Profile picture for bertha3

what can be done to improve community that have a lot of forcloser,or what type of program will help

  • December 18 2008 - Stone Mountain
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Answers (6)

Best Answer

Profile picture for Jarvis Team
Communities that have high involvement of neighbors tend to have a slightly lower rate of foreclosure.  Get organized and get involved with the HOA.  You can get the word out that there are other options.

CNN recently stated that every foreclosures is 1% hit on your property's value.  So you have incentive to help out.

You can direct them to good connected Realtors who might refer them to loan modification programs, or short sales (which hurt everyone but not as bad as a vacant foreclosures).

Some things are inevitable, but keeping up your home and helping others is a great way to build your community.

[content removed by moderator for being self promotional]
  • December 19 2008
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Profile picture for AAPL
I have been seeing HOAs raise their initiation fee significantly  to attempt to offset the costs of  taking care of the vacant homes.  My community raised from 150.00  to 1100.00.  By changing the deed restrictions  to allow the community to maintain a vacant home   then allow the HOA to lein the home and collect at closing. Another community has somehow worked out to keep the sprinklers on so the grass doesnt die. It doesnt always work obviously  but does help in some cases.  Mind you it's not an immediate fix but may help down the road  as I'm sure we arent done with foreclosures anytime soon.

***law obviously varies by state.
  • May 17 2009
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Profile picture for BEACHN
"If each foreclosure drops a home's value 1%, what happens in neighborhoods with 101 foreclosures? homes go to negative price?"

I don't know if this is a joke or a serious question that I should bring out the math to prove you could never go into the negative price.  You'll never reach even $0.00 if you keep deducting 1% a million times.  Well you would get $0.0000000000000000001 or something, but you would never reach negatives.  You're deducting 1% 101 times, not 101% 1 time.  Deep down inside I want to believe that wasn't a serious question.  Forclosures will only bring your property value down so far, eventually it'll have minimal impact on your value.  Even places like Las Vegas that have entire neighborhoods empty aren't selling their houses for pennies.  Not yet anyway.
  • May 16 2009
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Profile picture for Alan Grizzle
Everyone needs to keep there home and yard in good shape so that people will want to live in the area. That will help the foreclosure sell faster and at a higher price which will help you values hold up.
  • April 11 2009
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Profile picture for sunnyview
I think that suing the banks in small claims court to make sure that the lawn service gets paid is the single biggest thing that you can do. Brown lawns and high grass really hurt neighborhood values. Suing is cheap and easy. The law would see it as you as an owner trying to mitigate your damages. Make sure and take before and after photos to prove your case.
  • December 22 2008
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spam: this isn't freaking zillow, don't put all your contact info in your post...

Hey I do have a question though: If each foreclosure drops a home's value 1%, what happens in neighborhoods with 101 foreclosures? homes go to negative price?
  • December 18 2008
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