Good morning! Im hoping for some helpful insight here..
There is a single family residential home that has been vacant for the two years we've lived in the area, beyond that I'm uncertain. There is signage on the house from the mortgage holder stating abandonment with a date of August 2021, and they are getting close to starting the foreclosure process. However, taxes were paid last November and are due again this October. Its a nice house with a pool, but in its entirety needs both internal and external repairs estimating around $10,000. This would be my first investment property and I would like to have a better understanding of how this could process could look. Could I buy the property at auction by paying off the taxes (roughly $4,000) if so, then what, if the original owner wanted to pay me back the taxes and reclaim ownership, would I have to accept? Repaired, the home would appraise around $345,000. It was last sold in 2013 for $235,000. I also see a possibility of making an offer and financing the home, repair, sell, or lease. Truthfully, I'd prefer to sell over lease this property and use those gains to invest in another property.
Thoughts?...
