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where I live, we're getting ready to spend an average of $25,000 rehabbing old people's properties so they can stay there. That's a TON of "deferred maintenance", otherwise known as "benign neglect".
How old is the roof? Oh, 50 years? When that leak turns into an insurance claim - the rest of us are supposed to cover you? What, you have no smoke detectors? You got dead trees next to your house?
Who is the we as in “ we’re getting ready to spend an average of $25,000…….?
No shortage of people have unrealistic perceptions of their home value. Greed is a two- way street.
Some poorly maintained properties are indeed worth half of what a maintained and updated property, next door, might fetch.
Some properties are candidates for tear down and the value is in the lot.
It’s easier to ignore unsolicited low ball offers than choosing to get worked up about it.
Of course people are going to "get worked up about it" if they are being coerced out of their home. What a disgusting thing to say.
I'm just going to figure that you've never dealt with flippers before, or that you've never lived in a gentrifying area. I'm also going to figure that you are not elderly or low-income, that you're well educated, and that if you wanted to move you'd have the financial means to do so.
You are NOT among the group of people who are being preyed on by flippers, by developers, by quasi-governmental or private redevelopment groups, or by your own local government.
If they are moving by choice, good for them. If they were coerced that is disgusting.
In my area the new people moving in are nightmares, and the "fixed up" properties look cheap and worse after they clutter them up, fill every space in the yard and add additions up to the property line. How that is better than some weeds or old paint is beyond me.
ahhh, a "heroes vs villains" script.
Can you define what rises to coercion in your mind?
Most reasonable people would be delighted to get offers multiple times a week. If one is uninterested in selling, easy enough to dismiss, like offers to extend warranties or offers for Medicare supplemental insurance.
Interests rates are at record lows. The ability to lock into a fixed 3% rate had created a demand that exceeds supply in many areas. Only thing any of us really control, is our own reactions.
My property has been a featured in several local garden walks over the years. I frequently receive letters from families expressing an interest in buying my home. Interestingly enough, when I do decide to move, likely half of ready, willing and able buyers will take a pass because they have no interest in maintaining the crap. Lol.
No, they really wouldn't.
Very few people are excited about unsolicited cold calling. Not much you can do about it. I've reported a few Realtors to the Do Not Call list for unsolicited, repeat text and phone calls. Not much else I can do about it besides leave a nasty review on Yelp, Google which I've also done. It's one thing to get the occasional junk mailer from the "We Buy Crappy Houses" people now and again. It's another when you're getting five texts or phone calls a day. Again, that's not most Realtors and that's actually fairly new behavior in my experience. It's really only been the last year where I've experienced licensed Realtors resorting to robocalls and text messages. Just my two cents but they need to do a better job policing themselves. Nobody likes getting robocalled/texted three times a day for weeks on end.
it bothers me personally that too many homeowners don't know the actual value of their property, and they "fall prey" to hucksters.
But what's the solution? Information and education for the homeowners, or more regulation on the process?
The "government" has no business over-regulating your private property, and that includes spending $25K to fix your dilapidated property for you.
Yup! Many of those flyers are from companies that are lowballing home values. They often times have zero interest in buying homes are full value. They figure that if they send out 5000 flyers and a few folks reply, it's worth their time and effort.
So one of those programs where needy who cannot afford to fix their property gets some assistance?
I think that isn't a bad thing, as long as it is fairly applied.
I've heard of neighbors putting collections together to help a neighbor in need to fix their property, and it helps the neighborhood and their property values too. That is rare of course.
A combination of greedy investors, insurance companies, local government and even neighbors are ganging up on low income homeowners to try to coerce them to leave. I've observed this working with low income seniors living at home. It is disgusting. The insurance companies are starting to price out or just cancel insurance on older homes where the elderly and lower income are likely to live.
Flippers harass them, neighbors ignore them, bother them, or report homes that haven't been renovated as eye sores (while their own yards are full of trampolines, RVs, plastic crap). Someone reported a woman's beautiful wildflower garden as "weeds" that need to be mowed.
The local governments want to see old homes either razed or gutted, they are outlawing certain things that will force people to spend thousands of dollars to comply or be fined, or they will be forced to sell. This is often happening in democrat run areas. I'm not sure how you virtue signal this.
Some insurers now are down to 15 years, for a 30 yr roof. One guy I know had three roof inspections which found the roof in perfect condition, but he was cancelled anyway.
A long term "negligence" leak isn't covered by insurance anyway, just like termites, even if the termite damage is unapparent.
When the likelihood of a claim increases, insurers need to account for it.
Wind/ hail damage is the most common home insurance claim. Generally speaking, an asphalt roof older than 15 years is more prone to wind / hail damage than a newer roof. Depending on state regulations, an insurer may decline to insure or make insurance contingent upon replacing the roof or cap damage claims at depreciated value or exempt roof claims or charge a higher premium.
Typically, the insurer pays the insured for repair/ replacement. Sometimes, these funds are not used to repair/ replace, violating the terms/ conditions of the policy. This can come back and bite the owner.
Owners of fully paid off property sometimes choose to self insure property risks, meaning the owner pays out of pocket to repair/ replace if/ when a peril occurs.
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