On September 19, a foreclosed house in the Healy Block Historic District in Minneapolis was burglarized. The house is situated in the neighborhood that features Queen Anne-style houses built by Thereon Potter Healy. Most of the houses feature decorative balustrades and curved and stained glass windows.
On the afternoon of September 19, thieves entered the vacant property and took the house’s woodwork, stained glass and some copper. Stealing copper pipes may cause fires or explosions.
Real estate agent Connie Nompelis explains that a house is vulnerable for theft and vandalism immediately after foreclosure.
Foreclosed properties pose problems for neighborhoods and cities where these houses are situated. Securing vacant houses is not that easy because it involves bureaucracy, which could sometimes be counterproductive and may jeopardize the neighborhood and the property’s safety.
Under foreclosure laws, a six-month redemption period is provided for homeowners to buy back their properties after banks foreclosed them.
Boarding a home is not a full-proof way of securing it. Sometimes, a boarded house attracts thieves and squatters. Also, once a home has been boarded, its address is listed on Minneapolis’ website which make it easy for thieves to locate it.
Once a house is boarded, homeowners are given 60 days to take out the boards and protect the property by conventional means such as placing locks on windows or replacing broken glass. Failure on the part of the homeowner to secure his home means that the property is condemned after the 60-day period.
An annual registration fee of $6,000 is imposed by the city on foreclosed properties as long as it remains vacant. Prospective buyers may negotiate the annual registration fee for the property with the city.
New homeowners and the city may draw up an agreement which would contain plans and schedules to bring the property up to code.
Author Resource:-
Leticia Carvalho has been educated in the finer points of the foreclosures market over 5 years. Read about the following article Thief and Vandalism on Minneapolis Foreclosed Properties by Leticia Carvalho.
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