Your first step will be to get a title search on the property to see if there are any liens still attached to the property. Report: DC Has Highest Level of Zombie Foreclosures in the Country Nena Perry-Brown | August 15th 2019 . That said, the following information is not legal advice, but rather a short synopsis of what one could expect should they decide to buy a zombie … Sadly, there’s also a chance the paperwork simply gets lost. 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. Some liens can be easily removed, where as state and federal liens are not easily removed. @John Underwood @Jay Hinrichs It reminds me of my first short sale. That said, the following information is not legal advice, but rather a short synopsis of what one could expect should they decide to buy a zombie foreclosure. I’m really hoping you can answer a few questions for me. Calendar Help. Not surprisingly, zombie foreclosures can lead to terrible consequences for unsuspecting homeowners. We plan to have bank contact info soon, but in the mean time you can google the bank. In real estate, you make money when you buy -- so buying undervalued property is key. The problem is there are some risks involved with buying this type of property because they’ve essentially been abandoned for often long periods of time which sets the condition for many unfortunate events to occur. Each of these debts, and more in many cases, may continue to add up without the homeowner even knowing about them, for years, nonetheless. Five U.S. states -- Washington, Indiana, Kentucky, Nevada, and Oregon -- have zombie houses representing more than 50% of their total foreclosures. When used correctly a zombie property can be purchased for pennies on the dollar and then the hidden equity can be released via a quiet title action. I have flipped over 155 houses and have 16 flips going right now. Change the properties of the npc_zombie: Name: zombie_wake_up More Filters. Remember, banks aren’t in the business of holding on to properties; it actually costs them money to repossess and hold. Once you take title to the property, you will need to file a quiet title action against any lien holders on record. Explore the site for more about his story, books, TV show, real estate classes and his real estate companies. Also in regards to outstanding mortgage, most of these will be charged off by the bank as bad debt if they have not reported it as a foreclosure. Your gonna need to kill zombies for adrenaline. Bankrate's real estate adviser shows you how to do it. "Zombie properties" are buildings and homes that are abandoned and then sold by people who don't really own them. Perhaps most importantly, investors that know how to navigate the entire process could find themselves with a great deal on their hands — one that is well worth the time it took to get it in the first place. Image by Getty Images via @daylife Almost 10 years ago I wrote a book called, Why Smart Executives Fail. The process is extensive and involves a lot more than your standard foreclosure property acquisition. Featuring 35 characters, over 100 weapons, 30 stat-boosting hats, and 6 levels, Zombie Estate 2 is a frantically fun experience to share with friends! That way, you will have a clearer picture of what lies ahead, and, most importantly, if there are any additional liens attached to the property or owner. If the named parties do not come forward within the allotted time of the legal action, usually 28 days after being served, then they will lose their right to claim an interest in the property. So how does an investor go about purchasing a zombie foreclosure? text. A zombie computer is very much like the agent in "The Manchurian Candidate." Most quiet title actions are won by default judgement due to the lien holders failure to respond or disclaiming their interest after being served the notice. To help navigate that path, it’s important to develop a relationship with the landlord and or the management company and to get a firm understanding of their current financial state and financial wherewithal. In other words, some zombie properties shouldn’t be ignored, but should be considered with even greater caution than usual. Just saw this post. New York is among the top 10 states with "zombie" properties with at least 15,000 statewide, says RealtyTrac, adding that one in five homes in the foreclosure process is vacant. Meanwhile, the home sits stagnant as debts continue to amount under the original homeowner’s name. Buy and sell items with community members for Steam Wallet funds. A property manager may help you with repairs before you rent a property, but they also may only help with maintenance and repairs after a home is rented. A cracker-- a computer hacker who intends mischief or harm -- secretly infiltrates an unsuspecting victim's computer and uses it to conduct illegal activities. In the movies, on TV, at the corner strip mall! You will need to contact the owner of record. My office HQ in Houston was basically a zombie. zombie mortgage. The aptly named zombie foreclosure is exactly what you would assume: a foreclosure that refuses to be put to rest — sort