Banks are being forced to maintain their foreclosed properties
With the overwhelming number of foreclosures hitting the market, local lawmakers all across the country are moving to force the banks and financial institutions who are taking possession of these homes to perform the necessary property preservation services in a timely fashion, in order to prevent them from taking down whole neighborhoods with them.
Here is Florida this is a common problem. The city and county governments are growing weary of all the complaints about overgrown yards, uncovered swimming pools turning into green cesspools and vacant homes either being broken into or getting vandalized. Many communities here in Florida are passing ordinances obligating the banks, most of which are located out of state, to register the abandoned homes and hire property preservation companies to maintain the homes and keep them in compliance with the city codes.
These lawmakers are not alone. All across the county, communities are getting increasingly frustrated at trying in vain to contact huge financial institutions that are failing to keep abandoned homes in acceptable condition. As foreclosures continue to dominate the real estate landscape and legislators are forced to take more and more action, it’s clear that property preservation companies will be more in demand
In Colorado they have a new bill which if passed will speed up the process it takes to get a foreclosure to sale, in order to prevent homes from sitting vacant too long and growing increasingly into a neighborhood eyesore. The governor of Colorado recently stated “Abandoned homes can quickly turn a family-friendly neighborhood into a safety hazard for children, a magnet for crime, and a drain on the property, and values of nearby homes. This bill if passed will cut in half the time it takes to sell an abandoned home in foreclosure”
James Loftis
Broker/Owner Real Estate 911 Inc.
http://RealEstate911.com
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