Did you know that buying a home doesn’t have to drain your savings account? There are thousands of abandoned houses for sale across the country that are just waiting for the right owner. When a home is abandoned, the government typically purchases and resells it at a much lower price point.
Searching for abandoned houses for sale in your area takes a bit more time and effort than searching for other types of homes on the market. If you are interested in abandoned homes for sale, continue reading the sections below to learn how to find them and the process of purchasing them.
In order to buy abandoned property, it must have no legal owner and be unoccupied. These are just two signs that the home may be available for purchase. It may not always be easy to determine if a house is abandoned.
Abandoned homes for sale often look deserted and disheveled. For example, the lawn may be overgrown, windows boarded up or doors padlocked. There may be “no trespassing” signs posted on the property or other notices from the city or state.
So, how does a house become abandoned? There are several things that lead to abandoned houses for sale, such as:
- The home went into foreclosure. This happens when the owner stops paying the mortgage and the loan servicer reclaims the home as collateral.
- The owner of the home passed away. If the owner did not leave the home to a relative or other beneficiary, it may sit unoccupied for several years.
- The occupants of the home were evicted. Occupants can be evicted for failing to pay their loan or lease.
- The owners left the house suddenly and without notice. This happens most often during natural disasters and severe weather events.
Before you buy abandoned property, however, it is important to understand the fine print. Abandoned homes are not always in tip-top shape; it is likely that a home you wish to purchase is in need of serious repairs.
Even if you find abandoned property for sale, you may not be able to access the interior of the home. In most cases, you will need to find a real estate agent that has access to the home in order to enter.
It is important to note that some homes may look abandoned, but are really just vacant. A vacant home is one that is unoccupied but still has a legal owner.
You should never enter a property without permission, even if you suspect the home is abandoned. Always contact the proper entities before entering.