Purchasing abandoned property can be tricky | Just Ask Jan

There is a house in our neighborhood that has been vacant for quite some time. We want to buy this house before it goes back to the bank. How can we accomplish this task?

Dear Jan:

There is a house in our neighborhood that has been vacant for quite some time. We want to buy this house before it goes back to the bank. How can we accomplish this task?    — DR

Dear DR:  This is a question that I have been asked more than once. Once the owner “abandons” the property, one would think that you could just contact the bank that holds the mortgage and make an offer. Unfortunately, it doesn’t work that way.

The current owner has to sign the purchase and sale agreement. If they don’t, the mortgage company’s hands are tied. Many times, the home is worth less now than when the current owner paid for it. Therefore, if the seller signed the offer, it would have to go before the mortgage company to approve it as a short sale.

If the sellers won’t sign the offer, you would have to wait and buy it at the foreclosure sale (if you have available funds to do so), or wait for the bank to take title and then make the offer directly to them.

Almost always now, banks will not entertain offers until they list them with a real estate firm. It would be in your best interest to have a relationship with a good real estate broker who can keep their eyes open for the listing to pop up and then be very assertive about writing the home up and getting the offer into the hands of the listing broker.

Wish it were easier — sorry! Best wishes in getting the home.

— Jan Zufelt is an agent with John L. Scott Real Estate in Kingston.

 

More in Business

.
Port Orchard restaurant at in-dining standoff with state over COVID restrictions

State attorney general seeking temporary restraining order against That One Place

Sound offers grants to help local businesses with advertising

EVERETT — Sound Publishing has launched a local stimulus program to help… Continue reading

.
That One Place penalized by state board for COVID-19 infractions

Port Orchard restaurant has its liquor license suspended for 180 days

.
Fred Meyer store reports having nine employees with COVID-19

Business says it is taking ‘extensive measures’ to keep store safe for employees, shoppers

.
Sweet memories greet visitors to Port Orchard’s The Candy Shoppe

Nostalgic candies and seasonal fudge smells are part of store’s alluring treats

.
Gingerbread House contest, Senior Giving Tree at Port Orchard Market

… and Santa will visit downtown Port Orchard location later in December

Rainy Daze is hosting a Pints for Purpose Event Nov. 28 raising money for Fishline's Christmas Child program.
Fundraiser Saturday for Christmas Child Program

Grab a pint and do some good at Rainy Daze Brewing in… Continue reading

.
Downtown businesses are bracing for a harrowing holiday season

COVID-19 fear, state-mandated restrictions will likely gouge holiday profits

.
Sylling’s Elderberry wins edg3 FUND’s Innovation Award

Campfire Coffee of Tacoma wins grand prize of $25,000

a
Scarecrows will be out on Bay Street this Halloween

Visitors can vote for their favorite at a downtown business

a
Two Port Orchard businesses named edg3 FUND finalists

Winning small business will be awarded $25,000

City extends CARES business rental relief funding
City extends CARES business rental relief funding

Almost $100,000 delivered already to more than 20 local businesses