Cheap Foreclosed Home for Sale Gets Protection in California
It is a fact that cheap foreclosed home for sale is bad news for neighborhoods, especially if they are not being maintained by their owners. Three cities in California passed laws that would prevent abandoned and vacant properties from becoming eyesores in communities and havens for vandals and criminals.
The cities of Covina, Montebello and La Puente passed laws that require banks and other property owners to track and maintain foreclosure properties on their portfolio. City code enforcement workers said that the abandoned home programs are designed to prevent crime in neighborhoods and to keep properties in good condition to attract buyers.
Residents of these cities said that vacant properties are the favorite hung-outs of teenagers who break in and party in them. Sometimes, squatters live in these abandoned properties and strip away everything that they could sell.
Industry experts said that cheap foreclosed home for sale that are not maintained could bring down the entire neighborhood, including pulling prices and values of surrounding homes. City laws require that banks and mortgage lenders notify local governments about the vacant properties and to maintain these houses.
Since Montebello launched its abandoned property program, nine property owners have already registered. Under the program, banks have to pay a registration fee of $120 for every foreclosed property. Property owners should also maintain the foreclosure homes or pay the fine of as much as $1,000 per day that it fails to provide maintenance or repair on abandoned properties.
In La Puente, its abandoned property law aims to make someone take responsibility for the maintenance of foreclosure homes that have been unoccupied for several months. Since the enactment of the program in November last year, La Puente already registered 51 foreclosure houses.
The program in La Puente is proving to be a success because of the cooperation between code enforcement workers and banks to make sure that vacant, foreclosed houses are in good condition and free of transients.
Aside from blights, city officials are also concerned about stagnant water, such as fountains and pools, which could be a breeding ground for mosquitoes.
According to market data, there were 21,850 cheap foreclosed home for sale in Los Angeles County from July to September, an increase from 17,073 reported for the same period last year. Industry experts said that more foreclosures remained unaccounted because banks are delaying making a report of their losses due to delinquent loans.
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