You can spot them right away by the "natural" look of the lawn. As the beautiful wildflowers appear where there was once green grass, it becomes very apparent that something about this property has changed.
It is neither motivated by the embracing of the notion of "going green" and getting back to nature nor by a desire to save the planet. Rather, it is the after effect mandated by a true lack of the "green" that is necessary to maintain a mortgage, let alone a manicured lawn.
There is a "twilight zone" of time that occurs between the time a house is abandoned, and the time it appears back on the market as an REO property or HUD home. It's the time when everyone asks the question "what the heck is going on over there?"
Some attempt to penetrate the depths of the bowels of giant corporate banks in a futile attempt to extract what little flecks of information they can mine from that unseemly underworld of chaos and confusion.
Others prefer to wait and let nature run its course.
After all, no one in their right mind would just let a house sit there are decay, would they?
Photo The lawn of an abandoned house in the Newnan Georgia area.
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Richard,
Thankfully, not around here, but I've seen reports that there are entire neighborhoods that are abandoned and returning to their natural state. The solutions that are being tossed around are to bulldoze everything and start all over again.
A lot of times the neighbors know more than the real estate agents they're trying to extract information from.
Rich
Richard, there is a house here in New Milford, an antique, that sits on the nicest street in our downtown area. Many of the homes on this street are in the historic register, they are beautiful. Well maintained lawns, beautifully kept homes. About a quarter of the homes now are offices, but there are still many private homes. There is one where the front storm door is laid up against the door where someone propped it up after it laid against the side of the house, garbage cans line the street and have for months, the front yard is now a hay lot, and of course, no for sale sign yet. This is certainly not what the other home owners and business owners want, but there it sits. Because it was vacant through the winter I am curious about the pipes in the home. This certainly is a long wait in a very conspicuous location!
Many of the REO properties look like they are returning to nature. High grass, water leaks, dirty and mold everywhere. We just have to sell them to return them to normal ownership.
It certainly can be a long road through twilight-ville. Some owners just abandon the homes...and it can take a long time for the foreclosure sale to actually occur. In some neighborhoods the neighbors pitch in on the lawnwork to avoid having such a blighted yard acrosss the way.
The first sign around here is the landscaping. Weeds, overgrown grass and you know it's probably a foreclosure.
Rich...
Ah, but try to find out how to present an offer on one of these properties and you'll run into a brick wall! THX.
Andrea...
It is definitely in the twilight zone! That is precisely what I am talking about! Thanks my friend.
Roy...
And we need to find out who owns the property so we can make an offer! The deeds change hands like playing cards! Thanks.
How many drops of rain fill the ocean Richard? That is how many properties have gone from bad to worse while waiting for the corperate and legal processes to grind slowly forward and get the property out of the Twilight Zone. Good post. Maybe it will wake someone up!
Richard - it is truly a sad commentary, to have a house sit vacant, becoming a victim of entropy. And all the while steps might have been taken to mitigate this, steps by all parties involved.
Homes sitting empty and people living on the street...what's wrong with this picture?
Richard,
"After all, no one in their right mind would just let a house sit there are decay, would they?" No one except these huge banks. We are seeing alot of this lately, around here. Often times we are seeing neighbors stepping in and cutting the grass. But, some have vagrants living in them at night. Or teenagers are going in and partying. It is not a good situation.
Richard: I think the home decay is equivalent to the financial loss these banks are taking by allowing them to sit for so long. If they can't see the former, they should be able to see the latter.
This post is sufficiently sensitive to break the average real estate agent's heart.
But. we persevere and try to help. Sometimes all we can do is try.
You have such a way with words! A poetic way to describe a sad situation. I do believe if the banks were forced to keep up the properties by local communities, they would work harder to avoid foreclosure and another REO creation.
Richard: When history looks back at this time - a photo of a deserted home will be the image of corporate America's response. For the most part, the banks have been abysmal in their handling of the problem.
It's not hard to spot the one that's out of place amongst the homes that are loved and cared for on a daily basis. Unfortunately some of them sit far too long abandoned and forgotten by the world until they are brought back to life.
In Las Vegas the first sign is all of the landscaping wilting under the hot desert sun, losing its vibrant colors and fading to brown. It's not just the aesthetics, but a glaring reminder to the whole neighborhood of the challenges that our market and economy face ... but to the banks it's just another file.
LOL -- The "natural" look of the lawn . . . that's a good one!!
Richard, I have quite a few listings that look like that right now. They are short sales under contract. The sellers won't or can't spend any money on them. On a normal transaction or even a REO I would take care of the lawn myself knowing I could be reimbursed at closing. On a short sale I will not be reimbursed and I can't support bunches of properties especially when I only make about $1,500 when they close. So the neighbors call me and complain.
