![]() What Property Maintenance is Required by Law? Basic maintenance work is not being performedĪ property also may be deemed to be vacant and abandoned by an order of a court or an appropriate local official.No occupant was present and there was no evidence of occupancy at the property.The property is deemed to be vacant and abandoned if, after three consecutive inspections, the mortgagee finds that: These inspections must be conducted every month for as long as the loan remains delinquent. Mortgagees must begin conducting occupancy inspections of a home when the homeowner is 90 days behind on their mortgage payments. How is a Property Determined to Be Vacant and Abandoned? The law seeks to limit the damage caused by zombie properties by requiring mortgage note holders (“mortgagees”) to inspect, register and maintain zombie properties until the foreclosure process is complete. The negative impact these properties create can last for years while the community waits for the property to be foreclosed and sold to a new owner. With no occupant to perform basic maintenance, these homes can fall into a state of serious disrepair.ĭilapidated vacant and abandoned properties can have a corrosive effect on local communities, lowering property values, attracting criminal activity, creating health and safety hazards, and imposing extra costs on local governments due to the additional police, fire and building safety resources they require. Zombie properties are homes that the homeowner has abandoned, typically in the face of a foreclosure action. Legislation exists to address the challenges posed by vacant and abandoned properties – so called “zombie properties” – to communities throughout New York. Get a thorough maintenance inspection performed on the property, and note what needs to be fixed and how much it will cost.Ĭlaiming a property like this also involves adding in the cost of the appraisal fee, pest and lead inspection fees, title insurance, closing costs, and other legal fees.Vacant and Abandoned Properties: What You Need to Know Placing a bid on an abandoned property for sale with no ownerĪssuming you have found a potential abandoned property for sale and been pre-approved, you will want to figure in the costs that will be needed to get the home into good condition. If the property has had liens or tax problems, the owners might be more willing to sell. You could then try tracking down the owners and asking them to sell their property. It will have information about the homeowners, the home’s current appraised value, liens, or tax problems. If you find an interesting unclaimed property like this, visit your county clerk’s office. You might also check into the laws regarding unclaimed property and whether there is a statute of limitations on its return. Some properties may look abandoned, but are not listed for sale. Real estate agents have valuable knowledge of abandoned properties in the area and the law relating to claiming them, and can provide you with a selection of homes about to be foreclosed on by the bank. Various lists of abandoned properties or unclaimed properties are available.Ĭheck the classifieds for homes whose listings contain certain phrases that may indicate an abandoned property, such as “immediate possession,” “must sell,” “below market value,” or “under appraisal.” Most abandoned homes for sale are on their way to foreclosure, but the bank has not yet initiated the process. ![]()
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