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Just when we think it can’t get any worse...June 08, 2009
Just when we think it can’t get any worse for the homeowner in distress, think again. In areas with heavy foreclosure rates the banks are refusing to take back the property from the homeowner. Instead the owner remains liable for the upkeep. If the property should become so dilapidated the community or alderman may require the property be torn down and the bill sent to the current owner. Now the person in distress has a bill for $15,000+ for the cost of demoing and removing the debris. There are areas in Chicago where these properties are being torn down while they are listed for sale. We have actually had a property under contract and when the client went to do the home inspection the house was in the middle of being torn down.
Another situation we are running into today on these short sales is the property owner vacating the property before it is sold and not paying for monthly upkeep or utilities. Most areas have a code enforcement department that will fine the individual homeowner if the exterior of the home is not kept in reasonable shape. Sometimes the water or utility bills haven’t been paid and in order to get the home inspected and sold they need to be paid in full. The home and its upkeep and utilities are the responsibility of the homeowner until it is someone else’s responsibility which usually means ‘sold’ or if the individual does a ‘deed in lieu’. If you are considering selling your home or purchasing a distressed property you should work with an agent experienced in these types of sales. Call Amy Kite, Keller Williams, 847-877-9881. More Blog Entries... Categories: Mortgages Real Estate
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