In Port St Lucie, I buy vacant land from owners that need to turn their land into cash.
It is no longer an investment for them, but rather, the taxes and maintenance costs have become a headache.
When there are problems on the title, I have to find another way to buy it.
Vacant Land in Port St. Lucie
Let me tell you what I’ m working on right now.
Right now, I’m trying to buy a vacant land building lot that is owned by two people who paid nearly $100,000 for the land about 10 years ago.
They borrowed money from the bank to make the purchase.
When the real estate bubble burst, prices of building lots nosedived. I actually bought one at $7,500.
Their lot crashed in value too.
They quit paying the mortgage and the taxes.
Eventually, one of the partners declared bankruptcy, but didn’t include this mortgage in the process.
The bank foreclosed on the lot and because the owner at the auction, but made the choice to petition the court to vacate the sale.
In other words, even though the bank foreclosed on the lot, they never took ownership.
The owners still own the lot, and owe the bank more money than the piece of vacant land is worth.
My strategy?
I will call the bank and attempt to negotiate a short sale, to see if the bank will settle for less than what is owed. It is a long shot, but since I’m ready to close my purchase, I have to get this valid lien satisfied somehow.
It’s on my task for this week.
If you own a piece of vacant land in Port St Lucie Flordia, and you no longer want it, please give me a call or fill out my contact form. I’ll make you an offer over the phone.
I can be reached at 772-879-5010 during normal business hours.
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