I'll be going out next week and removing all of my signs. Sad but necesary.
And the twilight zone repeats over and over and over... Nice post.
BB I hadn't even thought of the complaints you must get. I had a seller relocate and she didn't make arrangements for her lawn care. I got angry calls from the neighbors as if it was my fault somehow.
I was nice about it, but that was just one house. I can't even imagine on many houses...
Vickie...
And it makes you wonder what the banks did with all of those BILLIONS of dollars. THX
Barb...
It a dead giveaway. isn't it? THX
Paddy...
I hope so. I really do. Thanks.
Recently we listed and sold a REO house that the people lived there in the twilight zone and let the house go "back to nature" and "green" with slime and mold around them as they lived there for 8 years. Truly sad. Oh and they were NOT in their right minds, I can assure you.
Mike...
No one wins in this situation! Thanks.
Laura...
It seems quite the dichotomy, doesn't it? THX
Sandy...
I think that we ALL need to pull together a little more!
My area is small town rural and since we don't have large subdivisions it is often hard to spot a house entering the twilight zone but you sure can see them once they have entered. You are so right that once inside the "zone" it is a very long time before it emerges. I too have run up against the same brick wall when trying to find out who to make the offer to. I do not see any signs that will change anytime soon.
I have one headed into foreclosure now. Owner left town. I have it listed. I just sent my son there this week to weed whack and deal with bees so it does not look abandoned (though I am afraid it almost is).
The absolute worst is a foreclosure in process when the bank gets taken over by the FDIC and the owner goes into bankruptcy. Chapter 11 is peachy!! You haven't lived til you've tracked one of those. On the bright side you can add a lot of contacts that way. I can't tell you what a thrill it is to actually speak to the fdic receiver. They don't do much for you but the do let you know where it is in the process.
I have a couple of the natural look types on my own street...fortunately the city is mowing the grass!
Touchy subject with me right now....short sale taking over 4 months at this point (second with Countrywide- BOFA ~ enough said!) Guess who is taking the complaints from the neighbors or paying the lawn service? Bryant is right on: I am the villian because I am "lowering property values" due to the slightly below market price and not manicuring the lawn weekly. I am thinking of "pulling a Bryant" and pulling my sign...
Richard, it is even more twilight zone with the murder-suicide house and its stigma and it returning to a normal listing and sale. Very eerie with those.
What a shame that this is happening all over. Many times the homeowners were trying to deal with the banks and were being jerked around for over 60+ days. I have one who has been trying for a loan mod for over 90 days. I guess the problem is that they have been trying and selling everythign to stay current. Why do we have to fall behind to get help? These are some crazy times with folks not using their brains.
We can see the signs of the pending abandonment if we watch. Too bad we can't help but usually by that time it's too late.
Hi Richard:
This twilight zone episode appears to have many dandelions!
It's a shame with what's going on with abandoned homes...
No one in their right minds? What does that say about the banks?
Richard,
No one in Ontario is allowed to use pesticides anymore. So, the whole Province is going to look "abandoned".
Actually, we can still buy them in Quebec!
Brian
Richard...we had a short sale listing that had about 70 showings, priced right, but never ONE offer! I know it was because there were other condo units in the building, already in foreclosure, that people knew they would not have to deal with the hassles involved in a short sale.
We lost the listing on July 31....let's see how long it takes to re-appear in FMLS!
Heavy sigh.....it's in my building, my same floor plan...guess what' it's done to MY property value!!!
Hi Richard~ It is disturbing to see these homes overgrown and many times possessions are left behind and even purposely destroyed by the owner. It is amazing that the neigbors think it is the listing agents responsibilty to keep up the yards. I guess they just don't realize how many homes they may have listed and that they are NOT our home nor our responsibilty really to do the upkeep...
Beautiful post! Thanks!
Richard - What is even more sad for me is that I have a complete speech routine for bank-owned homes that have been destroyed. Sometimes you can't tell until you get inside. It's clear they left mad. I feel almost as if I am desensitizing the entire issue for my buyers, but walking into homes with abandoned clothes, furniture and food really hits buyers hard. I worry it will discourage them from home ownership.
Here in Wisconsin we also have snow and ice to deal with about 1/3 of the year, as do many other parts of the country. It is absolutely SHAMEFUL that this is happening and picking up speed! What will it take for the powers that be - whomever that may be - to realize that an ounce of prevention.....
One local foreclosure listing we showed recently had toadstools growing out of the carpeting in the basement because it had been allowed to get wet and was never cleaned up. Of course millions of feet of frozen water pipes and literally tons and tons of destroyed flooring and carpeting will have a "stimulative" effect on local economies.
