Abandoned Homes in cape coral,FL (Lehigh Acres, Lee: loans, real estate, foreclosure)

[nannymelanie]

I read in the paper that there are alot of abandoned homes in cape coral. I know that where I live/rent(yacht club area), there are alot of homes which appear to be abandoned. I am curious about what is the fate of such homes, and is it possible to obtain one? I assume such houses, once they go through the legal proceedings, are offered via public sale at very cheap? If so, how do I find out more?

any info anyone can provide would certainly be welcome! My hubby and I cant afford much, thus the reason we rent, and if we could have a place to call our own, it would be wonderful!

[malcolm60616]

Originally Posted by nannymelanie

I read in the paper that there are alot of abandoned homes in cape coral. I know that where I live/rent(yacht club area), there are alot of homes which appear to be abandoned. I am curious about what is the fate of such homes, and is it possible to obtain one? I assume such houses, once they go through the legal proceedings, are offered via public sale at very cheap? If so, how do I find out more?

any info anyone can provide would certainly be welcome! My hubby and I cant afford much, thus the reason we rent, and if we could have a place to call our own, it would be wonderful!

I've rehabbed a few abandoned homes and I'm doing oneright now that was bought at a little over 1.69 mil (6,000 sq ft mansion) so I may be able to offer some advice. Abandoned homes still have owners, they're just not owner-occupied homes. You'll have to do a title search and get the parcel ID number to find out who the owner is, once you find them contact them and make an offer.

The homes are not public as all real estate transfers ownership to and through private entities, I know Broward has a great system where you can actually type in the address and pull up the tax records, but if they've been abandoned for a while you'll need to make a visit or phone call to your local tax assessor. I'd assume the same for Dade.

You can also make a visit to a title company for the information as well, if you can qualify for the loans you'll find out that they have massive potential for HUGE profits. For example, the one I'm doing now is requiring 720K worth of materials and labor but will have a comparable ARV around 3.9 mil.

Also, make sure you look at every property with an appraiser as well as a general contractor so you don't get in WAY over your head.

My advice to you will be to avoid abandoned homes, they involve high cash reserves, a great knowledge of building, and the willingness to undertake large amounts of risk.

You should look at bank-owned real estate (through REO officers) if you're looking for a deal. Or simply offer less and look for distressed sellers.

But, the simple truth is if you can't afford to buy a home conventionally you need to work on growing your income and raising your FICO midscore.

Don't worry about owning or you'll get in over your head.

[Wild Style]

Originally Posted by nannymelanie

I read in the paper that there are alot of abandoned homes in cape coral. I know that where I live/rent(yacht club area), there are alot of homes which appear to be abandoned. I am curious about what is the fate of such homes, and is it possible to obtain one? I assume such houses, once they go through the legal proceedings, are offered via public sale at very cheap? If so, how do I find out more?

any info anyone can provide would certainly be welcome! My hubby and I cant afford much, thus the reason we rent, and if we could have a place to call our own, it would be wonderful!

did the article make mention of the circumstances under which the lots became abandoned?

[nannymelanie]

Thanks for the reply Malcom! Im not interested in "flipping," nor am I a "flipper." Just someone who would like to have a home without paying a ton to do so. I know. I know. Im a dreamer:-) I have no doubt foreclosure homes and the like can be obtained very cheap. However, they are still more than our budget, and that is why I was wondering about the abandoned homes. your post helps to shed light on the legalities of such homes, tho. If I understand u correctly, these are basically foreclosure homes. If such is the case, how can a home still be abandoned and under foreclosure for years? The few I have my eye on have been abandoned for 3 or more years.

Also, I am of course aware of the need to build up income, etc. Most people in the position as us dont expect it, but sometimes unexpected circumstances occur that cause ones savings to be drained. Believe me, it is not fun..especially at our age, and of course we are doing what we can to build savings back up. And that is why I was asking about the abandoned homes since I was thinking if we could get one for insanely cheap, that it would beat our mo. rent.

[nannymelanie]

no, I dont recall the article mentioning WHY..just saying there are lots of abandoned homes in Lee county.

[Lindsey_Mcfarren]

I am curious about the story so I checked google and found this link.
The News-Press, news-press.com, Lehigh Acres, 125 abandoned homes confirmed in Lehigh Acres

Interesting story.

[malcolm60616]

Originally Posted by nannymelanie

Thanks for the reply Malcom! Im not interested in "flipping," nor am I a "flipper." Just someone who would like to have a home without paying a ton to do so. I know. I know. Im a dreamer:-) I have no doubt foreclosure homes and the like can be obtained very cheap. However, they are still more than our budget, and that is why I was wondering about the abandoned homes. your post helps to shed light on the legalities of such homes, tho. If I understand u correctly, these are basically foreclosure homes. If such is the case, how can a home still be abandoned and under foreclosure for years? The few I have my eye on have been abandoned for 3 or more years.

Also, I am of course aware of the need to build up income, etc. Most people in the position as us dont expect it, but sometimes unexpected circumstances occur that cause ones savings to be drained. Believe me, it is not fun..especially at our age, and of course we are doing what we can to build savings back up. And that is why I was asking about the abandoned homes since I was thinking if we could get one for insanely cheap, that it would beat our mo. rent.

A normally abandoned home is "in the free and clear". (paid off) That means instant equity and a possible discount purchase. We call it buying into equity.

But, the underwriting criteria of whatever lender you choose won't change, the CLTV will simply be lower.