Curb Appeal in Gainesville>Question Details

Misterh, Home Owner in Gainesville, FL

Future foreclosure next door - help

Asked by Misterh, Gainesville, FL Sat Jan 28, 2012

I believe my next door neighbors are thinking of walking away from their mortgage. This is not because of a financial hardship, which would be understandable. They just purchased a bigger, more expensive house in another area (with owner financing) and they've avoided our questions about what they're going to do with their current house. It's not listed for sale or rent anywhere. They barely maintain the property as it is while they're living there, so I'm fairly sure if it's vacant it will deteriorate even more. We had a blighted house on the other side of us for years before the city finally tore it down and I'm worried that this house will end up that way, as well as the negative impact on our own property value...is there anything we can do? Other than reporting code violations as we see them - we are quite familiar with that process unfortunately

Help the community by answering this question:

Answers

7
Misterh....I understand what you are saying, and your concerns. There may be some alternatives for your neighbor...as this becomes what we refer to as a distressed property. Time obviously is of the essence. Feel free to contact me at 352-665-0073. We can discuss options as we seek a solution!

There may not be a quick fix, but options are out there
0 votes Thank Flag Link Sat Jan 28, 2012
If you could call me on my cell 317-7700 and we can talk...I have been on the code enforcement for 7 years and understand what you are saying... let's see how i can help you...have a good evening....Darlene Pifalo
0 votes Thank Flag Link Sat Jan 28, 2012
Stay on them Misterh. I just had a client who allowed foreclosure to happen after I insisted on short-selling the property. I really felt for the next door neighbor as the property became an eyesore without owner care. These people moved out of the Country so it was a little more difficult.

Most lenders want to know if their properties are vacant. The want to protect against vandalism, repairs and neglected maintenance. It makes their property that much harder to sell down the road.

Hang in there as the squeaky wheel gets the oil so to speak.

Good Evening,

Rob
0 votes Thank Flag Link Sat Jan 28, 2012
Thanks for the advice y'all. I don't believe they're underwater because they purchased several years ago, before the boom, but they purchased the house as a fixer upper and there are many half-completed projects and repairs to be done. I would love to purchase the house but don't really have the means to do that. I will try contacting the lender, however.
0 votes Thank Flag Link Sat Jan 28, 2012
Misterh, find out who the current lender is as soon as you can and explain your concerns. If the current owners walk away from it not a whole lot you can do. Even if the code enforcer is involved. Unless you know where they are moving to, tough to enforce property code violations. If the bank will take back the property they have departments that not only come in and change locks, they winterize properties if necessary and maintain grass and so on. Ask for REO or asset management department.

Don't sit back since this is a concern to you. Unfortunately, distressed properties do impact neighborhoods to a degree. A good bank appraiser should take all into consideration when evaluating Real Estate in a particular community. Not always done though.

Best of luck to you,

Rob
0 votes Thank Flag Link Sat Jan 28, 2012
You can check the public records and see if there has been a lis pendens filed...then you will know for sure that they are going to let it go into foreclosure, it would be helpful to know if they are upside down on the mortgage..

Jeanette Winkler
REMAX Professionals

Jeanette@JeanetteWinkler.com
0 votes Thank Flag Link Sat Jan 28, 2012
I believe a home is more likely to be taken care of with owners residing there. An investor buying a foreclosure may fix it up only to have tenants there. Or not. Either way, there is not much you can do other than hassle them with code violations and so forth. The owner and, to a lesser degree, those holding the mortgage have all the say.

Do you want to buy the home? If that's the case, talk to them directly about that, saying that if they ever decide to sell, you'd like a chance to buy it before it goes on the open market.
0 votes Thank Flag Link Sat Jan 28, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer