A Word to the Wise:(Realtors with REO Properties)
April 2, 2009
I was just alerted by two of our agents that municipalities are cracking down on vacant properties. Most cities have ordinances, or have recently enacted ordinances, that levy fines on properties that have become a blight in a neighborhood, i.e. "eyesores". A code enforcement officer will cite the homeowner if the officer determines that the property constitutes an "eyesore" in the neighborhood. The fines can be upward of $100 per day or even $1000 per day.
In the case of bank-owned properties, the owner, the bank, will be sent a notice to correct the problem: dead grass, trash, broken windows, graffiti, etc. Unfortunately, the notice seems to get lost in a bank's routing system and often fines build up into the thousands of dollars. (I heard of one that was $8000 for a dead lawn.)
The word to the wise real estate agent is: if you list a property that is not crisp and clean to the passer-by, you should immediately notify your contact at the bank and request authorization to repair and replant as necessary. It seems that part of becoming a bank's agent now includes alerting the bank to their responsibility to maintain the property. You, the agent, are the bank's eyes as the bank has probably never seen the property. (I might add that it seems that lenders list their REOs with agents who are not local and therefore are not on top of dying grass and graffiti.)
Today's real estate market is a challenging one. A wise agent will do the best job in keeping his/her listings in tip-top shape. Good communication with the lender's asset manager is vital!
I was just alerted by two of our agents that municipalities are cracking down on vacant properties. Most cities have ordinances, or have recently enacted ordinances, that levy fines on properties that have become a blight in a neighborhood, i.e. "eyesores". A code enforcement officer will cite the homeowner if the officer determines that the property constitutes an "eyesore" in the neighborhood. The fines can be upward of $100 per day or even $1000 per day.
In the case of bank-owned properties, the owner, the bank, will be sent a notice to correct the problem: dead grass, trash, broken windows, graffiti, etc. Unfortunately, the notice seems to get lost in a bank's routing system and often fines build up into the thousands of dollars. (I heard of one that was $8000 for a dead lawn.)
The word to the wise real estate agent is: if you list a property that is not crisp and clean to the passer-by, you should immediately notify your contact at the bank and request authorization to repair and replant as necessary. It seems that part of becoming a bank's agent now includes alerting the bank to their responsibility to maintain the property. You, the agent, are the bank's eyes as the bank has probably never seen the property. (I might add that it seems that lenders list their REOs with agents who are not local and therefore are not on top of dying grass and graffiti.)
Today's real estate market is a challenging one. A wise agent will do the best job in keeping his/her listings in tip-top shape. Good communication with the lender's asset manager is vital!
posted by shirley harry at 8:03 AM
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