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People Involved in Foreclosure Investing Take Note of NYC Home Codes

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By : John Cutts    99 or more times read
Those who are into foreclosure investing might be interested in the latest moves made by New York City authorities to tighten rules on distressed property housing code compliance. According to local reports, the initiative introduced by Mayor Michael Bloomberg is designed to identify distressed properties before they can create health and safety hazards to residents.

The program is also meant to prevent unsold properties, including those offered at Bronx foreclosure auctions, from causing neighborhood blight. According to local officials, the program will use tax, bank and home code violation data to identify residential properties that are in need of attention and help. Local authorities also revealed that tenant groups will contribute to put the program in place.

According to housing market observers, a big number of properties offered at New York home auctions does not get sold and might stay in the market for quite some time. Prior to the introduction of the program, which will be called Proactive Preservation Initiative, these properties are not identified until a complaint has been filed. The latest effort will not wait for any complaint but will actively seek out these properties.

The latest effort is not only of interest to property owners and residents, but also to homebuyers and people involved in foreclosure investing. According to authorities, most of these neglected properties go unreported, with neighbors and tenants opting to wait until the condition of the building and its effects on the community have gotten worse before they file a complaint. Under the new initiative, once properties in need of attention have been identified, a group of inspectors will be sent to the place to examine the premises.

Authorities reveal that if any of the unoccupied properties, including those that have been offered at house foreclosure auctions, has been found to have violated any code, steps will be taken to enforce rules. Part of the method to ensure compliance is an offer of financial counseling and issuing of preservation loans.

For worst case scenarios, an ownership transfer might be demanded, authorities have revealed. They also stated that residents, property owners and even homebuyers and people in foreclosure investing, should be aware of the new program and what it aims to do.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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