Karen Arbutine & Associates

Proposed Bill to list Vacant, Abandoned or Pre-Foreclosure Properties

Fri, Jun 26, 2009 at 12:43PM

Abandoned and vacant homes are a burden in the Orlando area which ranks No. 7 in foreclosures nationwide as of 2008.  These homes are extremely run down, lacking curb appeal and have low values which effect the surrounding home values in the neighborhood. A proposed state law would establish an online registry to list certain vacant, abandoned or pre-foreclosure properties in the state of Florida.  Property owners, including investors and lenders would be required to register properties on the list for a fee when the mortgage goes into default.  The bill would also keep local governments aware of properties as the registry is updated and enforcing codes.  This proposed law means additonal work for the lenders who are already overburdened with defaulted properties.

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