VanDweller Community Forums

Full Version: REO property long term abandoned
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
Pages: 1 2
Started doing some reading about abandoned property. Property that has gone up for auction, but no one buys it. Hopefully not in a drug user squatter area. Maybe rural. And in that situation long term. Maybe the building needs demolition. Am talking about something that has electricity and water.

Could a person buy something cheap like this? Park the RV in the driveway and fix it up over ten years say?
When I bought my place 84..I stayed in my van weeknights , weekends in a 17 ft Camper for 3 years. finally the county got me,since I didn't have a septic tank, took me over a year after that to get the well, septic then power here. Building permits must be completed off & approved within 5 years. finally in 89 I got a cheap double wide, another yr, till I had a occupancy permit.
I have another camper (casita) & van up in the field the sheriff doesn't say a thing about it since I have power & a septic tank on the property.
Sparky - how much did the well-septic- power cost you in 1990 dollars back then?
Hey your up early /or late talkin sweat equity
first well was $1100. 255 ft, 1987 it caved in, earth quake (insurance wont pay)
second well 455 ft--$6,500.
septic was about 3200 I think,1000 gal tank Lots of rock. to remove for drain field install.
power panel on my pole & hookup to trailer was about $800. (panel,breakers & wire,2"conduit )X Boss did hookup no labor,
...............
have a great Day all, huge snow storm coming here today. worried about loosing power, I'm on the end on the line,& way off the road.
A lot of time the property has other liens. There were some here in town that sold at auction for less than 10K, but the buyer found they owed over 100K to other liens. One had environmental cleanup costs that could not even be determined, but had to be done.
Zil - I asked that question on another forum, and supposedly an auction will make all the other owed expenses go away. that is what a forclosure auction is about.

Something that is a REO has no liens at all in any context, as it already went through the auction and no one bid on it. the liens are all worthless per the auction, and will be discharged. It might have a superfund toxic waste dump on it, but you can find that out. You can do inspections on REO property.
well... theres something else you can do about abandoned properties.... If the property tax has not been paid, and if you camp on it for five years and pay the property tax for those years, you can file a motion to own the property by homesteading, clears the title and becomes yours for 0.00 dollars (well other than the transfer tax etc) its not easy but its been done before, I think you can even use it as a defense against being kicked off by cops (show the property tax bill paid by you) but I'd talk to an attorney who specializes in such things.
like you said, forclosure proceedings dont dismiss mortage liens... homesteading gets rid of the current owner and any liens on the property (I think) also, not sure if you can just pay back taxes and take the land, I would guess most often if the land wouldent be worth the value of the taxes (if its like 10 or 20 years an a middle of nowhere property etc)
offroad, not to argue just to educate. There can be other liens on any auctioned property. REO or other. This is not the place to discuss the minutia of property law. But everyone please be careful and do your due diligence, and homework. Tax liens are sold at a type of auction, usually once per year, but you only get the right to foreclose on said property, as long as you are the last tax lien.
Pages: 1 2