Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And they get more and more dilapidated to the point where they're not sellable?
They are always sellable. That is why we have investors. When they get to the point that regular homeowners won't buy them anymore, then it's all about the numbers and investors step in for the right price.
It's rare to see foreclosures not sell, often they are the first ones to go depending on the area. The banks usually throw the prices well below anything in the area for a quick sell.
There are some foreclosures under some circumstances that don't sell, but there's usually something else involved - like the overall economy being in a meltdown. Inner-city Detroit comes to mind with entire neighborhoods with abandonded houses.
These walk-a-ways often revert to the cities when the property taxes are not paid. The owners didn't want to keep paying on them because they have no value and, if there were any mortgages that ended up in foreclosure, the banks also didn't see any benefit to paying them. Eventually, the city ends up owning them after many years.
In these cases there is a bigger problem than just a foreclosure. The houses are unsalable at any price due to the nature of the area and the economy.
These hosues end up occupied by squatters, druggies and vermin. Then, the city tears them down and an empty lot is left. It makes for a neighborhood reminisicent of a war zone.
If they are truly uninhabitable, the city does come in and do a demolition of the property. This happened in my neighborhood because squatters had moved in and made it into a drug house. It took us neighbors 6 months of constantly calling the police and the city before something was done. By then it had become a meth house and was dangerous.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
