In most areas there are quite a few vacant homes that are somewhere in the process of foreclosure. When a homeowner gets behind in their payments, there is an inspector who will come by about once a month to verify occupancy. The inspector might check gas and electric meters to see if there is still active service. They will probably take one or more photos of the house, and they might attempt to make contact with the homeowner, or leave a card asking them to call their lender. That could be unnerving, knowing that somebody is stopping by regularly to take photos of your home and send a report to the bank.
Does that mean the end is near, and the bank is on the verge of taking back the home? Based on recent experience, it could be months or years until the property goes back to the bank. But still many people move out and go find a place to rent.
There is one situation where the homeowner was in regular contact with a bank representative. He told her that she needed to move out by a certain date. She complied. In this case the bank filed a foreclosure action in 2009. The foreclosure sale has still not occurred, over three years later. (There was a sheriff sale scheduled a couple of times, but canceled each time.)
So the bank has taken on property protection. They paid somebody to re-key the locks. The hopefully paid somebody to drain pipes and winterize the house. They are paying somebody to mow the yard. Andy they are probably paying somebody to stop by and take photos and file a monthly report.
Would it not have been an advantage for the bank to have had the homeowner remain in the home, paying utility bills, taking care of maintenance and mowing the lawn over the past couple of years? Why did they insist that she move out? (I know, the actions of banks sometimes defy logic.)
With many vacant homes all over, each one has its story. Some homeowners might have had to relocate to pursue opportunities in another state. Some might have left voluntarily, choosing to rent another nearby home. And others might have left because somebody on the other end of the phone told them that they had to move out by a certain date. (Was there a court order, telling them that they had to move? I doubt it.)
I would hope that people are not moving just because they get a monthly visit from a camera-toting inspector. But you never know. It would be interesting to know what motivates people to vacate the home where they can no longer afford to make payments and start paying rent elsewhere.
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If you are located in the Indianapolis-Carmel Indiana area or Central Indiana, looking to buy or sell a home, be sure to contact me about Indianapolis-Carmel Indiana area homes for sale, including resale homes, foreclosures and short sales. Or you can contact me at my direct number 317-709-2537. Call me even if your balance owing is more than the home is currently worth. This message is a service of Dan Rosenberger of Harvest Realty.
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