Although it is a good idea to find a repo home in order to save money, buyers are still advised to be careful about where the foreclosure will be from. New York officials have actually released a list of places in the city which should be avoided by home buyers and real estate investors. So far, 200 buildings were identified to be poorly maintained and have committed about 20,000 dangerous violations in total.
For those checking out Brooklyn foreclosure listings, you should know that the said city has the most number of problematic buildings. In fact, the housing officials have identified 99 buildings. Next on the list is Bronx with 70 buildings and then, Manhattan with 23 buildings.
Majority of the problematic buildings included in the foreclosure listings in New York is actually originally owned by Milbank Real Estate, a private-equity company. The said buildings were foreclosed in 2009 due to the $35 million mortgage default. At present, the buildings are maintained by LNR Property Corp, the special servicer appointed by the foreclosing bank.
For buyers using foreclosure listings for sale and eager to find a repo home from due to its affordable price, choosing to live in these buildings will be a huge mistake. The Department of Housing Preservation and development even sees it as dangerous to one’s safety and health.
Housing officials have actually compiled the information four times as part of its compliance to its Alternative Enforcement Program. The said program hopes to place pressure on the owners of these buildings so that they will comply with the housing regulations.
Although the goal is honorable, housing advocates are still asking about the effectiveness of the program in terms of making these owners comply. The true test of the program’s success should be based on how many of the building will be repaired and cleaned up. So far, 19 of the 600 buildings have made efforts to complete the needed improvements.
Again, buyers and investors, who are keen to find a repo home, you should check out the said list in order to avoid inconveniences.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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