Uncategorized April 21, 2023

Buying an abandoned home could present an opportunity to snag a property at a bargain price. But before you decide to start shopping for abandoned properties, there are things you need to know.

recent article from realtor.com outlined key things buyers need to know about buying abandoned properties, including:

  • You’ll need to get pre-qualified/pre-approved for a mortgage. If you want to buy an abandoned property, you’ll need to follow the same process as buying any other type of real estate, including getting a pre-qualification or pre-approval letter for a mortgage. This will give you an idea of how much budget you have to work with, which will inform what properties might be a right fit.
  • The right search terms can help you find abandoned properties. Want to explore abandoned properties in your area? When searching listings, use search terms that might indicate a property is abandoned or unclaimed, like “immediate possession,” “below market value,” “must sell,” or “under appraisal.”
  • It’s important to understand the risks. Buying an abandoned home can be a risky investment; for example, an abandoned home that’s been vacant for years could have a number of maintenance issues, including wiring issues, water leaks, or gas leaks — all of which could be expensive to repair. Make sure you fully understand the risks (and potential costs) before making an offer.