Foreclosed Homes have been increasingly incredibly in the U.S. as a result of the financial crisis of sub prime. With strapped resources and increasing demands from community members, local governments started to adopt various vacant property registration programs that required mortgagees to become more involved with these foreclosure properties either from the time the property owners was going into default or when a property became vacant and abandoned.
The Foreclosure Registry was enacted to establish a residential property registration program as a mechanism to protect residential neighborhoods, including abandoned properties, from blight through the lack of adequate maintenance and security as a result of the foreclosure crisis ( Ordinance No. 181185 ).
Mortgagees may utilize their own staff or obtain the services of companies such as asset managers or mortgage servicers to handle numerous functions and responsibilities related to foreclosed properties from pre-foreclosure thru property preservation ultimately to sale or transfer to a new owner.
Because a foreclosure typically comes as-is and is usually considered a distressed property, expect to have to make some repairs If the work is minor, you can save some money and do it yourself If there are significant repairs needed, hire professionals and calculate the cost of the work before making an offer.
As the federal, state, and local governments look for ways to assist distressed homeowner’s in keeping their homes or to assist purchaser’s and investors to acquire foreclosed homes to get them repaired, maintained and occupied, the banks have also focused on addressing the concerns of local governments in regards to the problems associated with vacant and abandoned properties.