Colorado Community the Latest to Advocate Controlling Vacant Foreclosures
As more and more foreclosed homes are left vacant and in bureaucratic limbo, more and more neighborhoods and communities all across America are facing the health, safety and social hazards presented by these unsecured, uncared-for properties, which continue to deteriorate.
Property preservation companies are traditionally called in when these homes are classified as REO (Real Estate Owned) properties, in order to prepare them for resale on the real estate market. These mortgage field service businesses will perform a foreclosure clean out, make necessary repairs, do the landscaping and also carry out necessary maintenance.
The incredible overload of foreclosed and abandoned houses should make property preservation the biggest business opportunity around. As it is, contractors who specialize in this niche are incredibly overloaded with work and making a lucrative living while other occupations suffer at the hands of the currently-dismal economy. Still, the fact is that more houses need immediate tending to prevent neighborhoods from falling into potential disarray – and the Federal Government has been slow to do anything about it.
That’s why Aurora, Colorado is the latest local government to try and act on this growing dilemma.
In April of 2009, the Aurora City Council passed a foreclosure ordinance that charged lenders to register foreclosed properties. The initial fee is $50, but that amount increases by $150 for every 90 days the lender fails to register the property. Any unpaid fees are simply added to the tax bill for the property – in addition to a city and council processing fee of 26.5 percent of the amount owed.
That’s meant a bonanza for the city – and much-needed help for local neighborhoods hard hit by foreclosures in recent years. In the past five months, the new law has created almost $100,000 in new revenues in the city from the over 1500 foreclosed properties registered to date. Not only that, but Neighborhood Services Department staff says property preservation services have been much more in evidence.
“Our code officers report back to us that they feel like the vacant properties that they see on the street every day tend to be a little bit better maintained,” declared Neighborhood Services worker Jeff Hancock during a presentation in November.
As more and more counties and communities like Aurora work to fix the foreclosure problem, property preservation experts will be more in demand than they already are, truly making it the biggest foreclosure business opportunity available.
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