The Greater Mohawk Valley Land Bank acquires properties in foreclosure and are often in disrepair. Allysa Dupont Rader identifies and assesses vacant and abandoned properties, tries to determine how the property ended up the way it is, and figure out who the owner or mortgage holder is. Their goal is to revitalize neighborhoods that have these eyesores lowering property values, and now might be a good time to invest.
"In this market boom that we’re experiencing, a distressed property is starting to look like a better investment because it’s more affordable, and you might make a return on your money if you put money into a distressed property."
The Land Bank is hoping property owners see the real estate boom as an opportunity as well. Municipalities like Fort Plain adopted a vacant property law to prevent zombie properties from developing in their Village. You need to register your vacant property and list it at fair market value, or pay yearly fines if there’s codes violations.
"It might be even more financial incentive for people holding on to these vacant properties and not doing anything with them to fix them up and get them back on the market and sell them because now they are worth more."
Purchasing a zombie property can take a long time as the title gets hung up in the foreclosure process, but for those willing to put in the work, this option is usually affordable.
"I do think we are sitting in a little niche market where we have quite a few properties that someone can come in and really use as an investment property."
If you think you might be interested in investing in a zombie property just go to Gmvlb.org