Why I feel sorry for the REO Departments

Real Estate Agent with The Keyes Company 3195704

A day does not go by where I don't see some city or county taking action to "Fix the Foreclosure Problem".  To day newspaper tells how The City of Detroit implemented  a  new vacant property procedure to allow the city to board up a property at the banks expense, of course they give  them a warning  24 Hours. They estimate the cost at about $1200 per property.

In the same article the City of Farmington approved an amendment similar to amendment's already passed in California  and Minnesota to required property owners (Banks) to register and maintain properties. Here in Florida  the City of Miami requires a fee to register foreclosed or abandon property. I sure hope the last person in the property, before they abandon the property and leave will pay the fee and register it correctly.

The latest ordance to pass here in Miami-Dade County is the Certificate of Use, this will effect any forclosed or judgement properties. It requires that the owner ( Bank)  have a Licinsed Engineer or Architect, inspect, document and estimate all repairs needed and code violations noted. This roughly 14 page report must then be filed in public record for all to see. The cost of the to the owner is about $2500 and up.

As an REO Department I can see that every property they handle has a different set of rules that need to be researched so as to not waste time accepting contracts the are voided at the closing table because the correct rules were not followed, please go back to step one and start all over and hope the rules don't change in the mean time.

It would sure be nice if we could all get on the same page and march to the same beat when it comes to handling Forclosured Property.

Chuck Mixon, Keyes Company


Comments (0)