There are many homeowners looking to buy new homes because of all-time low interest rates and the fact that home prices are at a record low. However, many are stuck in their current homes because they simply cannot afford to get out from under their existing mortgage obligation. To compound matters, home values are on the decline because the foreclosure rate around many occupied homes is at an all-time high. Although there is little homeowners can do to help improve the overall housing market value, implementing a vacant property registry in your community is one way to make sure vacant homes don’t cause undue harm to the property values in your neighborhood.
What a Vacant Property Registry Does
Homeowners looking to sell their home that sits directly next to foreclosed homes are often at a disadvantage. Foreclosed homes are often neglected and run down which directly influences the value of neighboring homes. This lack of accountability creates a downward trend in resale value for all homes in a neighborhood. A foreclosed home next to a responsible homeowner shouldn’t mean doom for the one trying to sell their home. The solution lies in a vacant property registry.
A vacant property registry is designed to identify those responsible for the vacant property (mortgage holder) and hold them accountable for certain things such as lawn maintenance and general upkeep of the home and property.
Who Benefits from a Vacant Property Registry?
There are a number of groups that benefit from a vacant property registry including homeowners looking to sell their home that sits next to a vacant property, safety and enforcement officials, HOAs and local government officials. Each one of these groups will not only be able to enjoy the benefits of having a well-maintained home, but they will have access to a list of mortgage holders, which can be important especially during emergency situations.
Imagine a fire breaking out inside a home and fire fighters being able to find out immediately whether or not a home is vacant. This type of information is crucial when it comes to making decisions that could have life or death consequences.
How to Implement a Registry
If you are a concerned citizen, we encourage you to talk to a local government official about the benefits of a vacant registry. A vacant registry can quickly help clean up a community by holding responsible parties accountable for the overall maintenance and upkeep of a property.