Fix that Foreclosure Next Door
Few things are more frustrating than trying to sell a home that sits beside a vacant foreclosure or short sale; would be buyers can be frightened away by overgrown lawns, vacant homes and a property that looks abandoned. Here is what you can – and can’t – legally do to protect your own property values.
1. Buy the Property Yourself. Perhaps the first line of thought for a short sale investor is whether or not this represents another buying opportunity! In many cases the answer is a resounding yes. Even if you decide to purchase the property yourself, that doesn’t mean it can be ignored. Use the following tips to address urgent issues in order to maximize the successful sale of your current property in the interim.
2. Notify the Contact Person or Organization. Call the Clerk of the Court to find out who is currently responsible for the property; file a written request outlining the problem and specifying what needs to be performed in order to properly maintain the property. Not only is this helpful when trying to keep the yard and other environmental concerns looking their best but it may also place a bit of urgency under the file for those considering an eventual bid.
3. File Formal Complaints. If the property presents a potential health or safety issue…for example, an abandoned pool, contact the local public health unit to file a formal complaint. Be sure to follow up by sending a copy of the complaint to the property manager and/or bank responsible for the upkeep on the home.
4. Team-Up to Turn On the Heat. Put attention to the problem by collaborating with neighbors, the local Homeowners or Condo association and other interested stakeholders. If the HOA is part of the problem, be sure to file a formal written complaint with the association.
5. Do It Yourself. Although not advisable, in limited circumstances it is possible to take matters into your own hands in order to mow the yard or address other unusual situations. For example, unless otherwise posted, it is entirely legal to mow the yard or maintain the lawn in most areas of the nation; just be careful since an accident or injury is unlikely to be covered by homeowners insurance. Remember; never take it upon yourself to enter a residence or dwelling even if the home is currently vacant.
For assistance in handling these and other real estate matters, call me at 253-209-9701 or you can contact me here if you choose. I am a real estate professional located in Bonney Lake WA and servicing all of Pierce and King County.
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