Your neighbor down the street is facing the heartache of foreclosure. You feel bad for them, but really, what does their foreclosure have to do with you? If any broker associates have a client in this situation, there are some things you can tell the.
Experts say that a foreclosed home can have a huge impact not only on property values in the area, but also on the general state of the community at large. In terms of your own home, its value can be diminished greatly by being located near a foreclosed house. One reason for this is that foreclosures sell for much less than they are worth, thereby reducing the average sale price of homes in the area. Appraisers have a difficult time assessing your own property value if everything around it has been sold at a reduced price. You could end up losing thousands of dollars when you try to sell if there are properties around that were sold at bargain-basement prices.
Foreclosed homes often end up being unoccupied for a time, sometimes for several months or longer, depending on how depressed the local real estate market is. These houses are sometimes left in poor condition and some homeowners even trash their properties before leaving. Others simply board up the house and leave.
Windows that are boarded up or a building in a state of disrepair acts as a beacon to vandals, squatters, and criminals looking for a private place to do business. This brings an unsavory element to the neighborhood and can quickly result in a downslide of the area's safety and desirability.
To help prevent this kind of fallout, keep the vacant property from being overrun by vandals and criminals. If there is garbage in the yard, pick it up. Keep if clean and graffiti-free. Mow the lawn and do your best to keep the property looking lived-in. This is not something you have to do alone. Gather other neighbors in the area and resolve to work together to protect property values and community safety as much as possible. Anything you and your neighbors can do to prevent a sizable price reduction will help all of you in terms of your own property values.
In addition, whatever you can do to maintain the appearance of a clean, safe community will benefit all of you socially as well. If you and your neighbors work together to keep an eye on vacant properties, your street will not be an easy target for criminals and vagrants. Take pride in your home, but look out for your neighbors' as well. It could end up saving you a great deal of money in the future and keep your neighborhood the safe haven that you know and love.
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