Plan for the Vacant houses - Posted by neilTN

Real Estate Investing
1

Posted by Bob Eberle on June 19, 1999 at 08:00:45:

It’s not that expensive and will answer all of questions.

2

Plan for the Vacant houses - Posted by neilTN

Posted by neilTN on June 19, 1999 at 07:38:24:

After thoroughly studying Legrand’s W/R course and hanging out here on Creonline for a week or so I have found 7 vacant houses and am trying to reach the owner’s and or find out the status of the property

Here is what I have done

  1. Knocked on doors all around the houses.
  2. pulled up tax assesors info (name of owner)

from this I have gotten the name of either the current owner or the name of the person who used to rent.

I have found that if the house was owner occupied and there is a recent loan on it, The owner is in hiding! An example of this is, on friday I called everyone in the phone book with this particular owners last name and found this guys mother. She said that she did not know his number because he changes it all the time but that she’d give him the message. IMO I will never hear from this guy, He will for sure think I am a bill collector.

3.The next step for me (this is not from anyones course, it just seems logical to me) is to get the Trust Deed, call the original mortgage note holder. Hopefully they will tell me who they sold it to (if they have).

  1. Find out if there are tax liens and or if the house is in foreclosure yet. (the local paper that publishes public records such as forclosures, bankruptcies etc has a web site that allows you to enter either the address or owners name and search for bankruptcies, forclosures, tax liens, utility connections, UCC’s etc for 14.95 a month unlimited, so I am going to get this service Monday).

  2. I talked to a realtor I know on Friday and she reffered me to a guy at her title company. I went in and shook his hand and established a good rapport with him. He has all the addresses (11)and not only said that he would check them out but that he will check out as many as I need and I could pick up the info Monday.

So now I am thinking about it all and wondering what I will do with the info when I get it, and there are some situations that I would be clueless about where to go next.

If the house is not in foreclosure yet and I can’t reach the current owner. What do I do? I know now from a post that I read on this board that the bank can’t sell me the house because they don’t own it. (until foreclosure). Is the house just in no man’s land?
Could I go to the mortgage company and show them that the house is vandalized and vacant and buy the mortgage from them at a discount and then foreclose on the house myself?

Anyway I know that a lot of you have been through this already and have some great ideas and answers. Please let me know what worked for You. Hopefully I’ll have some more specific problems to solve in a few days.

Thanks NeilTN