Keeping an Eye Out for Zombies in West Palm Beach Bank Owned Properties

By
Mortgage and Lending with The Christian Penner Mortgage Team NMLS# 368289

 

 Bank Owned Properties

Bank Owned PropertiesIf you’ve come across the term "zombie foreclosures" in recent months, it wasn’t referring to voodoo parlors whose priests couldn’t pay the mortgage.

Not exactly dead, but not exactly alive, they are properties stuck in a kind of zombie-like limbo. They are homes that have been abandoned by their former owners at some point before foreclosure. Now they are sitting there, accumulating on-going taxes, liens, and gradual deterioration while the bank decides what to do (or not do) about them.

According to RealtyTrac, there are probably 302,000 "zombies” nationwide, so the odds are, some are going to be here.

Whenever you search for bank owned properties in West Palm Beach, keep an eye out for the zombies. Because the legal owner has moved on, he or she is likely to be highly motivated to sell via a short sale. But…while West Palm Beach bank owned properties — those that have completed the foreclosure process — have any outstanding taxes clearly listed on court records, a zombie property may be harder to investigate. That’s one reason why knowing you are dealing with a zombie is important.

Before writing an offer for zombies or bank owned properties, inspecting is vital. If a home spent time as a zombie before being listed in foreclosure, damage could have resulted from neglect, or even vandalism (nowadays, copper piping is a frequent target). Lack of central heating during cold and wet periods can lead to mold — and zombies seldom pay utility bills.

Some areas are more affected by foreclosures than others, and a concentration of zombie properties creates its own problems. An empty neighborhood is more likely to attract squatters or looters; neither of which helps property values. But in some areas, that’s a temporary situation. Realistically gauging a neighborhood’s impact on long-term value is a key part of the common sense approach that makes for good investing.

Zombie foreclosures aren't exactly alive, not quite dead, and not really foreclosures, either (at least not yet). I’m happy to report that even as the market heats up, you can still identify bank owned properties in West Palm Beach that are worth investigating. Call me today!

 

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SOURCE: Keeping an Eye Out for Zombies in West Palm Beach Bank Owned Properties

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Florida Palm Beach County West Palm Beach
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Mortgage Professionals
MortgageInterestRates
Christian Mortgage and Real Estate Professionals
LOAN OFFICERS WHO AREA SERIOUS ABOUT MAKING MORE MONEY
Tags:
properties
bank owned properties
homes
short sale
foreclosur
west palm beach bank owned properties
zombie property zombie foreclosures

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Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance
Christian, I think when the final tally is realized, the 302,000 number that RealtyTrac indicated will be a conservative number. There are no real controls in place to force the banks to actively manage these assets, other than local code enforcement personnel. Most municipalities have reduced their staffing, so the banks 'coast' until caught and fined.
May 28, 2013 08:19 PM #1
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I know of several Zombies in my part of town.  Vagrants and homeless people camp in a couple of them.  County Code Enforcement adds more liens to the property, but what good does that do?

May 28, 2013 10:22 PM #2
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Rainer
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