If you are looking to buy abandoned property, you could save thousands of dollars in upfront costs. This is because the government or mortgage servicer wants to earn back its money as quickly as possible. Abandoned homes are usually listed well below market value to attract buyers for a quick sale.
Whether you want to buy abandoned property as an investment or are just looking for an affordable place to live, these homes can prove to be a bargain buy for nearly all types of buyers.
There are a few tricks to finding abandoned property for sale in your area. These homes are not always listed in the usual spots, like real estate sites and apps. However, once you know where to look, you could find hundreds of listings across your state.
There are four easy ways to find abandoned homes for sale in your area:
- On your own.
- In person.
- By word of mouth.
If you live close to the area to which you plan to move, you can easily search for abandoned homes on your own. All it takes is a bit of your free time and a way to get around. Drive through your city or town and be on the lookout for potential abandoned homes. Keep an eye out for the usual signs of abandoned properties, like boarded-up windows or overgrown lawns.
Some towns and cities keep records of abandoned homes for sale or unoccupied properties. It may be a good idea to contact the county clerk’s office and inquire about abandoned properties. Depending on where you live, you may be able to access a list of addresses online or by phone. Sometimes, searching for “abandoned buildings near me” may lead you to the county clerk’s website.
The county clerk may also have information about homes with unoccupied house insurance, which some owners may purchase to protect the home while it is vacant. These insurance policies indicate there is an owner, even if the home is unoccupied.
Some abandoned houses for sale are listed on auction sites. If a home goes into foreclosure, the mortgage provider typically sells the home at a lower value to quickly recoup its losses. You may be able to find abandoned homes in your area on one or more of these auction websites. However, note that some real estate listings on these websites are not available with traditional financing options; some properties may be available for cash only.
Another way to find abandoned property is to ask around. Neighbors may have some more information about these homes, especially if they have been vacant for several years. Most abandoned homes are not the prettiest pieces of real estate, so some local residents may be willing to talk with you if you express interest in renovating it.