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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Foreclosure Law News
Foreclosure Filings Plummet to Lowest Since June 2011 - LoanSafe
 ABC News | Foreclosure Filings Plummet to Lowest Since June 2011 LoanSafe (Source: Andrew Gomes The Honolulu Star-Advertiser (MCT) — The number of foreclosure filings in Hawaii sank in April to its lowest for any month since a controversial overhaul of a state law governing residential foreclosures took effect last May, ... Prospects for housing market get brighter in Shasta County; foreclosures fall ... Nevada reclaims title as US foreclosure capital Memphis foreclosures up 50% in April as national number falls |
Lawmakers push foreclosure relief for military - Reuters
Lawmakers push foreclosure relief for military Reuters The foreclosure relief amendment would extend some provisions included in a longstanding federal law, the Servicemembers' Civil Relief Act. The law protects active-duty service members from foreclosure and gives military personnel and their families ... States Tighten Foreclosure Regulations Donnelly amendment will prevent banks from foreclosing on active duty service ... Massachusetts House of Representatives advances foreclosure legislation |
Legislature considering law aimed at maintaining vacant property - NOLA.com
 NOLA.com | Legislature considering law aimed at maintaining vacant property NOLA.com Now a bill working its way through the Legislature could make a significant difference in the effort to maintain foreclosed houses. Senate Bill 752 would let the two most populous parishes in the state, East Baton Rouge and Jefferson, pass local laws ... |
Oakland law would pressure banks over blight - San Francisco Chronicle
Oakland law would pressure banks over blight San Francisco Chronicle The Oakland City Council unanimously expanded an aggressive blight program late Tuesday to include homes in the earliest stages of the foreclosure process. Banks would be required to register homes in a city blight database the moment they send ... Oakland law would target banks on blight |
New Merced Mayor Tries to Repeal Tenant Protection Law - Beyond Chron
 Beyond Chron | New Merced Mayor Tries to Repeal Tenant Protection Law Beyond Chron 18‚ 2012 Merced's new mayor, Stan Thurston, is seeking to re-open the floodgates to mass evictions by banks and investors acquiring foreclosed properties in Merced. The Mayor is leading efforts to repeal Merced's Just Cause for Eviction law that ... |