Buy a Foreclosed Home: Abandoned Homes
You should check out my other Foreclosure Posts on the topic of buy a foreclosed home
Abandoned Homes Have you seen this on money.com cnn’s site?
Rundown vacant homes are costing cities and lenders so much money right now. From lawns that need to be mowed, to boarding up the house, to vandalism. These houses just sit and sit the whole time during the long foreclosure process.
There is trash and long weeds everywhere, and no one is taking care of these homes. It’s really bad in Detroit and around Cleveland and in many parts of Ohio right now. It’s ruining communities in these other cities in different parts of the US. Some of these same cities are having a hard time cutting back jobs on people right now. Unemployment is on the rise.
The communities are getting upset and want the homeowners in foreclosure or the lenders to pay to keep up the properties because the cities can no longer afford it. The article states this “Cleaning up a yard filled with trash can cost $1,000, he said, and boarding up an empty house runs about $500.”
I heard a city in California went bankrupt the other day, the entire city. This article talks about other houses in good shape in the neighborhood going down in value due to the just a few bad apples that really are in bad shape that cause problems in neighborhoods and looting, etc.
Some of these properties can be in this condition for years. If you want to read this article here it is in it’s entirety
http://money.cnn.com/2008/05/30/real_estate/high_maintenance_properties/index.htm?postversion=2008060217
