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Old 12-09-2008, 12:22 PM
 
25,316 posts, read 37,381,995 times
Reputation: 13227

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Under new Miami-Dade County law, foreclosed homes will be subject to county code inspections and sellers required to disclose any violations and cost estimates for fixing them to potential buyers up front.
Another new measure requires lenders to maintain foreclosed properties once vacated.
The legislation morphed Tuesday from proposed laws that would have made code compliance up to owners before a sale and property maintenance up to lenders upon filing for foreclosure.
Commissioner Natacha Seijas originally proposed the ordinance that would have forbidden the sale of a residence until the purchaser on the certificate of title obtained a certificate of use from the county determining that the residence complied with applicable building and zoning codes.
Commissioners, staffers and housing industry players applauded her intention to protect buyers from surprise code enforcement costs after a sale but pointed out several "unintended consequences."

Miami-Dade County OKs code rules on foreclosed homes

click on the link to read more.

I guess this will change the market.....
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Old 12-09-2008, 12:24 PM
 
22,770 posts, read 25,134,203 times
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Interesting.

As a prospective buyer, my lender requires that my home meets city housing codes, which rules out nearly all of the "as-is" properties in my market.
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Old 12-09-2008, 12:26 PM
 
Location: Virginia Beach, VA
2,124 posts, read 7,768,450 times
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GOOD!! maybe those lenders will be a little more agreeable when that start adding that line item to their spread sheet; ie.
line item #39: maintaining property $xxx
line item #40: fixing property so it can sell after denying the short sale and really making the owner mad, so they trashed the house: $xxxxxxxxxxxx


shelly
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Old 12-09-2008, 05:27 PM
 
3,720 posts, read 4,431,693 times
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The commissioner thinks this will slow down getting homes back on the market. I disagree. The more legal responsibility put on the banks to maintain these properties, they may feel pressured to just get it fixed and out of their hair. Hopefully.
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Old 12-09-2008, 05:36 PM
 
Location: Great State of Texas
86,094 posts, read 69,764,199 times
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I think banks should take care of property they now own. Nothing wrong with that seeing they are holding onto them and letting them fall into disrepair and that itself brings down the neighborhood values.

Maybe it will give them incentive to unload the house quicker and not hold on to it hoping the government will buy it or prices will shoot up tomorrow.
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Old 12-09-2008, 09:24 PM
 
1,305 posts, read 2,046,887 times
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I think this is great and generally really good.

The only thing to consider is the other side of the coin. This is an additional expense banks will incur when they own foreclosed homes. So they will need to charge an appropriate interest rate to cover this risk (up it slightly). So it will ever so slightly drive up the cost of borrowing money secured by a residence.
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Old 12-09-2008, 10:24 PM
 
3,720 posts, read 4,431,693 times
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I say we defy them and refuse to borrow at all. THat'll show them.
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Old 12-10-2008, 12:06 PM
 
25,316 posts, read 37,381,995 times
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Next to me is a bankowned for over a year now and it isn't listed at all! The bank has some bad lawn company coming out to mow and they ruin the grass and they are more interested to make a pic. to send to the bank. The pics are made from an angle so you won't see how bad it looks and from a distance without using the zoom. There are bee nest's, dead sod, old newspapers laying on the porch and other bug nest's inside the home....A couple of days ago they didn't even mow (Thank G..) since the sod is just coming back little by little, and they just made a pic. so theyy can get their money and still the HOA has to send a guy to maintain it and the HOA is sending a bill to the bank...so what a waste of money!

I have no clue why the bank hasn't even listed it, but this is one of 5 properties in my sub community that are bank owned and not listed.......makes you think what theses banks are doing?
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Old 12-10-2008, 03:05 PM
 
Location: Richardson, TX
10,083 posts, read 16,676,103 times
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Quote:
Originally Posted by shellytc View Post
GOOD!! maybe those lenders will be a little more agreeable when that start adding that line item to their spread sheet; ie.
line item #39: maintaining property $xxx
line item #40: fixing property so it can sell after denying the short sale and really making the owner mad, so they trashed the house: $xxxxxxxxxxxx


shelly
Lots of people trash the house anyway, even those that never return ANY loss mitigation calls or attempt to work anything out with the bank.
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Old 02-22-2009, 03:24 PM
 
3,720 posts, read 4,431,693 times
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This is from October of last year but the theme is similar.

City Hopes New Law Will Get Banks to Maintain Foreclosed Properties - Codes And Standards, Business, Sales, Mortgages And Banking, Development, Lenders - Builder Magazine (http://www.builderonline.com/codes-and-standards/city-hopes-new-law-will-get-banks-to-maintain-foreclosed-properties.aspx?rssLink=City+Hopes+New+Law+Will+Ge t+Banks+to+Maintain+Foreclosed+Properties - broken link)
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