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Empty Foreclosures and FHA Homes for Sale Registry Under Deliberation

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By : John Cutts    99 or more times read
A registry for empty foreclosed properties, including FHA homes for sale, has been proposed in Georgia. However, the issue of fees and penalties is still under deliberation. The rates have been deemed too low by some of the members of the committee tasked with ironing out the proposal.

Foreclosures for sale in Atlanta and in the rest of Georgia that have remained vacant are expected to be put in order by the creation of a registry proposed under House Bill 110. The suggested fee of $25, however, has resulted in some protests from community officials and homeowners in the state. They stated that the fee and the proposed penalty of $100 each month will not force the owners of the vacant properties to maintain their houses in the state.

Other officials have agreed that the fees will not be enough to force owners of Georgia foreclosures to look after their properties, much less finance the needs of fire, courts and police departments that are all needed to make enforcement of the registry rule successful. The recommendation to create a uniform registry fit for the whole state came a year after DeKalb County launched its own vacant real estate registry.

The county introduced the registry when the number of foreclosures, such as FHA homes for sale, started increasing the area. DeKalb recorded the third highest total of foreclosures in 2010 in the whole state at around 14,000. The area's registry program entails a filing fee of $175, while property owners who violate the code regulations are fined $1,000 for each day that they failed to comply.

The DeKalb registry issue also opened a debate between parties involved, with some arguing that the fee for registering empty foreclosed homes for sale is way too high, while others argued that the cap on charges is way too low. The current proposal for a statewide registry is being debated for the same issue, that of establishing fees that satisfy officials, residents and property owners.

The state has scheduled another meeting within the month with banks, owners of the empty properties, including FHA homes for sale, and local officials to try to reach a compromise with regards to charges and penalties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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