With the economy sputtering to get restarted after the home mortgage meltdowns many cities are facing income shortfalls especially in the building departments where permits are almost non existent. To make up for the loss in income many cities have begun to target homes in foreclosure and bank owned homes. This becomes an issue for investors and home buyers alike when they purchase a property, then rehab it or occupy it and one day gets a yellow letter in the mail requiring city inspections for occupancy, fun!
More frequently than not local cities are scouring public records to find homes that are in foreclosed or bank owed state. It is really pretty easy for them to spot with all of the sheriff sales and delinquent taxes. Typically if they are vacant for 90 plus days they tag them putting them on their “hit list’ which will require the home to have a city inspection done before it can be occupied by a homeowner (see how they generate lost income). They wait and watch for it to sell to an investor or a homeowner. Many cities have actually hired personnel for just this position. Continue reading ‘Buying a Foreclosure Or Bank Owned Home? Check the Local City Ordinances’ »