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My neighbors dumped their home in 2006.
It could never be sold due to "title issues" but its been on an off the market ever since they moved out.
I've tired to submit an offer to BofA but no one knows whats going on with this particular property.
The realtor says the title got "lost" somewhere in the shuffle between the many banks it went through and nobody knows who the rightful owner is.
The home is deteriorating and I'd like to buy it, fix it up and rent it out.
One of the realtors jokingly told me that since no one has the title then my only option is to claim adverse possession on the property and move in.
Laws about Adverse Possession vary from state to state, but to accomplish it the use of the property has to be open(not hiding it from the owner) and hostile(without permission) for all the years required and in some states you have to pay the property taxes on the property for all that time as well. Mainly the number of years is different in every state, but most of the time it allows plenty enough time to get a squatter out. Here in Idaho it is 20 years, so I don't see how much of it happens. So, anyway it takes years to accomplish and it just isn't right anyhow. I think you're better off buying it.
I believe its a 5 year period here in Montana so that's not too bad considering its been vacant for 6 years now. In the 6 years its been vacant I've tired many times to buy property from the 5 banks its been associated with but keep getting the same title issues response.
Location: When you take flak it means you are on target
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Who's paying the taxes? Whoever that is, is probably the owner. This simply needs a quiet title lawsuit to bring all parties to the table and have a judge sort it out. This would have to be brought by a party with an interest in the property. I.e. former owner, bank, etc.
I think problem #1 is trying to do business with BOA. It's not easy.
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