I know it is seldom but there are some in a need of little TLC and of course, the ones that should be sold only for land value.
We have seen some foreclosure properties that just need a little cleaning and they are ready to go. Some are severaly damaged and have missing plumbing and appliances. Some of the banks who own the properties are going after the owners for stealing the banks property. After all...those items were in the mortgage and belong to the bank.
It is a case by case... house by house...decision
Debbie Albert, PA
Keller Williams of the Treasure Coast
I can see where tearing down homes in the urban parts of a big city might be worth the effort since they are crime infested some times.
In Florida where our homes are tested each year with a new and stronger hurricane this is a viable alternative for building better and safer homes.
Several states are examining their laws in implementing eminent domain and offer tax payers the benefit to replace more values in their communities that serves them in preserving and increasing their equity.
I am surprised to see Florida which is blessed with all the components to offer a boom to the industry is on the top of the list of the states having the greatest problem of foreclosed homes.
One of the reasons is the cost of up keep . Taxes, Insurance etc.
Looking ahead I see no change if we keep inventories of properties and selling them for values that do not compute with reality. I am discussing homes that are over 30 years old which are as outdated as a model T.
The opportunity to tear them down is now. Replace them with new homes that meet the challenge of weather, with all the components that are available to us in the market place. Innovation in housing has met a new challenge. The consumer has needs and this is a perfect opportunity to design and rebuild Florida.
Since insurance is a requirement why not build homes that meet those requirements and beyond to reduce cost and to make Florida lead in the construction industry with the of most advanced homes that technologies can offer. People are looking for intelligent homes both in size an design. Let's face it 75 % of our homes do not cut the mustard. Not so long ago the state of Texas was experiencing difficulties with owners unable to unload their homes . To save the high assessments of taxes and insurance they rather demolished their homes , than to continue their maintenance and expense. We realtors need to have a voice in practical change. Selling a home with all their faults using the caveat of buyer beware AS IS has run a gambit that keeps us from progress and creating respect in an industry where the consumer pays the price. Home inspectors have long time learned to stay away from giving a 20 year roof a pass when the cost of repairs is far beyond guaranteeing additional life to the component. The cost of replacements are indeed costly and in many cases puts the homeowner in greater debt than they can afford.
I have seen many foreclosed properties that are still in very good condition in my territory so my response to you would be "no". However; I do agree that if the property is in poor condition then the buyer should give weight to the land value vs. cost of repairs.
I like your creative thinking about creating jobs though!
Prudential Connecticut Realty
I have seen perfectly good property , NOT in forclosure, torn down in place of a new one. But you're right, some foreclosed property should be torn down. If you're buying "as is" you need to understand the value, which may be land alone and negotiate the cost of the tear down in the purchase price.
AS IS - eliminates all the paperwork that the back and forth of repairs and etc.
I toured with clients sooooooooooooooooooooooooooooooooooooooooooo manyyyyyyyyyyyyyyyyyyyyy foreclosures home in quality WHY would they be tear down.
Requires city permits and etc.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors