[Cedwards38]

I'm surprised by this too. All homes in my neighborhood (Sanibel) appear to be occupied and receiving upkeep, but I'm curious as to the number of homes in The Villages that are abandoned or under foreclosure. Is that data available anywhere?

[justjim]

Originally Posted by Cedwards38

I'm surprised by this too. All homes in my neighborhood (Sanibel) appear to be occupied and receiving upkeep, but I'm curious as to the number of homes in The Villages that are abandoned or under foreclosure. Is that data available anywhere?

After sitting for years (especially without electricity), there are real problems with a house in Florida. If its a foreclosure and the mortgage is local there is a small chance to have some closure reasonably quickly. Out of State---different story.

The Village of Sanibel is new----so like you said---I don't see any abandon homes. In my Illinois city of over a 100,000 population, the city council just voted funds to demolish 30 houses. Like others mentioned its a nationwide issue. In a CDD, I'm not sure how the process works. If I had to guess, it has to go through the courts---attorney fees etc. etc.

Our courts have a problem getting anything done very quickly so it's not always the fault of the Bank. Too many laws and regulations to get things done in a reasonable time!

[2BNTV]

Originally Posted by Warren Kiefer

We have three homes in our neighborhood that have not been lived in for over four years. At times the grass is knee high and full of weeds. When there is no rain the lawns become nearly bare ground. Close neighbors have told me that the two of the homes have been broken into several times and the presence of roaches affect all close neighbors. In addition, there can be no doubt that these deteriorating homes do have a profound affect on the values of adjacent properties. I thought our covenents had provisions that would protect us from this kind of problem.

I am so sorry that you are experiencing this problem. It must be upsetting as nothing hurts more than getting hit in the wallet.

A friend of mine pointed out that the houise I was thinking of purchasing was next to a house in foreclosure. She mentioned it wouldn't be prudent to purchase the house. Hopefully, in time all these properties will be sold and taken care of.

[Cedwards38]

For foreclosures in The Villages, you'd think those would be a "flippers" paradise, but what do I know.

[njbchbum]

Originally Posted by Warren Kiefer

It is my understanding that every effort has been made to have something done about the vacant homes. The answer given is, There is nothing we can really do other than have the lawn mowed and bill the owners when possible. I am told that one owner just walked away when the housing market crashed and the owner found he still owed more on the mortage than the property was worth.

if every effort has been made to get something done - are you at liberty to let us know what local/county health and/or code enforcement officials said after you/neighbors filed a complaint with them? you are in lady lake - are you not?

[justjim]

Originally Posted by Cedwards38

For foreclosures in The Villages, you'd think those would be a "flippers" paradise, but what do I know.

You think? Those of us that use to remodel homes and sell them are too busy with golf, eating out, socializing and other activities. Most of us have turned in our tools for a checkbook! Besides, most won't admit it, but we are too old for that kind of work.

The younger ones are working on new homes or doing small repair jobs. Seriously, there is probably a market here for fixing up and selling homes.

[graciegirl]

Originally Posted by justjim

You think? Those of us that use to remodel homes and sell them are too busy with golf, eating out, socializing and other activities. Most of us have turned in our tools for a checkbook! Besides, most won't admit it, but we are too old for that kind of work.

The younger ones are working on new homes or doing small repair jobs. Seriously, there is probably a market here for fixing up and selling homes.

You are so right. We were just talking about that this morning.

[Bill-n-Brillo]

When we bought our resale house in TV, we noticed that a house across the street looked to be "less than up to snuff". The lawn looked overgrown with spots that had died out, the landscaping was out of control - those were the outward signs. The sellers openly acknowledged that the house was going to wind up in foreclosure - the owners of that house ran into some health and financial difficulties and were no longer living there. It had been sitting empty with no utilities on for about a year at that point.

We weren't delighted about it but we figured it was actually working in our favor - it was part of what held the price down on the home we were buying. It was a detraction to the neighborhood but we felt that it would all work out over time...............and it did. Took about another year or so before the house got on the market. It was sold "as-is" - the bank did nothing to address the issues with the property. It sold in a reasonable amount of time and purchase-price-wise, the new owners got a smokin' deal. But...........they had to pour a bunch of money into the place to get it squared away. Mold issues in the drywall (since all the utilities had been turned off), all new flooring, ripped out the landscaping and started over, and so on. At the end of the day, they now have a very nice home and we're glad they're our neighbors.

