Expert: Hans Weber, Licensed Broker Associate - 3/7/2008

Question
This question may sound dumb...How do homes become "abandoned"?  I just can not imagine in the world today that a "home" can be forgotten and left for such a period of time until being labeled "abandoned".  And if the state takes it, why wouldn't they sell at auction right away?  I am asking these questions because I am interested in looking into possibly buying one but I have no idea on the history of "abandonment".  Maybe you can help me start.  Thank you for your help!

Answer
Hello Susan

Thank you for your question.

There can be many reasons a home is abandoned.  Today you are hearing alot about the sub prime loan problems.  This will create abandoned homes as owners who owe more than the value of the home walk out on the loan and leave the house behind.

You will also find homes that are taken over by a municipality for non payment of real estate taxes.

There can be the case that an owner dies leaving no heirs and the property sits until someone is found (if ever) who is related.

Buying an abandoned home sounds like a bargain, but beware, the people who walk out on their mortgage are sad and angry and take their feeling out on the house by vandalizing it.

Naturally, an abandoned home is also not being cared for and can generate water leak, vermin infestation and more.

So, be careful looking for an abandoned home and have it inspected before you pay.

Good luck,

Hans