Zombie homes become unsightly, since they are left to rot without proper maintenance. As you might guess, “Zombie” properties are those commercial and industrial properties that are vacant, under-performing, or underwater financially, the “walking dead” of real estate. You can search on the owner's name, find the criminal case against him, and read all the court documents. Purchasing a zombie property can be a very lucrative investment, but it’s essential to carefully evaluate the condition of the property before deciding to buy it. YOU run the risk that the release was in error and, if you buy the owner's rights, the bank might file a court petition to reform their release and undo it. Sometimes years pass with no activity. Widespread mold is common. Next, check the bankruptcy records for the borrower. For this particular type of property, contacting the association can usually provide you with valuable information. Space may have been used for illegal drug activity, including meth labs, which the latter can create serious health risks. If you signed up for BiggerPockets via Facebook, you can log in with just one click! No worries, a zombie property … The property has some type of legal problem and has been languishing in the "think about later" stack in legal. If they try to buy a new home, but real estate records indicate they already own a home, they will not be able to obtain favorable mortgage terms and low interest rates. Check with a local attorney. They might simply come inside to be destructive, or they may use it for their own purposes. According to ATTOM Data Solutions, a firm that tracks different types of real estate data, zombie properties made up about 3% of all foreclosures in the U.S. in October 2019. Any thoughts on how I might go about getting myself some information on this property? Even a pro at buying property may flinch when they initially hear this term. Has the bank foreclosed? Essentially, at this point, the property owner’s name remains on the title until someone else takes hold of it. Sometimes, borrowers file for bankruptcy and a "hold" is put on the lender's computer for that mortgage. The Bronx and Richmond counties had the largest percentage increase in the number of zombie homes, 42% and 62%, respectively. We find out it's vacant and that the current owner of record is no longer there. I don't know very much about bankruptcy law. Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. I seem to recall from law school, a long time ago, that someone can't set aside an instrument because of a mistake, when an innocent 3rd party would be harmed as a result. Illinois and California follow, with more than 31,000 and 28,000 zombie … Purchasing a zombie property can be a very lucrative investment, but it’s essential to carefully evaluate the condition of the property before deciding to buy it. However, once the bank does take possession, a call to their REO/Asset Management department may net results. Even a pro at buying property may flinch when they initially hear this term. Maybe it's a little more now, I don't remember. These homes can be a good buy, but there are some challenges you should be aware of before signing on the dotted line. Any of these problems or others are further exasperated in zombie situations because there is a high probability more destruction has been heaped up upon the original neglect or damage. Are still listed on the lender or servicing company homes become unsightly, since they are often to! 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