Newbie Needs Advise On Possible Deal
I posted this in the wholesaling forum but someone brought it to my attention that I may be able to get the tax certificate so I thought i would ask the experts. Below is the scenario I am dealing with.
I need to get some advise on a possible deal I am trying to structure. The scenario is I was doing a driveby's and came across a vacant beater that had boarded up windows and tall grass. I took the address down and did some research and found the house has been vacant since Early 2001. The woman who used to own it who was never married passed away and the house was in probate. I followed it through probate and found there were no heirs. The executrix was not doing her duties and was releived of her duties. The probate case was closed but I am unable to find out more about the property. I checked public records on it and found that it was purchased back in 1977 for $38,000. then she had a second mortgage on it in1991 for $26,316. And finally there is a mechanics lien on the house for $3000. from a roofing company. I checked tax rolls and there are $7385 in back taxes. The house is in pretty good conditionf rom the outside. It is extremely ugly but has a new roof , siding that needs a spray down, and a few other good qualities. The houses in this are that are comparable go for $80-$90K. I was able to find the attorney who worked the case through probate and get her phone number but am not sure what strategy to go on this one. I want to get it and wholesale it to some one else, but am not sure how to go about doing this. any help from seasoned investors or anyone with some input wouuld be appreciated.
I thank your first step would be to call and see if their is an interest to sell, check with the tax office and find out when the next tax sale is, and find investors before you jump.
[addsig]
You need to find out who assigned the executrix and let them know you want to buy it. They can point you in the right direction.
In the meantime check and see if there are any tax certificates on it that are not in the hands of private entities, if there are buy them.
You have done a great job at some investifative work. There are numerous possibilities here, far too many to go into any real depth. Contact me at mel.johnson at www.earthlink.net to get more direction.
I also buy these types of deals routinely and may have an interest in the property at the right price.