Impact of Foreclosures in a Community

The owners/ the owners' family/ the neighbors/ the community/ the township/ the shops/ all suffer from the negative impact of foreclosures and short sales. 

Darius - I agree that everyone is impacted by this, including family, friends, and even yes, the neighbors. Did you see Larry Crowne with Tom Hanks? He lost his job and his home and his neighbors rallyed around him... 

Good Evening Darius

Thanks for the post and information. You are correct. The financial and emotional impact can be devastating. I do try to expain to neighbors and friends that we are trying to protect property values by getting the foreclosure or short sale sold.

Thanks for sharing. Have a great day

Darius -- you raise a very good point here.  I had not really thought about this or how to handle this situation with neighbors.  I think you did a fantastic job.

This market has taken a terrible toll on the families, and communities as well as the economy. I was hoping that we would go thought a fast foreclosure cycle 5 years ago and all the bad medicine would be over by now.  Instead with all the federal programs to try and repair and keep home owners in their homes has done more harm then good to the point we are still going thought the pain and will do so for a few more years until we clear up the surplus and excess inventory of foreclosed homes on the market. We have dragged out the inevitable  far too long.

Today home sit vacant and vandalized, the communities and local government are broke all because of the housing market. We need to face up to the medicine and get this problem behind us so families can get back to there lives, and communities can grow, and fund the required services. I am aware of the problems in Harrisburg, PA. we are have the same problems here just on a smaller scale.

As Realtor let's rally troops and get the homes in our community sold to families and get our industry back on all four wheels and firing on all eight cylinders.

Darius-That was a nice recovery on the neighborhood situation. I can imagine the people in the area not being happy about the foreclosure process and the affect on their friends and neighbors.

Darius - It's good that you were able to understand how important the previous homeowners were to the neighborhood and do something about it.

Darius in Central PA: Very true. As Realtors, I think we see the BIGGER picture/impact the REO's are doing to the communities.  Glad you were able to change your approach quickly with the neighbors and have more success.  Hopefully they will realize, the faster the houses get out of inventory the better the community will be. Did you put the house under contract during your open house?  

Darius, your post brings awareness to all Realtors who sell foreclosures.  To some extent, the buyers of these properties also have to deal with the feelings of the neighbors.  You have done something very positive for this neighborhood.  Congratulations on your feature!

Darius, I wonder if some of the negative reaction you were experiencing had to do with the previous owner trying to do a loan modification and the bank denying it, then the bank foreclosed. I have heard more banks spend the same amount of man power working a loan modification that they would spend on the foreclosure. That they rather foreclose and be done with the lender. 

This is some eye opening Info for all,  keep up the good work and good luck with your business,  E

I am ready for the depressed properties to get out of our market.  They bring our appraised properties down so much lower.