Another problem with Foreclosures

This morning the Arizona Republic published an article Foreclosures lead to Valley health risks.  This points out another reason Foreclosures are bad for us.  Not only are they bad for the economy, they are also bad for our health.  When a property is foreclosed on, there is no one left to take care of the property.  The utilities are shut off, which is good to prevent leaks, but bad at preventing temperature related problems.  The pool is often left to sit and become a breeding ground for mosquitoes which can lead to West Nile Virus.

With so many homes on the market, everyday buyers are picking homes that are move in ready, they don’t want to do repairs, fix a pool or anything but move in.  That leaves the investors that are only going to purchase properties that financially makes sense to own.  So that leaves this problem to continue.

Well, then the article points out that once the County gets involved to control the health risk, that no one is held accountable for the work (well, expect the taxpayers).  They don’t try and find the previous owners or hold the lender that has taken control of the property responsible.  Well, that’s just plain wrong.  These properties have the possibility of sitting for way longer than anyone wants to acknowledge.

My solution, simple, when a property goes through Foreclosure, a procedure and documentation is following the process.  Add a step that the bank must put money in a reserve and contract out a Foreclosure Property Management company to monitor and maintain the home.  This will provide the lender with a listing that be more appealing than a vacant, over-grown, infested property and will protect our health.  What’s more, it will provide a job opportunities for someone to do the work.

Okay, dismounting from soapbox.

No related posts.