Protecting foreclosures

Foreclosures are all over the place and I'm reading countless reports of criminals who steal air conditioners in broad daylight, squatters in empty houses, and copper and wire harvesters who gut and ultimately destroying the house, making the house often difficult to sell and destroying the surrounding property values.

Now it's obvious that the police will respond to calls of vandalism, or destruction of private or bank owned property. But what, if anything can or should we as Realtors or Homeowners do in order to actively protect these distressed properties to sustain the values of their neighborhoods?
  • January 26 2012 - Niceville
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Answers (3)

Profile picture for AlmaKee
Nothing we can do if it is in "preforeclosure" status and the borrow still has 100% control over the property--except--try to contact the owner to list it as a Short Sale.

If it's already foreclosed and the lender owns it, call county code enforecemet and hopefully the owner (lender) will take care of problems before the daily code enforement fines get very costly.
  • January 30 2012
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Profile picture for Caveat Emptor
You could sue the bank for not taking steps to preserve the property (like installing a security system), if you can prove financial harm after the fact.

just a thought.

of course, to prove financial harm, you would probably need to sell your property. it could be tricky.
  • January 30 2012
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I've gotten pretty good about opening a dialogue with neighbors of the home and talk about the importance of asking questions of "repair people" who show up to "take the air conditioner units...for repair". I put emphasis on the fact that that this property which is distressed will reduce the value of their property so they benefit from watching, asking, and reporting. 
  • February 06 2012
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