Vacant and Paying mortgage for Years! - Posted by Okie John

Real Estate Investing
#1

Posted by Bryan in Cali on February 04, 2002 at 22:29:31:

the house in San Francisco where the owner (who owned it free and clear) died in 1989, and the few remaining relatives couldn’t agree what to do with it, so it sat. And sat. And sat until 1997 or so, when the squatters discovered it and moved in, making the place a disaster zone and nearly burning it down once or twice while trying to keep themselves warm. And then the Tenants Union, who oversees the squatter colonies, pays the property taxes and claims adverse possession. Suddenly some great niece of the dead owner who lives in the Midwest becomes interested in it and hires a lawyer to get it back from the squatters, who by now have turned the place into a ruin. People are strange…

#2

Vacant and Paying mortgage for Years! - Posted by Okie John

Posted by Okie John on February 03, 2002 at 23:14:31:

Why would anyone want to make payments on a vacant house for SO LONG?

I’ve been eyeing a vacant house in a great neighborhood for almost ten years now. Trying to locate and get in touch with the payment makers. I found out it was in foreclosure 4 times before… the last one in 1999. Attorney listed on foreclosure and Lender both say it’s active, current and payments are being made on time. Taxes are current also.

I’m just real curious on this one because it’s close to home and it looks like a real winner…

John

#3

Re: Vacant and Paying mortgage for Years! - Posted by Nate(DC)

Posted by Nate(DC) on February 04, 2002 at 12:34:56:

Maybe the owner needs the tax write-off.

Maybe the owner is in a nursing home and hopes to move back someday.

Maybe the owner doesn’t really know what’s going on with the property.

Maybe the owner is so rich, they don’t care.

Who knows?!

Have you been able to contact the owner?

#4

Re: Vacant and Paying mortgage for Years! - Posted by Steve-DC

Posted by Steve-DC on February 04, 2002 at 07:45:48:

Maybe it’s been in the family for a long time and they don’t want to get rid of it.

Maybe a lawyer is making payments in the name of a trust.

Who knows…could be lots of reasons.

-Steve

#5

Re: Vacant and Paying mortgage for Years! - Posted by Okie John

Posted by Okie John on February 04, 2002 at 23:54:59:

I haven’t been able to contact the owner, I’m still searching for current info for him.

Thanks for the feedback all!

#6

That’s nothing. - Posted by GL(ON)

Posted by GL(ON) on February 04, 2002 at 13:11:12:

There is a gas station in a nearby town that has been vacant for 20 years or more.

It was built in the early 70’s and operated by the owner for a couple of years. Then he sold it to some investors. Since then it has only been rented twice, once to a gas station operator and once to a used car dealer. Total about a year or a year and a half. It has been closed at least 25 years out of the 30 it has been in existence. Occasionally it has a for rent sign on it from an out of town realtor but usually not even that. I don’t know who owns it.

#7

In the same vein… - Posted by Nate(DC)

Posted by Nate(DC) on February 04, 2002 at 21:21:27:

My father swears there is a store across the street from his office, that has been vacant the entire time since he moved into the office (1984), with a “FOR RENT” sign from the same real estate company on it the entire time!

NT