A developer looking for distressed properties to purchase has a few options on how to sniff them out. The most obvious way to determine whether a property is in trouble is to monitor the progress of its permits. Buildings with years between development steps, such as the time between when a project is filed with the Department of Buildings and when it receives its permit, signal to potential investors, lenders and interested developers that the current developer of the project may have bit off more than they can chew. Unfortunately, finding ideal properties to purchase that have not seen any developmental action in some time is a more difficult task because there’s no way to know whether the owner has any desire to relocate.
TRData has isolated over 100 properties throughout the five boroughs that have received IRS tax liens equalling $500,000 or more within the last six months. These are properties that are severely behind on paying their federal taxes and represent prime opportunities for developers who can afford to pay off what is owed and begin development. The owners of these properties are a mix of companies and individuals and the amounts owed range from $509,452 to $5,067,593.
Click here to download a free sample of five properties that received federal liens totaling $500,000 or more in the last six months. Contact Derek Smith at [email protected] or (646) 503-3561 to request a custom sample, which can include federal liens less than $500,000 or issued prior to six months ago.