How Can You Find And Buy City-Owned Properties?
HTML-код
- Опубликовано: 14 июл 2021
- Need to know how to find AND buy city-owned properties? The reason why city properties come available is because sometimes, the city buys too much property and ends up not needing it.
Oftentimes, these properties are in the form of land. These are used for developments. However, actual city properties are available sometimes. It's just not as common as land properties are. Nonetheless, I'll explain to you how you can go about finding these properties in your area.
=====================================
🏠 We can help with your real estate goals: www.theinvestorsedge.com/lear...
=====================================
=====================================
Ask Ryan is a short segment where he answers frequent questions he gets about real estate investing.
=====================================
About The Investor's Edge:
House flipping and real estate investing can be challenging for first-time real estate investors, and that is why The Investor's Edge was created. As a leading hard money loan provider, we excel in not only providing funding when other hard money lenders won't, but we give our members tools, software, contracts, and expert help to be successful.
Are there cases where cities may agree to subdivide a parcel and sell one part of it?
I'm interested in a residential-zoned parcel that appears to have been acquired by the city for a vehicle right-of-way to a stream. The adjacent parcel they own does not have direct access to the stream, and they appear to be only using a small portion of the parcel.
That's a great question. Every city and state is different when it comes to what they will do. In your situation, we would recommend hiring a real estate attorney to help you work with the city to see if they would be willing to do this.
@@theinvestorsedge I just realized you are a fellow Utahn, do you happen to know state laws here regarding this? I might consider finding an attorney if the city may have any interest selling this parcel, thanks for the advice!
@@okzoomer5728 Yes, we are based in Utah. We always consult our real estate attorney for matters like this.
In my city tax liens and city-owned property are two totally separate and independent matters.
How can I buy a super market that is owned by the city ?
I have a question can you wholesale city own properties & then assigned it? Would I have to double close ?
You would need to ask the specific city to get the answer to that. Most banks and governments that are selling properties don't like to allow for the assignment of the property to another individual. And if that's the case, they would have to do a double close.
Hey, where you able to find a solution to this?
I have my eye on a property that looks run down and abandoned. I was looking to wholesale the house so I got ahold of the original owner and was notified the city owner it. Is this something I should still pursue?
This is a great question. The short answer... maybe.
With a few clarifying questions I can tell you if it's worth continuing to pursue.
First, know that we have provided funding on properties that have been purchased at a foreclosure auction. Foreclosure sales policies will vary from city to city and state to state. Here's the criteria that should be available to you in order to pursue the deal further.
The ability to access the property in advance of the property being funded. Frequently referred to as a Due Diligence period.
The city allows you to pay for the purchase by way of a loan, some cities, states require the purchase to be paid within a few days.
Funding in a few days is a challenge for most lenders, particularly if there's no opportunity to complete due diligence
Share the address and if it doesn’t work out I’ll let you know.
Ohhhhhh yuppppoooo!!!!
Thanks for watching!
Where do you find abandoned properties owned by banks or credit unions?
Some brokers may be willing to help you find quality properties, and others may be willing to provide you with tips on how to identify them.
Is this what contractors do? lol