Discuss Detroit Archives - January 2008 Maintaining foreclosed properties Previous Next
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Mwilbert
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Username: Mwilbert

Post Number: 55
Registered: 11-2007
Posted on Sunday, January 06, 2008 - 5:00 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

There was an article in Business Week last week http://www.businessweek.com/ma gazine/content/08_02/b40660460 83770.htm article about holding banks accountable for maintaining their properties in Buffalo. It seemed like it might have some lessons for Detroit. Does anyone know if there is something like this going on?
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Diehard
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Username: Diehard

Post Number: 237
Registered: 03-2005
Posted on Monday, January 07, 2008 - 6:58 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Sounds like a good idea - if Detroit's got the means and know-how to do it. That's a big "if" in a town where leaving buildings to rot and burn has been the way of doing things for forty-some years.
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Brandon48202
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Username: Brandon48202

Post Number: 207
Registered: 12-2004
Posted on Monday, January 07, 2008 - 7:37 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's impossible to keep people from vandalizing houses, especially when you have a lot of houses you are trying to sell in bad neighborhoods scattered all over town. The banks are taking a bad beat as it already, they really don't like seeing their houses get damaged, I really don't see how adding further legislation will make the problem any better.
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Detroithabitater
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Username: Detroithabitater

Post Number: 107
Registered: 10-2006
Posted on Monday, January 07, 2008 - 7:41 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I purchased a foreclosed house last year in Detroit and it was not properly winterized. even though it appears they made some effort, they did not purge the inlet water and the pipes froze and broke open all the plumbing joints.

Now granted i gutted the house, but had someone properly drained the system it could of been salvaged for the next user.
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Kimistree
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Username: Kimistree

Post Number: 106
Registered: 01-2004
Posted on Monday, January 07, 2008 - 7:48 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

If the banks would just try and make the houses look lived that would be a start. Having no drapes, shades, etc up to the windows, is an open invitation to vandals. My Dad had a house on the market fo 2 years, and it was never vandalized because it look like someone lived there. All of the houses that I see that are foreclosure properties have been vandalized because looked like they were empty.
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Goirish1966
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Username: Goirish1966

Post Number: 40
Registered: 02-2007
Posted on Monday, January 07, 2008 - 9:42 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I worked for a former local bank (mortgage department) for 35.5 years before I was laid off in 2000.

At one point, part of my area's responsibilities was to inspect monthly every property that was in foreclosure in the 6 county area. This included those that were just approved for foreclosure (only a drive by) to those that the bank owned (an interior inspection was required).

My area covered Macomb County and Detroit (5 Mile Road to 8 Mile Road starting at Lahser and working back east).

The bank contracted a company to winterize and secure the bank owned properties. What the owners did not destroy as they moved (or were moved) out, was destroyed by vandals who broke into them. Curtains on the windows would not fool them.
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Hamtragedy
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Username: Hamtragedy

Post Number: 42
Registered: 10-2007
Posted on Tuesday, January 08, 2008 - 12:18 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Boarded up windows and doors don't fool anybody either.

Drive through an area like Warrendale. Three-four years ago, this neighborhood showed huge potential for sustaining and even improving conditions since the white flight of the 80s. Now there's upwards of 10 foreclosures on SEVERAL blocks. Add to that roaming gangs of thugs going from house to house to set up shop in foreclosed houses, in addition to the legitimate but vacant rentals, and there is an enormous problem that even the banks, if they had a plan, could not begin to keep up with.

The problem here is so far beyond critical, and Detroit is so far ahead of the nationwide crash, the best thing we can serve to be is, once again, an example of what not let happen.
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Fareastsider
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Username: Fareastsider

Post Number: 769
Registered: 08-2006
Posted on Tuesday, January 08, 2008 - 2:00 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Good points Hamtragedy the truth hurts and to many people have their head in the sand in regards to the realities of the situation.
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Renfirst
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Username: Renfirst

Post Number: 160
Registered: 12-2006
Posted on Tuesday, January 08, 2008 - 5:05 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's more on the REO agents that manage the property for the loss mitigators...

The problem is now that you've got so many foreclosures, that the REO agents don't have the time to give each the proper attention they need, and aren't willing to cut into their $$ to get more help.

It's a mess right now... but I know the city isn't really doing much to ensure proper snow removal, etc...
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Johnlodge
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Username: Johnlodge

Post Number: 4450
Registered: 10-2003
Posted on Tuesday, January 08, 2008 - 10:49 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's too bad people don't have the morals to realize destroying other people's property is wrong.

Just wanted to make sure the people who are actually to blame were addressed real quick. You can go back to blaming everybody else now.
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Softailrider
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Username: Softailrider

Post Number: 106
Registered: 02-2007
Posted on Wednesday, January 09, 2008 - 3:38 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Lot's of fraud out there on the part of the BORROWERS . People buying houses or groups of houses mortgaging them for way over there market value and taking off with the money . Sometimes , never even making a single payment .
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Dougw
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Username: Dougw

Post Number: 2025
Registered: 11-2003
Posted on Wednesday, January 09, 2008 - 12:21 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Hamtragedy and Renfirst tell it like it is.

quote:

Curtains on the windows would not fool them.


Curtains alone might not do it, but curtains, maintaining power at the house, leaving a few lights on, keeping the alarm system activated (if available), not putting those stupid secured/winterized notices in the front windows, and otherwise making it look lived in *does* make a difference, especially if the house is in an active block/neighborhood.

There are several vacant homes in Indian Village (even including foreclosures) which follow the above guidelines, and they have not had any break-ins. Unfortunately there are others where the banks haven't bothered to turn on power, etc, and those are the ones that get stripped/trashed. I guess the $30/month cost for maintaining power is just a bit too expensive to prevent tens of thousands of dollars in damage.

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