The process for purchasing abandoned homes is the same as for purchasing any other home, wherein you place a bid on the house to the owner of the property. The major difference with an abandoned home is that you may need to do additional research to locate the owner.Continue Reading
Homes are abandoned for numerous reason, with one of the most common being an inability of the owner to pay his mortgage or property tax. In this instance of a defaulted mortgage, the home is foreclosed and possession is transferred to the bank or other financial institution that issued the home loan. To purchase one of these homes, you must first determine if the house has been abounded and then determine who actually owns the house.
Some indicators of an abandoned house include overgrown lawns and general disrepair throughout the property, though these do not guarantee that the home is abandoned. You can check the property tax records of a home either at your county clerk's office or online to see who owns a property you suspect is abandoned. If the owner is a bank or financial institution, the home is likely in foreclosure. This means you can make an offer to the bank to purchase the home.Learn more about Real Estate