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Real Estate

The Run-Down Foreclosure Next Door: What You Can Do

Source: MSN.com

As the poor state of the economy continues to ripple through the housing market, many communities are becoming negatively affected by poorly maintained foreclosure properties.

One of the steadfast rules of real estate is that curb appeal is first and foremost. Curb appeal applies not only to individual homes but also to the surrounding neighborhood. Vacant, unkempt foreclosure homes can undercut the property values of an entire neighborhood. If there is a rundown, foreclosed home on the main thoroughfare into your neighborhood, chances are it is negatively impacting your property value. But what recourse do you have if a foreclosed home is blighting your area?

Vacant, unkempt foreclosure homes can undercut the property values of an entire neighborhood.

Begin by putting pressure on the bank that owns the property to clean it up. Some banks will even hire a property management service to maintain the property. If you suspect that a property in your neighborhood is bank-owned, try contacting a local real estate agent to see if he/she can find out which bank owns it. Once you determine who owns the property, get several neighbors together to make calls to the bank in close sequence to complain about the condition of the property.

If this plan yields no results, the next step is to check with your city’s local building department and speak to their enforcement division. They recognize that blighted properties hurt the entire city, so they have a vested interest in making sure properties are being maintained. Most city building departments have the ability to levy fines and penalties against the owner in the form a lien, making it difficult to sell the property until the fines are paid and the lien is removed.

Another way you can prevent a foreclosed home from blighting your community is to let your friends, relatives and anyone else that might be interested in moving into your neighborhood know about it. The more prospective buyers who are aware of the property, the better the chances it will come off the market quickly. Also, if your neighborhood has a Neighborhood Block Watch program, make sure they step up the vigilance around the properties that are vacant. Vacant properties encourage vandalism and can be a potential attraction for arsonists.

Even though foreclosures may be a sign of our current economic conditions, homeowners are not without options on what they can do to help preserve the integrity and property values of their homes.