Many real estate professionals use the terms “vacant” and “abandoned” interchangeably. However, the two have notable differences, impacting how you find and invest in them (or attempt to list if you’re an agent).
In this article, we’ll explore what defines vacant and abandoned properties, how they differ, why these lead types benefit real estate professionals, and how to find them using PropStream.
Vacant properties are real estate assets such as houses, apartments, commercial buildings, or land currently unoccupied and devoid of tenants or residents.
These properties may be empty for various reasons, including abandonment, foreclosure, renovation, or simply being between occupants. When a property is considered “vacant,” the US Postal Service flags it as such.
Abandoned properties are real estate assets (like those mentioned above) left vacant and neglected by their owners for an extended period.
These properties often show signs of disrepair, neglect, or vandalism and may pose safety hazards to the surrounding community. Abandoned properties can result from various circumstances, including foreclosure, bankruptcy, or the owner's death without a clear successor. These properties may require extensive rehabilitation or redevelopment efforts to return to productive use.
While vacant and abandoned properties are both vacant, both are not abandoned.
By this, we mean that a vacant property may still be in decent condition, and an owner may be tending to it. The property might just be between tenants, causing vacant status. Vacant status can suggest a variety of property conditions and reasons the property is currently unoccupied, with no true insight into how involved the owner is.
On the other hand, an abandoned property is vacant but often shows signs of neglect, suggesting that no owner actively cares for it and that no tenant or owner lives in it. As the name suggests, an abandoned property is typically “abandoned,” increasing the odds of becoming a target for illegal activities.
Pro Tip: Both vacant and abandoned properties can negatively impact the value of surrounding properties, as they can become an eye sore (if distressed). Also, if people catch onto the property’s status, it may become a hotspot for squatters, vandalism, and other illegal activities, jeopardizing the health, well-being, and quality of life of locals.
Because of this, a real estate pro who can get the property either fixed up and sold or rented to a reliable tenant is positively contributing to their communities and able to help keep property values higher.
One thing that vacant and abandoned properties have in common is that they can suggest selling motivation.
For example, if a property is vacant and the owner can’t get tenants into it, they may be interested in selling depending on how strong their portfolio is to absorb a temporary loss in rental income. If they have to pay the mortgage out of pocket as they wait for new tenants, they may be willing to sell the property at a discounted price to relieve themselves of the burden, especially if the property needs work.
Abandoned properties can suggest even more selling motivation, as they typically require a significant amount of work that the owner is unwilling to do. Also, if the property attracts illegal activity, the owner may want to get rid of it so they’re not liable for any issues it creates.
PropStream makes finding abandoned and vacant properties quick and efficient with our filtering options and mobile app.
Here’s how to find them:
PropStream has 19 Quick Lists. Vacant is one of them.
Simply choose your search region, select the “Vacant” Quick List, and apply supporting filters to narrow your search (e.g., liens, equity, ownership info).
To find specifically abandoned properties, use our mobile app to Drive for Dollars.
What is “Driving for Dollars?”
Driving for Dollars refers to the process of recording a drive using our mobile app to target distressed or vacant properties.
There are two ways to use this feature:
Note: If you record your drive, the blue “Status” bar at the bottom will record your drive duration, stops, and distance. If you choose to “Set Filters and Drive,” you can change your filter selection during the drive. You can name your drives and access them later on in the “More” section of your app under “Mobile Activity Drive Log.”
If you’re attempting to uncover abandoned properties, you may want to apply the “Non-Owner Occupied” and “Vacant” filters with one of the Quick Lists identifying financial strain or additional selling motivation (e.g., liens, bankruptcy, divorce).
Once your filters are set and you begin analyzing the properties by driving by, you’ll want to watch for properties that are in poor condition or show obvious signs of neglect.
If you’re ready to streamline your process of finding vacant and abandoned properties, let PropStream help!
With frequently updated data for 155+ million properties, convenient filtering options, built-in marketing tools, and a mobile app, you can find exactly what you need in the least amount of time.
Activate your 7-day free trial today to enjoy 50 complimentary vacant or abandoned leads!
What happens to unclaimed real estate?
The process for handling unclaimed real estate can vary depending on each case's jurisdiction and specific circumstances. However, in general, the following steps may occur:
It's important to note that the specific process for handling unclaimed real estate can vary widely depending on factors such as local laws, regulations, and the nature of the property itself.
How do I find abandoned property in my area?
PropStream It! With PropStream, you can use our companion mobile app to Drive for Dollars and identify distressed properties that may be abandoned.
How do you buy an abandoned property?
Disclaimer: PropStream doesn’t offer legal and/or financial advice regarding property acquisition. We recommend doing your due diligence and consulting with a legal professional before purchasing real estate.
Buying an abandoned property requires careful research and due diligence. Here are steps to consider: