Longest time you have seen a Property sit - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 08-25-2015, 07:42 PM Thread Starter
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Longest time you have seen a Property sit

I went to a property for my realtor client and it was winterized back in 2010 ! I thought wow there sure must be a back log still.

QUESTION IS Whats the longest time you have seen a property sit ??
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post #2 of 9 (permalink) Old 08-25-2015, 07:57 PM
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I went to a property for my realtor client and it was winterized back in 2010 ! I thought wow there sure must be a back log still.

QUESTION IS Whats the longest time you have seen a property sit ??
We have one right now that was winterized in 2008 and we have been servicing it since 2010. Hasn't even been cleaned out yet. We cut the grass and do this or that to it every year. We have a bunch that are 2010 or so.
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post #3 of 9 (permalink) Old 08-25-2015, 10:05 PM
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depends on your state. some states have different laws which cause properties to sit longer. I started doing this in 2008 and I still see the same houses sit year after year
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post #4 of 9 (permalink) Old 08-25-2015, 10:44 PM
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When we doing pp work we had a house around the corner from me that we cut the lawn for 5 years. I got out of the business last year but the house is still vacant.
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post #5 of 9 (permalink) Old 08-28-2015, 12:53 PM
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my neighborhood

There was a house down the street, they left in 2009 and someone moved in fall of 2014.. the house just sat, no paper work on the doors, no mowing tried to find the bank threw google search and local newspaper posting but never found it. One day there was a dumpster and it was getting gutted and now a new family live there..

when i was with **** guard till last year there were homes that 5 brothers touched in 08 and the homes were never touched inside.
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post #6 of 9 (permalink) Old 08-31-2015, 07:13 PM
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I have several that I have had for about 4-5 years. Just strange that they sit and nothing is done. I ain't complaining....it is work!
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post #7 of 9 (permalink) Old 08-31-2015, 07:34 PM
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I have been doing preservation for five years, I have three properties that I still do since starting. I know one I do has been sitting for eight years and it is still full of personals never touched. Houses that sit that long here in Florida might as well be demolished, major roof damage, pool damage, mold, rodents, insects..etc..etc..My question is why and or how can a house just sit for 8-10 years? Crazy.....
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post #8 of 9 (permalink) Old 09-05-2015, 12:02 PM
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My question is why and or how can a house just sit for 8-10 years? Crazy.....




I believe thats because with all the multiple selling of loans, multiple companies getting absorbed into other companies thru mergers etc that title and/or proof of ownership falls thru the cracks.

There are properties the banks don't even know they own.

Longest I saw were around 7 years.

I was at several the neighbors told me the property sat for 2 years with no inspections, no visitors, nobody at the property until I showed up.
Heck of a way for the banks to handle their assets.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #9 of 9 (permalink) Old 09-06-2015, 09:21 AM
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I believe thats because with all the multiple selling of loans, multiple companies getting absorbed into other companies thru mergers etc that title and/or proof of ownership falls thru the cracks.

There are properties the banks don't even know they own.

Longest I saw were around 7 years.

I was at several the neighbors told me the property sat for 2 years with no inspections, no visitors, nobody at the property until I showed up.
Heck of a way for the banks to handle their assets.
If the government bailed us all out the way they bailed the banks out (of a mess they created and were solely responsible for) I wouldn't put a dime into them either. How else can you afford to sell at a loss?
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