creative way to acquire abandoned home, maybe adverse posession?
I live next to a home that has been vacant for a year. Apparently the bank has repeatedly tried to locate the owners to no avail, as have we regarding their intentions of the property. I was looking for creative options to acquire this property w/out having to finance another mortgage and because the home is quite delapidated and needs gutted. It would be a perfect opportunity to connect the two homes and gain more property value as well as get rid of an eyesore. Any creative thinking on this? 
1) talk to the bank's REO officer. If the mortgage hasn't been paid in a year it's ripe for foreclosure. If the bank has a guaranteed buyer they might move. (Banks don't like owning property.)
2) Adverse possession? Of an entire building? I don't know where you live, but here you'd be laughed at, not given title.
3) Anyone can be found, except Jimmy Hoffa. If it's worth your while (small mortgage compared to FMV), search the web for people who do that. It's not expensive. Or offer to find them for the bank - for a fee .
[ Edited by AKlein on Date 06/19/2003 ]
ok, can't get a straight answer from bank, what about doing a Subject To?
You can't find the owner. How can you do a Subject To?
oop, true. local police department is trying to locate them for property disarray. maybe then i could do that. in the meantime, can property be acquired by paying delinquent property taxes?