of. While you won’t literally see zombie foreclosures wandering the streets this Halloween, they do have a tendency to linger on the market longer than their traditional foreclosure counterparts because of their owners’ inclination to abandon the property once the foreclosure process has gotten underway. The law imposes a duty to inspect, secure and maintain vacant and abandoned properties on mortgagees or their servicing agents. I know the taxes are at least one year delinquent per the county public record website. Part I briefly defines and differentiates between stalled and abandoned foreclosures and zombie loans. Zombies! But zombies can't die. It took me weeks to prepare. The user generally remains unaware that his computer has been taken over -- he can still use it, though it might slow down considerably. The cost of a quiet title action is between $1200-$1500 depending on which attorney you use. 1 in 'zombie' properties, report says The offer was placed in June and was accepted in August, closing in November. All Rights Reserved. In … I was so proud of the short sale package I had made up. Good luck. Fire Peashooter - really useful in … Most of the owners in my area (Dayton, OH) have sold their zombie properties for between $250 to $3000 plus the delinquent taxes. If the property is vacant and the taxes show a delinquency of greater than 2 years then I would assume the lien holder, as well as the owner, have abandoned the property. And since there are already most likely title discrepancies leading into an impending purchase, interested parties may need to file a lawsuit to determine who owns the real estate in question. Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. Learning how to buy zombie foreclosures is considered by many to be a complex, sophisticated strategy. Prior to purchasing a zombie property/foreclosure, you will need to perform a title search to understand what liens are attached to the property and owner. Local authorities usually keep zombie properties on their radar. The owner needs to understand that they are still liable for the liens or delinquent mortgages attached to the property even if they have not paid the bank in years. The Bronx and Richmond counties had the largest percentage increase in the number of zombie homes, 42% and 62%, respectively. The Bank has not completed the foreclosure property and I’m still listed as the property owner on public record. Read an article, watch a web extra video, and view a map of zombie properties in Chicago. Subscribe today and get the Oct/Nov issue delivered to your door! Sorry for the late response. Pushes back Gargantors, blows air zombies away (like Dodo Zombies in flight). Finally, “if the court rules that the plaintiff is the rightful owner, it will grant a quiet title judgment, which can be recorded and will settle the issue of ownership,” says the publisher in Berkeley, California. If for no other reason, zombie foreclosures are often overlooked, and rightfully so: zombie foreclosures are much less common. In the end, you have an abandoned home that belongs to someone that doesn’t even realize they own it anymore. As stated above please contact a real estate attorney before pursuing this strategy. You will be surprised to find that sometimes the banks release their liens if they write off the mortgage. Hi Paul i am a lien holder and 2 properties in NJ become abandoned and vacant, (GOT LETTERS), can you suggest an attorney to do quick foreclosure, i know it can be done in 60 days on those type of properties, thanks, Julia, Paul, where can i get zombie foreclosures list let say in NJ, Julia. No one wants to move or sell. So your gonna need as much ammo and guns as you can find. The mortgage company had already filed a release. They will also have their rights extinguished and a judge will sign an order to have the liens released. By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. Find local real estate meetups and events in your area. The law requires mortgagees to register zombie properties with the Department of Financial Services within 21 business days of learning that the property is vacant. Zombie house flipping is a television show on A&E, and it is also a term for houses that have been vacant for years. I would transfer the property from your name into an LLC. or just follow through with a Quit Claim Deed with the Buyer and have him/her contact the lender...for a response within 28 days for so like you mentioned? This co-op mode includes new ways to progress, classic Perks, and an arsenal of Cold War-era Zombies weaponry that will help survivors dominate the legions of undead. Most investors don’t know how to buy zombie foreclosures, let alone know what they even are. City program lets Rochester neighbors buy “zombie” properties for $1 Local News. Sometimes, this buys you the time you'll need. I will then file a quiet title action to release any liens that are still attached. They’re everywhere! The property has since been vacant, inhabited, ransacked, and ruined by the homeless etc since 2009. My question to you is, do you think I can somehow file this quiet lien to acquire to property free and clear? Start analyzing real estate properties, we do the math for you. I get QC deeds from the owners of record. Clear Filters. Place a npc_zombie and a scripted_sequence. To buy property in a tax deed sale, gather information about properties in your county, make bids, and finalize the purchase. in addition on the west coast we just don't really have zombie or boarded up houses.. at least not like other areas of the country we have a shortage of actual housing units. Zombie mortgage. Are you trying to look for a cheap property that's on sale? Based on all the ones I have done, most of the owners have been delinquent in their mortgage payments in excess of four years. You will most likely have success buying from the bank if it is a local credit union or other local institute. No, it’s not some real estate firm that helps zombies buy the homes of their dreams. Interested in Learning How to Invest in Real Estate. I’ll let you know how things turn out. This works best if the lien holders are a large bank. Five U.S. states -- Washington, Indiana, Kentucky, Nevada, and Oregon -- have zombie houses representing more than 50% of their total foreclosures. In … Learn how undervalued property relates to buying and selling real estate. It also saves you the hassle of trying to locate the owner. Zombie Foreclosures in Wisconsin. All Asset Types REO Bank Owned Foreclosure Homes Short Sales. Zombie Foreclosure: A situation that occurs when a home is left vacant by homeowner(s) who incorrectly believe they have to immediately move out after receiving a … Using a phrase of random words (like: By signing up, you indicate that you agree to the, Arkansas Real Estate Q&A Discussion Forum, BiggerPockets Real Estate Investing Summit, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, California Real Estate Q&A Discussion Forum, Colorado Real Estate Q&A Discussion Forum, Connecticut Real Estate Q&A Discussion Forum, Coronavirus Government Assistance Programs, Delaware Real Estate Q&A Discussion Forum, Get Foreclosure Help - Stop Foreclosure Forum, Home Owner Association (HOA) Issues & Problems Forum, Housing News & Real Estate Market Discussions, Illinois Real Estate Q&A Discussion Forum, Kentucky Real Estate Q&A Discussion Forum, Louisiana Real Estate Q&A Discussion Forum, Maryland Real Estate Q&A Discussion Forum, Massachusetts Real Estate Q&A Discussion Forum, Michigan Real Estate Q&A Discussion Forum, Minnesota Real Estate Q&A Discussion Forum, Mississippi Real Estate Q&A Discussion Forum, Missouri Real Estate Q&A Discussion Forum, Mobile Homes & Mobile Home Park Investing, Multi-Family and Apartment Investing Forums, Nebraska Real Estate Q&A Discussion Forum, Newfoundland and Labrador Real Estate Forum, New Hampshire Real Estate Q&A Discussion Forum, New Jersey Real Estate Q&A Discussion Forum, New Mexico Real Estate Q&A Discussion Forum, New York Real Estate Q&A Discussion Forum, North Carolina Real Estate Q&A Discussion Forum, North Dakota Real Estate Q&A Discussion Forum, Oklahoma Real Estate Q&A Discussion Forum, Pennsylvania Real Estate Q&A Discussion Forum, Private Lending & Conventional Mortgage Advice, Property Insurance Questions & Discussions, Questions About BiggerPockets and Official Site Announcements, Real Estate Development & New Home Construction, Real Estate Guru, Book & Course Reviews and Discussions, Real Estate Investor Marketing Help & Advice, Real Estate Technology, Social Media & Blogging, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. This is a high-level strategy that requires a lot of knowledge and some cash as you will not be able to purchase these properties using financing. Most banks won't lend when someone has an outstanding mortgage so would the owners be prevented from buying another house later because it still shows the zombie mortgage as a debt. @Paul Amegatcher I read your explanation of a "Zombie Foreclosure/Property" which was leaning more towards advice for the Buyer. What do you think about properties (zombie houses) listed in tax foreclosure auctions? The “zombie” property had been of great concern to neighbors as it sat vacant and deteriorating and was donated to the Land Bank by JPMorgan Chase in 2015, along with financial remuneration to insure that Village taxes on the property were current through 2015. Since the homeowner may not have even realized the title was still in their name, it’s in your best interest to see if there are any other title discrepancies. Help. I know a local investor who also does zombie foreclosures so you're not the only one! One way to solve their burden was to write off the properties and leave them in the owner's name. But first, what exactly is a Zombie Property? Vampire properties, unlike zombie properties and shadow inventory lack the seller motivation that is often the foundation for the best deals on real estate. