Abandoned, Deteriorating Homes … Just Let Them Burn?

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  1. Yes, I think abandoned & derelict homes are a burden to the neighborhood and should be dealt with. In Winnipeg, Manitoba Canada there is a policy that any property that has been abandoned & derelict is to be torn down. The city will come in and shut off services (gas,water & electricity). The city hires a crew to demolish the home and regrade (level) the property. The cost of this is added to the property tax bill. The owner has 2 years to pay the bill. If the owner defaults on the payment, the city seizes the property & sells it to cover it’s cost. It is a bit of a lengthy process, but it does help!!

  2. Tim

    Tied to short sell a badly deteriorated property, but the offer was rejected after the appraiser came back with an unrealistic value. It is uninhabitable, and the potential buyer was going to demolish it for use as added green space to his adjacent property. Poor choice on that lender, now they’ll just sit on it!

  3. It’s a shame that first time homebuyers who qualify for the program with no down payment money, can’t get an increase in their loan so that some of the issues can be addressed… in the lower end price point, sometimes they need a new roof, gutter repairs, paint inside and out, new appliances and flooring. All things a new buyer can’t afford. Housing is out there. It’s just in poor condition. BTW, it’s not necessarily foreclosures that are in this condition, it’s short sales and re-sales as well that I am seeing. And in some cases, a good thorough cleaning of the interior and exterior can make a huge difference in making a property show better.

  4. The is a huge market for REO properties if the banks would only list them for sale. We have 50 buyers for every house. Pent up demand is ridiculous. Mutilpe offers are rampant, with as many as 37 offers on some houses. Most is not all sell over list the first 72 hours. Simply list them for the sake of the US economy.