Real Estate Pro Articles

Registry for Foreclosed Houses in Commercial Home Listings Launched

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Some foreclosed houses in commercial home listings remain listed for a long time, with no buyers found to get them off the market. This often leads to properties falling into disrepair, which then contribute to blight in the neighborhood where they are located.

This is a common problem in most areas of Florida, including St. Lucie County. Recently, officials of the county have launched a registry which aims to track foreclosed houses in the area that have been left vacant and abandoned while banks find a buyer for them or a way to unload them off their books.

The effort was in response to numerous complaints filed by neighbors of the abandoned dwellings and other community members who are directly affected by the vacant premises. Residents who live near these abandoned residential structures have stated that the vacant houses have become homes to pests and have served as headquarters for unsavory individuals who engage in prostitution and drug dealing.

With the number of complaints filing up in the county office, officials decided to launch the registry which they hope will help solve the abandoned property problem. Following the launch, mortgage firms and banks that own the abandoned properties, majority of which can be found listed in commercial home listings, are required to register the addresses of the foreclosed houses they own and provide a telephone number where they can be contacted by code enforcement officials in case of complaints and problems that need immediate attention.

Registration requires a fee of $100 for residential properties, while owners of commercial properties will have to pay $150 as registration fee. According to county officials, these rates are significantly lower than the amount that property owners will have to pay should they fail to have their properties registered with the county. Those who do not register their properties will be charged $250 a day until they get their houses or buildings listed in the registry.

Currently, officials from St. Lucie are still trying to get the information to every property owner in the area. So far, two companies have gotten in touch to register multiple properties that are under commercial home listings but are not yet sold, with the premises remaining vacant while the firms try to look for buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles