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Trashed foreclosed homes in Florida not for the feint hearted
Date:-16-Sep-2011
A growing number of foreclosed homes in Florida are being sold as basic shells with no frills at significantly reduced prices because some repossessed homeowners are causing substantial damage to the homes before being evicted.
Damaged foreclosures, such as holes in the walls and graffiti all over the property, are forcing cash strapped banks to offer further property price reductions rather than pay for repairs, which suits many bargain hunting investors seeking to buy a cheap property in Florida.
Nick Davis of RE/MAX Premier Group told the Tampa Tribune that he has seen some property values significantly reduced because of damage caused by foreclosed homeowners. He gave an example of one home that would have sold for $250,000 (€180,000/£155,000) at the height of the market in 2006 that would now fetch around $75,000 (€55,000/£45,000) mainly because the unit had been trashed by former owners.
Davis commented: “Unfortunately, we’re seeing more of this [trashed foreclosures]. We’ve seen cement in the plumbing systems, the air conditioners ripped out from the outside, wiring being removed.”
But anyone caught causing damage to a foreclosed property in Florida that is set to be taken over by the bank is likely to face trouble with the law.
