|Dr. Danielle Babb on Abandoned Homes|
Monday, January 21, 2008
Abandoned Homes cause BIG problems
With the wave of foreclosures hitting lenders, there is a new problem on the rise - houses abandoned by banks AND homeowners, and people left on the block getting hit with substantial value decreases as a result. An intense amount of crime sweeping into these suburban neighborhoods as vandals, thieves, drug dealers, prostitution rings, etc move into abandoned houses.
This is a forgotten, misunderstood component of foreclosure. Fights and legal battles are ensuing all across the nation about just who is responsible for these homes in limbo, being left to vandals and worse.
There are obvious signs that a home has been abandoned. The grass turns brown, eye-level weeds, the garage door becomes boarded up, signs indicating the home is bank owned - no trespassing... in some really bad cities, owners write "no piping" or "no aluminum" or "PVC only" because vandals are ripping the houses apart, bringing in trucks to haul away appliances, copper wiring, take piping out of the walls using sledge hammers, take moldings, anything metal - you name it, it's being taken. Others are being turned into indoor marijuana farms.
Also, squatters begin to make fires in the homes to stay warm as it gets colder, sometimes burning them to the ground.
Other homes are being left to drug dealers and vandals, criminals running prostitution rings in the home and setting up shop.
Let's walk through it a bit to see how this happens.
Some ask, if the bank won't take care of the home and won't get any money from the home, why not let the owner continue to live in the house and at least take care of it until it can be sold on short sale? Good question. It seems a case of banks going through a process rather than using their heads. They affect property value throughout the entire neighborhood; just being within 150 to 200 yards of an abandoned house severely affects your own property value.
© 2000-2013 The Landlord Protection Agency, Inc.