Moral: In TV, I don't think a foreclosure in a neighborhood is quite the same as a foreclosure might be in an area outside of TV. It WILL eventually get purchased - probably quicker than a foreclosed home outside of TV - and it WILL get 'made right'. Very disconcerting to the neighbors but it will eventually get resolved.

Bill

[Barefoot]

Originally Posted by Cedwards38

For foreclosures in The Villages, you'd think those would be a "flippers" paradise.

I'm not sure what legalities apply in The Villages. I'm only speaking about Ontario where I was a Real Estate Broker for 20 years. But I suspect the Bank obligations are similar.

One the unique and frustrating problems that the Banks have with marketing foreclosures and power of sales, is that the Bank is under an obligation to get the highest possible market value for the property. A lot of people think the homes are just sold for the "best offer". But the Banks aren't legally allowed to just "fire sale" the home to cover the amount of the mortgage. So it usually ends of being a long, draw-out process.

First the home is marketed at a price similar to other homes in the neighborhood, even though it's been neglected. And then the price is reduced, and then reduced again and again. Thus the Bank can prove to the owner that they tried to get top dollar and failed. And when the Bank finally accepts an Offer, then the owner has to be notified and allowed a certain period of time to reclaim his property. The amount of time and frustration involved is a PITA and often eliminates all but the most dedicated of buyers.

[Cedwards38]

Originally Posted by Barefoot

I'm not sure what legalities apply in The Villages. I'm only speaking about Ontario where I was a Real Estate Broker for 20 years. But I suspect the Bank obligations are similar.

One the unique and frustrating problems that the Banks have with marketing foreclosures and power of sales, is that the Bank is under an obligation to get the highest possible market value for the property. A lot of people think the homes are just sold for the "best offer". But the Banks aren't legally allowed to just "fire sale" the home to cover the amount of the mortgage. So it usually ends of being a long, draw-out process.

First the home is marketed at a price similar to other homes in the neighborhood, even though it's been neglected. And then the price is reduced, and then reduced again and again. Thus the Bank can prove to the owner that they tried to get top dollar and failed. And when the Bank finally accepts an Offer, then the owner has to be notified and allowed a certain period of time to reclaim his property. The amount of time and frustration involved is a PITA and often eliminates all but the most dedicated of buyers.

Ouch, that would sure put a crimp in the 60-90 day flip plan wouldn't it, unless you catch one right at the end of this process. Do they eventually reach an auction step?

[Barefoot]

Originally Posted by Cedwards38

Ouch, that would sure put a crimp in the 60-90 day flip plan wouldn't it, unless you catch one right at the end of this process. Do they eventually reach an auction step?

I've never seen a house go to auction. Usually "normal" Purchasers lose patience with the process and move on. Eventually the Bank reaches a low enough list price that a patient flipper will buy it, do some renovations themselves, and make some money. Some houses are in decent shape, although neglected. All houses are sold "as is" with no warranties or building inspections. I've seen a lot of houses where owners were so angry when they were evicted, that they pulled out the light fixtures and the sinks and toilets and punched holes in the walls. It's a sad business.

[NIPAS K-9]

Originally Posted by bill-n-brillo

when we bought our resale house in tv, we noticed that a house across the street looked to be "less than up to snuff". The lawn looked overgrown with spots that had died out, the landscaping was out of control - those were the outward signs. The sellers openly acknowledged that the house was going to wind up in foreclosure - the owners of that house ran into some health and financial difficulties and were no longer living there. It had been sitting empty with no utilities on for about a year at that point.

We weren't delighted about it but we figured it was actually working in our favor - it was part of what held the price down on the home we were buying. It was a detraction to the neighborhood but we felt that it would all work out over time...............and it did. Took about another year or so before the house got on the market. It was sold "as-is" - the bank did nothing to address the issues with the property. It sold in a reasonable amount of time and purchase-price-wise, the new owners got a smokin' deal. But...........they had to pour a bunch of money into the place to get it squared away. Mold issues in the drywall (since all the utilities had been turned off), all new flooring, ripped out the landscaping and started over, and so on. At the end of the day, they now have a very nice home and we're glad they're our neighbors.

Moral: In tv, i don't think a foreclosure in a neighborhood is quite the same as a foreclosure might be in an area outside of tv. It will eventually get purchased - probably quicker than a foreclosed home outside of tv - and it will get 'made right'. Very disconcerting to the neighbors but it will eventually get resolved.

Bill

thanks for your advice on that. I totally agree with that. If they hang tight , in the end they will smile all the way to the bank.