Knee high grass, green scummy pools, and mailboxes overflowing with late notices will catch your eye in previously desirable neighborhoods. With a declining real estate market and increasing foreclosure rates, there has been a definite increase in abandoned properties, vacant properties and distressed properties. Not only does this affect the value of the property, but the property values in the surrounding neighborhoods may be compromised.

Neighbors call code enforcement and report infractions, but typically if the owner is facing foreclosure, or if the property has already been abandoned, there is little or no chance of the owner maintaining the property. Fines may be placed against the property for ordinance violation, and if unpaid, then liens are placed against the property. If the property is sold, the liens placed by the city will be paid, but if the home goes to foreclosure, typically these fines are negated.

In addition, foreclosure and even short sales, place an additional risk and burden on the homeowners association or condominium association. It is typical that the owners have stopped paying the monthly assessment fees and the burden of those fees fall on the other owners. Again, liens may be filed against the property, but in most cases these will be negated with a foreclosure. This situation may cause maintenance fees to rise in certain communities that may be plagued with higher numbers of foreclosures.

In certain instances, the bank or mortgage holder may take on the maintenance of the property prior to the completion of foreclosure, recognizing this may be in their best interest in the future. More often than not, they do not want the responsibility of the maintenance until title has been given to the bank in foreclosure.

We all need to be aware of the long term effects of vacant and unsellable properties. Over time, as these properties become more distressed, their value continues to erode. As values erode in a neighborhood, other properties, even well maintained properties will lose value and sell for less money. This has a far reaching effect on overall values over an extended period of time. Many say that this time period is the beginning of the toughest times we have seen in real estate since the 80's when foreclosure reared its ugly head, along with high interest rates.

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