Are you interested in single-family Levittown rental properties as an investment? If so, you need to know about the “zombie property” (also called a “zombie foreclosure”) phenomenon. A zombie property is a property that has been abandoned by the owner but hasn’t been taken through the formal foreclosure process. This can cause some extra hurdles for potential buyers. This blog post will describe a zombie property and show you how to purchase one.
What is a zombie property?
When the homeowner abandons a property before the foreclosure process is over, this is called a zombie foreclosure. If a property owner defaults on their mortgage, they might think they need to move out immediately, even though foreclosure has just begun. Or they may abandon the property for other reasons. Since the foreclosure process isn’t finished, this zombie property is still owned by the homeowner, not the bank or lender. Typically, these properties wind up vacant for long periods, falling into disrepair and causing safety and property value issues for the entire neighborhood. What is more, the financial responsibilities of the home continue to pile up for the owner, from property taxes to Home Owners Association assessments and fines – and beyond.
How can I buy a zombie property?
As you might expect, obtaining a zombie property can be complicated. Though that doesn’t mean you shouldn’t buy zombie properties, you must be informed about the risks and take extra steps to protect your investment. Here are some steps you need to do if you’re interested in buying a zombie property:
- Do your research: You should figure out exactly what you’re getting into before you make an offer on a zombie property. This means researching the property, the neighborhood, and the current market conditions. If you don’t know the area well, the best thing to do is to contact a local property management company that knows a lot about investment property transactions.
- Get a good home inspector: A professional home inspection is even more significant when thinking about a zombie property. It is advisable to hire a qualified inspector who can recognize any and all potential issues with the property.
- Have realistic expectations: It’s imperative to bear in mind that a zombie property is, by definition, a distressed property. This signifies that it will likely require repairs and renovations and may not fit your usual standards. Remember to factor this into your offer price.
- Get expert help: Acquiring a zombie property can be hard, so you need to have an experienced real estate agent, a Levittown property management company, and an attorney on your team. They can help you navigate the process and protect your interests.
If you want to buy a zombie property, it is recommended to do your research and get help from a professional. You can transform a zombie property into a flourishing investment with some extra care and attention.
At Real Property Management Prosperity, we work with rental property investors to find and assess properties for sale. Our local market experts can help you thoroughly analyze the market, set accurate rental rates, and optimize your investment. Contact us online to learn more.
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