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Old 08-04-2011, 03:17 PM  
Saul Good Saul Good is offline
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A random idea for the housing market

I was reading yet another article today about how abandoned, foreclosed houses are creating a burden on municipalities. These houses fall into disrepair, and they attract crime. I was trying to think of a solution, and the first thing to come to mind was this:

Could we force the banks to sell the houses within a certain amount of time (one year or so, maybe) following the foreclosure? If they fail to do so, the local government is allowed to auction off the property, collect a fee, and give the rest to the banks.

This would generate revenue for the municipality, clean up the neighborhoods a bit, and help ease the housing glut (albeit by dropping home prices way down).

The banks would take a hit, but I'm not worried about banks that created a lot of this mess in the first place.

Thoughts?
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Old 08-05-2011, 09:28 AM   #16
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As a real estate agent this is a horrible idea. The biggest problem with foreclosures are the banks themselves. They are the ones who have ****ed up to begin with for the most part. Alot of the houses on the foreclosure market are there bc of the bank's stupidity in giving the loan. Not based on the people's income to pay off the loan but on the properties themselves. Lot of stupid ass ideas that never should have been given in the first place. Then when you try to sell a foreclosed home, its an even bigger cluster ****. And of course Freddy Mac and Fannie Mae homes are even bigger pain in the asses.
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Old 08-05-2011, 09:31 AM   #17
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Quote:
Originally Posted by Saul Good View Post
I was reading yet another article today about how abandoned, foreclosed houses are creating a burden on municipalities. These houses fall into disrepair, and they attract crime. I was trying to think of a solution, and the first thing to come to mind was this:

Could we force the banks to sell the houses within a certain amount of time (one year or so, maybe) following the foreclosure? If they fail to do so, the local government is allowed to auction off the property, collect a fee, and give the rest to the banks.

This would generate revenue for the municipality, clean up the neighborhoods a bit, and help ease the housing glut (albeit by dropping home prices way down).

The banks would take a hit, but I'm not worried about banks that created a lot of this mess in the first place.

Thoughts?
The banks are desperate to sell these off its just that in most cases there are no buyers.
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Old 08-05-2011, 09:32 AM   #18
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Originally Posted by Dave Lane View Post
The banks are desperate to sell these off its just that in most cases there are no buyers.
Then their prices must be too high.
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Old 08-05-2011, 09:32 AM   #19
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As a real estate agent this is a horrible idea. The biggest problem with foreclosures are the banks themselves. They are the ones who have ****ed up to begin with for the most part. Alot of the houses on the foreclosure market are there bc of the bank's stupidity in giving the loan. Not based on the people's income to pay off the loan but on the properties themselves. Lot of stupid ass ideas that never should have been given in the first place. Then when you try to sell a foreclosed home, its an even bigger cluster ****. And of course Freddy Mac and Fannie Mae homes are even bigger pain in the asses.
I don't follow. These would be bank-owned houses. This would force the banks to either clean up these messes in a timely manner or have it done for them with a charge associated.
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Old 08-05-2011, 09:38 AM   #20
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The banks are desperate to sell these off its just that in most cases there are no buyers.
If I can't sell a $20 bill for $50, that doesn't mean that nobody wants a $20 bill.
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Old 08-05-2011, 11:09 AM   #21
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Originally Posted by ChiefsCountry View Post
As a real estate agent this is a horrible idea. The biggest problem with foreclosures are the banks themselves. They are the ones who have ****ed up to begin with for the most part. Alot of the houses on the foreclosure market are there bc of the bank's stupidity in giving the loan. Not based on the people's income to pay off the loan but on the properties themselves. Lot of stupid ass ideas that never should have been given in the first place. Then when you try to sell a foreclosed home, its an even bigger cluster ****. And of course Freddy Mac and Fannie Mae homes are even bigger pain in the asses.
not a rebuttal to your comments or the original post....curiosity about how the real estate is doing in the ozark lakes area
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Old 08-05-2011, 11:11 AM   #22
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This is an awful idea that would demolish the value of homes wherever it was done.
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Old 08-05-2011, 11:12 AM   #23
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not a rebuttal to your comments or the original post....curiosity about how the real estate is doing in the ozark lakes area
On the water sales are decent - July was actually a pretty good month, off the water horrible.
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Old 08-05-2011, 11:14 AM   #24
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Originally Posted by Taco John View Post
This is an awful idea that would demolish the value of homes wherever it was done.
How so?
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Old 08-05-2011, 11:15 AM   #25
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I don't follow. These would be bank-owned houses. This would force the banks to either clean up these messes in a timely manner or have it done for them with a charge associated.
Who owns the property? The banks or the government? If the government says "sell these, or we will sell them for you," then the government is saying that they own the property - the banks are just leasing it from them.

Why would anyone buy a home from a bank if they knew the government would undercut their price in a pennies on the dollar auction? Why would anybody buy the guy's house on Maple Street for market value if they knew they could get a similar home on 117th at a fraction of the price?
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Old 08-05-2011, 11:15 AM   #26
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On the water sales are decent - July was actually a pretty good month, off the water horrible.
any good buys or have the lakefronts held thier value?
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Old 08-05-2011, 11:29 AM   #27
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Who owns the property? The banks or the government? If the government says "sell these, or we will sell them for you," then the government is saying that they own the property - the banks are just leasing it from them.

Why would anyone buy a home from a bank if they knew the government would undercut their price in a pennies on the dollar auction? Why would anybody buy the guy's house on Maple Street for market value if they knew they could get a similar home on 117th at a fraction of the price?
There are some flaws in your reasoning here.

1. Houses are auctioned regularly. It doesn't crush neighboring home prices, and they don't go for pennies on the dollar.

2. The banks would get the proceeds, so its not like the government would act as owners. If they can force people to pay property taxes, they can force a sale.

Here's a question, though. Are banks required to pay the taxes after foreclosing?
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Old 08-05-2011, 11:32 AM   #28
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any good buys or have the lakefronts held thier value?
Lakefront has actually held in value. A few good buys but far and between.
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