What are these Banks doing now? Foreclosures “looking” worse in the Neighborhoods
Posted on | October 12, 2009 | 2 Comments
One of our companies has a division that works in the foreclosure or “REO” arena as they like to call it these days. They take care of securing the vacated properties, rehabbing them and maintaining them until sold.
However these days the banks just can’t seem to keep up and they don’t seem to care at all anymore. Last year we (full) rehabbed about 40+ homes.
Everyone sold within a week or so as almost new.
This year very few complete rehabs, just little fix-up’s and even the exterior maintenance is lacking as everyone can see when they drive throughout neighborhoods everywhere. Grass 3 feet tall, mold everywhere etc etc, simply making our neighborhoods ugly.
They just don’t seem to care at all. We wrote one large company; (this company we have a new exclusive agreement with to do any and all work they have within a certain geographical area)……anyway as we proceeded to do some follow-up photos for them of properties they have listed for sale…..we found the grass was left to grow to actually cover their own for sale sign.
Yes, you read that right, their own sign covered by 3 ft tall grass; now the letter we wrote to them part….after showing them photos of their properties looking (not so good), they didn’t even answer with a wow better go get that taken care of……NOT….they simply don’t care.
It is hurting everybody in the neighborhoods and driving down values.
From us who are on the front lines and walking through all these foreclosures….just a note; it’s not getting any easier or better out there.
As part of our strategy to survive and expand we’re are in negotiations to purchase a medium size company to expand our maintenance and landscaping division, we’ll let you know how that goes.
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2 Responses to “What are these Banks doing now? Foreclosures “looking” worse in the Neighborhoods”
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October 19th, 2009 @ 8:19 pm
We have 2 of these 3 foot tall grass homes on our street. Our value is down and we don’t get it. Our payments are on time so why punish us?
Judy in NC!
November 11th, 2009 @ 9:23 pm
Hey!, I found your blog via Google while searching for foreclosures to go and your post regarding are these Banks doing now? Foreclosures “looking” worse in the Neighborhoods : looks very interesting for me