OfflineHello all! I know my greeting is rather delayed, but Happy New Year to everyone. I'm in the process of attempting to acquire a home in PA. The owner's been deceased for close to 2 years now, and I've been executing every research technique possible to find more information on the deceased owner. There are no known relatives to date. I even had spoken to the First Deputy Coroner only to find that the owner's remains are still at the coroner's facility. So, I've done comprehensive background checks in attempts to find next-of-kin - no success. My next step is to hire a genealogist to dig the trenches for me.
Now, you may wonder why I'm going to such great, or perhaps extreme, lengths. Well, of course it has to be a solid deal in order for me to have been monitoring this property since last fall. I've ordered a title abstract and found that a sewer bill and RE taxes for 2009 and 2010 are the only liens against the property. I factored in a portion of this year's taxes, and I'm looking at a purchase price of around $11-$13K with closing costs and title insurance included. The home is in a nice, comfy neighborhood. It's a 3/2. I've estimated the rehab to be around $80K. Now, that's a very conservative estimate because I walked on the side of caution and figured it would be a complete rehab. Comps are between $175-$200K. It has a lot of land attached to it, so perhaps that will increase its value. I will have a contractor give me a solid rehab estimate. I envision it's overwhelming beauty once it's fixed up.
I've spoken to the Tax Assessor, Office of License & Inspection, Register of Wills, and Recorder of Deeds numerous times. Everyone's records indicate there are no known next-of-kin, hence it's not going through a probate process at this time. So, as I mentioned earlier, I will hire a genealogist to see if he/she can find any relatives of the former owner. I want to make sure there is no kindred who could claim the property before I have my RE attorney get involved to help me purchase this property from the municipality in which it's located.
If I'm successful at buying this home, is there anyone who is willing to fund my project? I already have the contractor I would use to do the work, and he's a no-nonsense, straight-to-the-point, excessively hard working contractor who has successfully and tastefully completed many many rehabs. I've been given contact information of various HMLs, but for some reason I'm always drawn to this site as it's filled with seemingly genuine, credible, outstanding individuals whom I feel I can trust.
The exit strategy would be to sell the home after it's "beautified".
Gee, I know this is beyond lengthy, but I wanted to provide as much detail as possible to all who will view this.
Nicole the first thing you should do is buy the tax lien before some else does. If its worth anything at all,you will have some control of it even if at the end you just make interest on your money.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Thanks, James! It will be up for a tax sale this coming September if no relatives claim it. One attorney told me to wait until September to purchase. I guess the impatience in me is becoming overwhelming, lol. Perhaps it's better to wait. Any thoughts? Your suggestion is great; I have to find out how to buy the tax lien.
So, regarding the subject property from my novel-like post, I've finally found the deceased owner's next-of-kin. Guess what, guys? The person is none other than my...............cousin, whom I never met, but will be meeting first thing tomorrow morning. How twisted and cool is that? I'm still in major awe as I've never thought in my entire mortal life I would encounter such situation. This is really really really splendidly odd and incredible at the same time. Well, at least we can keep it in the family, and I will be acquiring this property. I will keep you guys updated.