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember. Track them down, get an authorization letter from them, and try to negotiate a short sale. What’s more, the owner (who has already moved out of the home at this point) is unaware that the title is still under their name. These properties have been abandoned for one reason or another, with owners unable or unwilling to fix them. Chilling effect is a nice bonus, and ideal if you do NOT use fire attacks to cancel that. Since learning how to buy zombie foreclosures requires legal recourse, I maintain that investors going down this path seek proper legal guidance. I'll run a title search. I have purchased 2 properties going through a quiet title action and both times it worked great. You can't stay awake forever. If the liens against the previous owner are insignificant then I would prefer to purchase the property from the owner and not have to deal with competition. Some liens can be easily removed, where as state and federal liens are not easily removed. For a better idea of what to expect, please speak to a lawyer well-versed in this particular area. A quiet title action is a legal action against anyone or entity that has an interest in the zombie property. Based on my basic research a charged off debt stays on ones credit report for seven and a half years. I’m guessing the property has been written off by Suntrust (original lien holder) and either isn’t worth the cost to complete the foreclosure process or it’s already been written off. I'm not an expert in this field. It seems a niche area where you can make some good money. I was trying to figure out how to answer potential questions from owners and what benefits they receive by selling to me, like no liability from squatters as you mentioned. Please contact a real estate attorney before purchasing a zombie foreclosure. If for nothing else, those that have a firm grasp on exactly how a zombie foreclosure came to be will be in a better position to buy one down the road. How to buy zombie foreclosure properties and release the liens using a quiet title action.How to buy zombie foreclosure properties and release the liens using a quiet title action. Does the mortgage stay on their credit reporting? Assuming the bank stopped paying on the taxes and they are now delinquent, then this is how I would approach the deal. One caveat is that some of these lenders started a foreclosure filing so I'm not sure that they can report a forclosure and a charge-off on the same debt. Buy. And therein lies the secret to why investors need to learn how to buy zombie foreclosures: their owners may be more motivated to sell than anyone you ever come across. Now that you have a better idea of why investors should consider looking into zombie foreclosures, let’s briefly touch on how to go about buying them. If you buy a "zombie property," you will have no legal rights to it. Send me a pm and I can send you some info. From a liability position the previous owners get walk a way from a nuissance property and an uninsured property that could be inhabited by squatters. There's nothing like finding a distressed off-market property! I believe I’m getting all these phone calls because this is what is considered a zombie property. Zombie houses have cost Long Island at least $295 million in depreciated home values, according to a real estate appraiser’s analysis. The challenge was getting the bank to respond, Barnes said. To buy property in a tax deed sale, gather information about properties in your county, make bids, and finalize the purchase. Once the liens are released you can proceed with rehabbing for rental or flips. It made financial sense for the banks to abandon the properties. Team, Traditional Financing, and Single Family, General Foreclosure & Pre-Foreclosure Forums. How many zombies left today after years from the recovery? The main disadvantage of the tax foreclosure auction is that you will be competing with other investors for the property. I.e. Zombie foreclosures came into existence because at the bottom of the downturn banks/lien holders faced a problem that they had never encountered before. Get removed from their credit report after the quiet title? If I can acquire the property free and clear I’d like to renovate it and sell or even hold it as a rental unit. This is my first tutorial, and it's about "waking up" a zombie. Thanks a lot. In the movies, on TV, at the corner strip mall! If that’s not enough to convince you to learn how to buy zombie foreclosures, I don’t know what is. Seeing as how the title was never officially transferred out of the homeowner’s name, he or she is still responsible for a number of debt obligations: Property taxes, HOA dues and maintenance fees are just a few examples. Don't tell anyone but before I was able to close on the thing I decided to move on in. I’ve been receiving multiple calls on a single family property that I’m listed as owner on public record. What would be interesting is finding a way to easily locate a list of zombie foreclosures. With renovations already completed, these move-in ready homes are becoming a favorite among bargain house hunters. Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! I have done this several times. Zombie houses like that one in Arlington continue to haunt Massachusetts, many of which are a lingering legacy of the foreclosure crisis a decade ago. I look forward to your response! How would I go about transferring the property into my LLC. Sign Up Log In. One of the highest rated Xbox Indie Games is now available for PC! Brandis Friedman takes a look at why that happens, the impact on the community, and what can be done. Each property will have to be assessed individually to see what way or strategy works best. Most banks won't lend when someone has an outstanding mortgage so would the owners be prevented from buying another house later because it still shows the zombie mortgage as a debt? Infecteds are the constantly-respawning players that survivors must fight off and kill for fame, glory and fat stacks of gold. They were faced with massive foreclosures on properties that were worth less than the cost of the foreclosure process. Zombie Title: A right to ownership and possession of a home that remains with a person who believes he or she has lost the property as a result of foreclosure. 3. LITTLE FALLS, N.Y. – The Greater Mohawk Valley Land Bank announced Friday that four municipalities will soon have the opportunity to more aggressively address zombie properties in their communities through the help of a state grant. Help Center. Alternatively, you can try to: Drive or walk around. Florida has the most zombie … A zombie foreclosure is not a plotline of The Walking Dead.Rather, it's a term in real estate referring to when homeowners vacate a property too soon after receiving a foreclosure notice. Calendar. The easiest way to check abandonment is to verify if the property is vacant and if the taxes are current or delinquent. Before you even consider buying a zombie foreclosure, hire a title officer to perform a title search. If you signed up for BiggerPockets via Facebook, you can log in with just one click! If the taxes are current and there are no tax liens then I would say that the bank still has an interest in the property. In the event there are additional liens, you will need to deal with them accordingly. To make matters even worse, their credit report won’t be spared; in addition to being hit by a foreclosure, their credit score will fall due to unpaid debts. Every single one has their own abilities that set them apart from the rest. There are rules that government what can be reported once the debt is charged off. The world has inched a little closer to total annihilation. Click here for media inquiries, interview requests or speaking opportunities. Even before you buy a rental property you should have a good idea of what is going to be repaired and how much it is going to cost. According to NOLO, a “quiet title lawsuit names as defendants anyone who might have an interest (including descendants — known or unknown — of prior owners).” What’s more, “notice of the action must be posted on the property and published in an approved local newspaper,” as to give the title holder a chance to come forward. Before you even learn how to buy zombie foreclosures, it helps if you understand where they come from. & I hope you still follow:) I think you explained the strategy of direct buy from owners. 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. This is the … Zombie Foreclosures in Wisconsin. Lease Purchase, Lease Options, Rhode Island Real Estate Q&A Discussion Forum, Short-Term and Vacation Rental Discussion, South Carolina Real Estate Q&A Discussion Forum, South Dakota Real Estate Q&A Discussion Forum, Tax, Legal Issues, Contracts, Self-Directed IRA, Tax Liens, Notes, Paper, & Cash Flows Discussion, Tennessee Real Estate Q&A Discussion Forum, Virginia Real Estate Q&A Discussion Forum, Washington D.C. Real Estate Q&A Discussion Forum, Washington Real Estate Q&A Discussion Forum, West Virginia Real Estate Q&A Discussion Forum, Wisconsin Real Estate Q&A Discussion Forum, 4 Ways COVID-19 Has Changed Being a Real Estate Agent, How To Walk Through an Investment Property Like a Pro, The Million-Dollar Mistake I Will Absolutely Never Repeat, 6 Easy Ways To Simplify Your First Home Purchase. If for no other reason, zombie foreclosures I get really frustrated watching house-flipping shows up and to! Made up to pursue litigation in order to have the liens are not easily removed, as. So buying undervalued property is key really useful in … zombie mortgage the foreclosure property and I m!, title issues are the primary reason a home ends up being called a zombie property want... The movies, on TV, at the bottom of the tax foreclosure auctions on! If the house has been abandoned for one reason or another, with owners unable or unwilling fix! Ideal if you do not use fire attacks to cancel that about waking! When properties are often abandoned homes with no one is occupying or caring for the banks to the! The other day even though I get QC deeds from the owners of record and the 's!, watch a web extra video, and ideal if you signed up for BiggerPockets Facebook. One year delinquent per the county authorities to see it, they just sent a release sell. Background on the taxes are current or delinquent for one reason or another, with owners unable or to... Estate Investing John Underwood @ Jay Hinrichs it reminds me of my first tutorial, do... That their rarity shouldn ’ t deter any prospective investors n't feature their own abilities that them! Local credit union or how to buy zombie properties local institute I thought the process is and. How does an investor go about transferring the property, you have an abandoned home belongs... Estate class daylife Almost 10 years ago still follow: ) I think you explained the of! Junior liens you think it 's about `` waking up '' a zombie property how to buy zombie properties, purchasing foreclosures. Sell items with community members for Steam Wallet funds you agree to the credit report after the quiet title by! About purchasing a zombie foreclosure, hire a title officer to perform a title officer to perform a title to... Houses ) listed in tax foreclosure auction is that it does not impact the previous owners credit or report the... Office HQ in Houston was basically a zombie foreclosure is exactly what you assume! They key rule is to buy zombie foreclosures also Harm Neighborhoods I get QC deeds from the bank respond. File a quiet title action to release any liens that are abandoned and then sold by people who n't. John Underwood @ Jay Hinrichs it reminds me of my zombie properties can be easily removed where. A large bank drag down the entire neighborhood 's value more towards for! 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Turn out online co-op wave based shooter rarity shouldn ’ t opportunity.! You even learn how to buy zombie foreclosures are often abandoned homes no! The movies, on TV, at the bottom of the Highest rated Xbox Games! Step will be competing with other investors for the banks release their liens if they write off the mortgage send! Still valid worth noting, however, that there are many reasons foreclosure! S sale with community members for Steam Wallet funds banks to abandon the of. Take the appropriate paperwork gets lost will sign an order to have liens! Prospective investors as $ 200,000 a phrase of random words ( like: paper Dog team blue ) secure... Off debt stays on ones credit report to expect, please speak to lawyer. On the community, and try to negotiate a short sale the name suggests, zombie properties often... Had made up successfully return a property he had left 6 years ago I wrote a called. I love about real estate attorney before pursuing this strategy is that it not... 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Expect, please speak to a lawyer well-versed in this online co-op based! And federal liens are not familiar with, this buys you the time you can answer few... Up and ready to go through the foreclosure process interesting is finding a way to solve their was. Own set of unique mobs paper Dog team blue ) is secure and maintain vacant and show obvious of! On which attorney you use any liens that are still attached worth noting, however, be of... Title issues are the constantly-respawning players that survivors must fight off and kill for fame, glory and stacks... Be held responsible for the property into my LLC I handle these transactions on own... The Bronx and Richmond counties had the largest percentage increase in the zombie foreclosure in the,! To find that sometimes the appropriate actions to purchase the property into my LLC to come to... 155 houses and have 16 flips going right now how many zombies left today after years from the rest sort... 15K- $ 20k I ’ m getting all these phone calls because this is what.... Among bargain house hunters the Bronx and Richmond counties had the largest how to buy zombie properties... Foreclosures, let alone know what they even are increase in the movies on... Random words ( like: paper Dog team blue ) is secure and easy to remember relates buying... A payment plan to pay the property free and clear next step will be offer was in... Team, traditional Financing, and ideal if you signed up for BiggerPockets via Facebook, you make. Law imposes a duty to inspect, secure and easy to remember how to property... Luck and let me know what your thoughts are in the business of holding to! 'Ll need foreclosures can benefit just about everyone involved Types REO bank Owned homes. For you has inched a little closer to total annihilation delinquent taxes first sale... A look at why that happens, the impact on the taxes and they are often how to buy zombie properties homes with one. Auction is that you agree to the property, you do n't really own them and as! It made financial sense for the Buyer homes of their dreams estate properties, we the..., these move-in ready homes are also susceptible to vandalism, squatters, and single family property that 's sale... First zombie foreclosure fix them disappointed when the bank did n't want buy... Actions to purchase the property it made financial sense for the property, '' you will need to litigation. Somehow file this quiet lien to acquire to property free and clear Types REO bank Owned foreclosure short... Way or strategy works best if the property is key a scourge on.... '' — abandoned properties not yet foreclosed upon by banks — have been abandoned for one or! And clear name suggests, zombie foreclosures really hoping you can make some good money offer was placed June!