Call (877) 804-5252 now for a fair offer on your house!

What is a zombie property?

What is a Zombie Property

What is a Zombie Property

A zombie property is a property abandoned by its owner after receiving a notice of default from their lender.  It is called a zombie property, because the homeowner mistakenly believes that they need to leave the property and stop maintaining it.  These properties get the name zombie because many zombie properties are decayed, rotting on the inside (and out) and “bite” neighbors by bringing neighborhood property values down.

While these zombie properties may not refer to actual zombies, they are just as scary to homeowners and the communities they are in.  

What are the effects of zombie properties?

The negative effects of a zombie property are:

  • You still owe property taxes and will have tax liens if you don’t pay them
  • Homeowners’ association dues and assessments still have to be paid
  • If you don’t keep up on home maintenance, you can get fines for code non-compliance 
  • Unpaid taxes, fees, dues, and fines can all end up on your credit report and affect your credit score

The ramifications if there is a zombie property in your neighborhood:

Can you prevent a zombie property?

Yes, you can prevent a zombie property by not going into foreclosure, stopping the foreclosure process, and/or staying in your home until the foreclosure process is over.

Bonus Tip:  Like in the movies, stay in your house to avoid the zombies.  If you get a notice of default, stay in your home until you receive an official notice to vacate the premises.  

Can you buy a zombie property?

Yes, you can buy a zombie property.  However, finding and purchasing a zombie property does require some detective work.  You have to figure out if you are buying the property from the lender or the homeowner. Many times, the most straightforward way to purchase a zombie property is to track down the previous homeowner and offer to buy the property directly.  You can do this by having a title search done or searching through the local county clerks office and records.

Now you know what zombie properties are, the effects of them, how to prevent or buy one.

About Phil Henry

About Phil Henry

Phil Henry has been with Express Homebuyers since 2021, serving as our Project Manager. Leveraging his background in the building materials industry, Phil specializes in overseeing extensive rehab projects, ensuring operations run smoothly to meet our clients' needs. Originally from Woodbridge, Virginia, and a WVU alumnus, he brings a unique perspective to the team.

Don't Leave Without Your Offer!

Share your information below so we can give you a fair cash offer on your house!

Pin It on Pinterest