Sometimes, unclaimed real estate funds result in abandoned properties sitting on the market. In other cases, these homes aren’t even listed on the market. But that doesn’t mean they aren’t available for purchase. In fact, if you can track down the owner of an abandoned house and he or she agrees to sell it to you, the entire process can be completed rather quickly.
Once you find an abandoned property for sale, there are a few things you should do before making an offer. If the home has been unoccupied for a long period of time, chances are it needs a few fixes and updates. Follow a few simple steps to see how you can buy one of these homes.
Has an abandoned home caught your eye? Before you even think about putting an offer on the table, it’s in your best interest to make a few preparations. Visually inspecting the house isn’t enough. How will you know the condition of the interior? All abandoned homes should be thoroughly inspected by a few different professionals.
Step 1) Get a maintenance inspection to help you understand the estimated cost of repairs or upgrades.
Step 2) Get a pest inspection to help you get an idea of any termite, roach or other pest infestation.
Step 3) If the home is extremely old, you may also consider getting a lead inspection to determine the hazards of lead paint.
Step 4) After coming up with the numbers, get preapproved by a mortgage lender. This will help you determine if you can afford the cost of the house.
Step 5) Bidding on abandoned properties may require you to contact a realtor or real estate agent. With their help, you can submit an offer to the appropriate party, which could be a person or a department of the government.