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Reply #5: A partial response to question #1. [View All]

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Home » Discuss » Topic Forums » Economy Donate to DU
SheilaT Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-13-11 09:38 PM
Response to Original message
5. A partial response to question #1.
The ownership aspect is an issue. If a property is simply abandoned by the owner, and there's no lien holder, there's going to be some period of time before the city or county or whatever government would actually have jurisdiction, could take title, and then pass it on to someone else. And that sort of thing is probably not much of a priority anywhere.

Where banks own the properties, they seem to see no reason to move ahead with selling the properties. It's costing them nothing, because they don't seem to bother to pay taxes or HOA fees or any of that pesky stuff, so they can just let the properties sit there forever. The banks have also been very slow to go ahead with short sales, which would at least get property into the hands of someone who would take care of it.

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