A foreclosure in your neighborhood can do more than spoil the view while diriving up the block. It can also have a financial affect on every home in the subdivision. Fortunately, there are things that can be done to prevent a loss in your homes equity should you have a home go into foreclosure in your neighborhood.
- If your neighbor is moving away, find out if you can help maintain the property. Outside appearance will help ensure that the property does not "look" like a foreclosure. Even if it is rented, a renter may not be taking care of it, try to lend a helping hand if needed.
- Keep up on your own property. If you see a few disgruntled properties in the neighborhood, don't let that discourage you from not keeping up on yours. If every other property on the block is in pretty good shape, chances are the foreclosed property won't stay vacant for too long.
- Form a neighborhood watch. This prevents vandalism and break ins not only in the neighborhood but in the foreclosed properties. Once there is vandalism in a foreclosed property, it will be more difficult to sell.
- Encourage neighbors to report broken windows, tall grass, trash in the yard, etc to the listing agent. The listing agent can get someone to clean it up, therefore encouraging a quicker sale.
- If you notice people going in and out of a vacant house at all different kinds of hours, contact the authorities. It isn't unheard of for vacant properties to be used for illegal activities.
- Neighbors can help sell a foreclosure/vacant property. Just because the previous owner no longer occupies the property, does not mean it is not still a great home or a great neighborhood. The neighbors can help by spreading the good word!
When in doubt, contact the listing agent with any questions you may have.
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