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Bob2356 -- this was a house that was repo'd because it was in the name of the owner's business and the business went belly-up. Forgive my ignorance but would the prior owner have been able to get an fha loan on a house for a commercial business?
Katy Perry
2011 Mar 4, 12:01am
Most of the time Banks will only fix what they have to now (code violations). Trash clean up, roof leaks, windows (board up), doors (board up) make sure house is secure, more board ups, change locks, place postings they will do no painting or exterior repair (unless it's a code Violation) they are mainly concerned with liability from injury while on property. HOA's demand the most upkeep for sure. county/ city code is next imo.
I do this work for the banks through a management company (cyprexx)
Kate, thank you! I wish I could post a pic of this place. The roof hip is broken and someplace there's got
to be a sizeable leak as the west outside wall actually bows, swells from moisture, when we have a hard rain. To top it off, the former owner, in order to control a mold problem (I'm guessing between the wallboard and the outside walls) drilled two holes almost next to each other in the actual corner, both larger than fifty cent pieces. The paint around the holes is peeling and the wood visibly rotting. The paint is peeling from the eaves. Two days ago someone shattered the wooden gate at the hinge and the post holding it. No HOA unfortunately. The city contends that they're helpless until the property is put in the
bank's name.
There's a foreclosed house next to me. Last Nov. the city was to contact the bank who got it thru foreclosure and get some exterior repairs done. We had a hard winter and I can understand why nothing was done. I queried city inspections the other day re status of the repairs and here's what I got in reply:
> "I am working with the bank at this time on this property.
> There has still been no deed filed with the county, they are dragging
> their feet about turning it over to a HUD property.
>
> Sorry it's taking so long, sometimes these do when they are in limbo
> like this or when we issue notices to appear in court."
The property was returned to the bank when there were no bidders in a sheriff's auction. The bank promptly jacked the price from $150K to $180K (latter being the RealtyTrac price). The inside is awful. Kitchen appliances missing. Toilets gone, sinks gone.
My question is, what's HUD got to do with this? Seems to me that the bank is "snowing" the city inspections dept. Any comments? Any suggestions? Thanks!
#housing