The fha does not own it, yet, so they can’t sell it.