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Problems Facing Owners of Foreclosed Homes

As the number of foreclosures continues to increase, more and more lenders or homeowners are having difficulty selling their properties. And the longer foreclosed homes remains on the market, the less it becomes attractive to potential buyers because most of them have deteriorated or fallen prey to vandals and thieves.

Most lenders or owners of repossessed homes blamed vandals for the damages on their properties. Sometimes they would discover that a vacant property, which has been in the market for some time, has broken water pipes, windows and doors and spray paints on the walls.
Vandalism, even on just one foreclosed home, can affect the value of other properties in the neighborhood. It can also affect the overall quality of life in the community.

For example, broken water pipes on a vacant property can cause flooding. Also, potential buyers may be able to see the frozen waterfall from the house’s exterior air vents. These damages can worsen during winter and can affect values of properties in the neighborhood.

Not all utilities in vacant properties have been disconnected because exiting homeowners find it difficult to entice buyers to a home devoid of any utilities. Municipalities are also facing a problem because they cannot indiscriminately cut off the supply of water to a vacant house.

Furthermore, during winter, owners of foreclosure properties need to ensure that the houses are weatherized to be able to survive the climate.

Meanwhile, in the summer, owners are facing the challenge of keeping vacant properties secure and keeping weeds at bay.
Local governments find it difficult to deal with problems of vandalism and theft because they have no way of determining whether anybody has taken ownership of vacant properties unless they are registered. Some cities have enforced policies requiring owners of abandoned homes to register them.

Local government officials have their hands full in dealing with foreclosure homes issues. The challenge is not only to make the houses attractive to buyers but also preserving the abandoned properties for potential purchasers.

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• Sunshine State Will Receive Federal Money to Handle Foreclosures
• Oakland Tackles Foreclosed Homes With Federal and State Money
• 10 Cities Where Buyers Can Find Affordable Homes
• Inspect Foreclosed Homes Before Buying