August 9, 2011

Protect Your Homes Value Against Neighboring Foreclosures

Foreclosed properties are hot on the market, and can make your neighborhood look like a hot mess. Often times these properties are left in limbo while the owner and bank wait for the process of foreclosure to be settled. 

So what do you do when the house next door is vacant, has grass 3 feet high and broken windows?

Check out the following tips from Melissa Dittman Tracey's article, "Battling the Neighborhood Eyesore. Realtor Magazine, n.d. Web. June 2011.

  1. Notify the homeowners’ association.
    • Most HOAs will pay to have the grass mowed and take care of maintenance issues, and then tack the expense on to the HOA bill, which will have to be cleared by the bank before the property sells.
  2. Make property boundaries clear.
  3. Help with cleanup.
    • Stepping in to help with the maintenance can be tricky. Regardless of your good intentions, your actions could be considered trespassing. First figure out who owns the property, which can be a challenge in itself, and then offer your assistance.

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