How do you buy "abandoned" property?

[sjh722]

I'm sure this varies some by state, but the scheduling of a sale date with the sheriff is pretty much the first way to know it's going into foreclosure.

Does your county sheriff's website have a link to sheriff's sales?

If it doesn't sell at the sale (you need cash, typically, for that), then it will be listed as a foreclosure with an agent. I've seen them pop up as quickly as 15 days, but it seems like it's usually 30 - 90 days before you see the listing in the MLS.

[house]

Is it currently not listed? Sometimes the "abandoned" sign will have contact information. That done picture is awesome! Looks great! We are buying an abandoned house also. But our was listed on realtor.com as a short sale. We got to see it online. But I am not sure how to go about it if it isn't listed for sale. Maybe your REA (if you have one) can check if its a foreclosure?

[lemondrop]

In your case, I'd contact the city, although I'm not sure what department. I'm not familiar with a home being "abandoned" the way you mention.

[sjh722]

Jun 4, 2012 11:45:43 GMT -5 house said:

Is it currently not listed? Sometimes the "abandoned" sign will have contact information.

Is it posted by the city, or by a preservation company?

If the sign says something like, "Managed by xxx Asset Services" with a phone number, it's probably a field services company hired by the bank and a good sign that it will (eventually) be foreclosed on. Those signs can be up for years, though, before a sale date is scheduled.

[kaylie]

Are you paying cash? I don't know about the abandoned part, but your mortgage options might be limited if there are unfinished bathrooms. We were told (for our conventional loan) that all plumbing must be connected and functioning, and walls had to be complete with no holes. There are options for renovation loans but they're more complicated.

[lemondrop]

Jun 4, 2012 12:52:56 GMT -5 kaylie said:

Are you paying cash? I don't know about the abandoned part, but your mortgage options might be limited if there are unfinished bathrooms. We were told (for our conventional loan) that all plumbing must be connected and functioning, and walls had to be complete with no holes. There are options for renovation loans but they're more complicated.

Hmm. This seems odd to me. I've only ever heard of these limitations on FHA and VA loans.