How to Acquire Abandoned Property
Make sure it's actually abandoned., Find out who owns the property., Contact the record owner., Make the owner an offer., Attempt adverse possession.
Step-by-Step Guide
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Step 1: Make sure it's actually abandoned.
Just because a house is vacant or appears run-down doesn't necessarily mean it's abandoned.
The problem with taking control of an abandoned piece of real estate is that somebody does technically own it, even if they don't live in it or take care of it.Generally speaking, real estate can never be abandoned, because there will always be the name of an owner recorded on the deed for the property.But that doesn't mean that whoever owns it still wants to own it.
In many cases, the owner decided selling the property was more hassle than it was worth. -
Step 2: Find out who owns the property.
The easiest way to find out who owns the property is to check your county's property tax records.
You can talk to neighbors or take other steps to find out who owns the property, but property tax records are the easiest way.
If real estate exists, someone is paying taxes on it – or owes taxes on it – and the county tax assessor will have that person's name and contact information.
Keep in mind it's possible that the address the tax assessor has for the owner is the same as the address of the property you believe is abandoned.Another way to find the property owner is to look up the deed for the property in the county recorder's office.
If any liens such as mortgages are recorded on the deed, try contacting the bank or mortgage company instead of the individual listed as property owner. , Once you have a name and address of the owner of the property, attempt to get in touch with them regarding the status of the property.
This may require a little detective work on your part.
For example, if the only address you can find for the owner is the street address for the property you believe to be abandoned, try sending a post card anyway.
The property owner may be having his mail forwarded to a different address, so you can still reach him that way.
If the property owner is actually a bank or mortgage company, you might have better luck tracking them down – especially if you make it clear you want to pay them money., If you are able to make contact with the owner, offer to take the property off their hands.
If the owner owes back taxes, you may be able to acquire the property simply by offering to pay the back taxes.
However, this amount may be more substantial if the owner owed additional money on the house when he abandoned it.
Make sure you conduct thorough research on the house's title to ensure you're taking title free and clear of any debts aside from those you're willing to pay.
A bank that owns property due to a foreclosure probably wants to get back as much as it can.
Decide how much you can afford to spend on the property, accounting for any repairs that might need to be made, and make an offer., If you cannot contact the owner, you can stake a claim on the property and see if you can keep it.
If you openly "squat" on the property for a number of years – typically anywhere from five to 25 years or more – and the owner of record never tries to stop you, the title for the property might revert to you.
In any case, this is a risky move considering the rightful owner could return at any moment and have you arrested for trespassing. -
Step 3: Contact the record owner.
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Step 4: Make the owner an offer.
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Step 5: Attempt adverse possession.
Detailed Guide
Just because a house is vacant or appears run-down doesn't necessarily mean it's abandoned.
The problem with taking control of an abandoned piece of real estate is that somebody does technically own it, even if they don't live in it or take care of it.Generally speaking, real estate can never be abandoned, because there will always be the name of an owner recorded on the deed for the property.But that doesn't mean that whoever owns it still wants to own it.
In many cases, the owner decided selling the property was more hassle than it was worth.
The easiest way to find out who owns the property is to check your county's property tax records.
You can talk to neighbors or take other steps to find out who owns the property, but property tax records are the easiest way.
If real estate exists, someone is paying taxes on it – or owes taxes on it – and the county tax assessor will have that person's name and contact information.
Keep in mind it's possible that the address the tax assessor has for the owner is the same as the address of the property you believe is abandoned.Another way to find the property owner is to look up the deed for the property in the county recorder's office.
If any liens such as mortgages are recorded on the deed, try contacting the bank or mortgage company instead of the individual listed as property owner. , Once you have a name and address of the owner of the property, attempt to get in touch with them regarding the status of the property.
This may require a little detective work on your part.
For example, if the only address you can find for the owner is the street address for the property you believe to be abandoned, try sending a post card anyway.
The property owner may be having his mail forwarded to a different address, so you can still reach him that way.
If the property owner is actually a bank or mortgage company, you might have better luck tracking them down – especially if you make it clear you want to pay them money., If you are able to make contact with the owner, offer to take the property off their hands.
If the owner owes back taxes, you may be able to acquire the property simply by offering to pay the back taxes.
However, this amount may be more substantial if the owner owed additional money on the house when he abandoned it.
Make sure you conduct thorough research on the house's title to ensure you're taking title free and clear of any debts aside from those you're willing to pay.
A bank that owns property due to a foreclosure probably wants to get back as much as it can.
Decide how much you can afford to spend on the property, accounting for any repairs that might need to be made, and make an offer., If you cannot contact the owner, you can stake a claim on the property and see if you can keep it.
If you openly "squat" on the property for a number of years – typically anywhere from five to 25 years or more – and the owner of record never tries to stop you, the title for the property might revert to you.
In any case, this is a risky move considering the rightful owner could return at any moment and have you arrested for trespassing.
About the Author
Brandon Scott
Brings years of experience writing about organization and related subjects.
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