With the number of vacant properties on the rise, the City of Atlanta has found a way to fight back against run-down and seemingly-abandoned homes: they're being issued fines.
As the AJC reported earlier this week, city code inspectors have recently been citing real estate agents for code violations on the properties they are listing for sale.
Oftentimes those properties are REOs, held by out-of-state lenders.
It's a striking precedent: holding the agent liable for code violations which are the responsibility of the property's owner. These agents have been hauled into court and forced to pay thousands of dollars in fines, with no guarantee of reimbursement from their clients.
The prospect of facing hefty fines for simply taking on a listing may result in some agents shying away from representing unoccupied properties - and the fines are likely to continue. With a city that has a budget shortfall of its own, fining local real estate agents may be a god way to raise much-needed revenue.
For investors working with real estate agents to sell their properties, it's more important than ever to make sure the house is properly maintained. Real estate agents stress the importance of curb appeal to get a house sold - and now, poor curb appeal may attract the wrong kind of attention: that of the code inspector.
We'd love to be your real estate closing attorneys in Atlanta. Want to know more? Contact us and we'll be happy to discuss how Harlan and Associates can be of service to you!
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