Really sad is that the people that could benefit the most from buying these distressed properties won't have the chance because the typical foreclosure home with issues would not pass most FHA appraisal inspections, so the investors pick them up cheap.
Hi Richard -- So sad eh? I wish this whole process was more timely and efficient to help stablize neighborhoods and communities.
Richard...I have aneighbor a short distance from me that only mows 50feet by 70 feet n front of his house. the rest of the yard grows up in tall grass and weeds. He says he likes it that way!
Richard:
Great post about a sad situation in many parts of the country. Texas has been somewhat insulated but I am seeing more phone book bags on the porches or in driveways. That's another way to tell that the home will soon be in foreclosure.
What a well written and descriptive commentary on one of today's biggest travails. It's like the heart beat of America is under attack with worse predicted to come for many areas of the country in the next wave of foreclosures that will be entering the "Twilight Zone." Worse yet, no apparent solution to get the process moving in a timely fashion for willing buyers to get properties out of the "Twilight Zone."
It's unbelievable to me that in some cases many homes, including new construction, are being bulldozed as a solution!
On a lighter note: you do such great photos!
Sue of Robin and Sue
Richard, nothing wrong with "au natural"...
Helping you live your American dream...
Richard,
We drove thru countless communities on a trip to South Florida....entire neighborhoods, completely empty. New homes, boarded-up windows, foot-high weeds growing up through driveway cracks. It was something straight out of a Stephen King novel....actually reminded me of his creepy "Langoliers".
Showing homes where school books are left behind, clothes bundled in corners.... empty dreams, family ghosts....I try to push thoughts away of where the owners are now....
How much longer?
Morning Richard,
Good post. We are seeing more and more of "The Nature" look here in Paradise as well. A client expressed her concern as to where things are heading here because a couple of these properties have cropped up on her path home. Hard to believe an entity would allow a holding to depreciate so.
We have a house here in our area that has been in the twilight zone for 6 weeks now. It is beautiful and empty. The listing agent says they are waiting for the bank to set the price and there's like 50 people watching it.
Richard - Oh yes... that period when people drive by or walk by and say "what is going on here ?". Or when investors say I want info on that house, what bank is it with ? It will eventually come on the market... at some point.
As a short sale specialist this happens all too often. We make it a point of getting the owners to pay for lawn care and if they cannot, we pay for it. It is our sign that is in the yard, and I don't want to be associated with neglect, and we should respect the neighborhood.
What happened to those stories where cities were going to take these banks to court for damages. I guess it's true, he who has the gold does rule!
Unfortunately, that is all too common and it is a shame that these properties only bring down the feel to the neighborhood of those taking care of their homes. We have some good souls that actually will maintain their former neighbors abandoned front lawn, as they can't stand to look at it. Wrong or right, these people should not have to take on the burden. However, the backyards still have the tell-tale sign of neglect and abandonment here in Sacramento.
Good thought provoking post. Even weeds can be pretty like this burdock.
A lot of cities in my neck of the woods have passed ordiances requiring lenders to maintain the property as soon as they start foreclosure proceedings. Not sure if that will actually hold up in court, but they are sure trying.
Once upon a time, when the lawn was over grown, it was for 1 of 4 reasons... you were really old, you were sick, your lawn mower broke, or you were on vacation and the kid you hired to mow didn't show up. Either way, the neighbors would inquire, and the matter remedied. Now, it's different and it hurts, and mowing the lawn doesn't fix much.
The companies that take these homes back need to figure out how they are going to maintain these houses and respond in a timely manner to offers.
Richard - "Natural" homes exist in a few neighborhoods here as well. Hopefully the tax break will have a positive effect on clearing these out. Hopefully...
Hello Richard,
This is a verygood post today. I always enjoy your blogs.
It's such a shame things have come to this ..... what's happening to this world!?
Patricia Aulson/portsmouth nh real estate
PS....yes, there are some very pretty weeds!
Patricia Aulson/portsmouth nh real estate
My favorites are the PVC farms... And the bonus crop of 8' grass they are growing. A couple of goats and the bank could save a lot of money.
It is indeed very sad. You just "know" and wonder where those families are now. I have also had folks interested in purchasing one in the "zone" and never gotten anywhere, much less to anyone that could take an offer.
There is a house ib my neighborhood that started to look really bad...esp the grass. I found out it was in foreclosures. But the neighbors nearby started cutting the grass to keep the entire neighborhood looking good.
It's really unfortunate that there are more and more of these types of homes in our area.
Great Post Richard! Unfortunately, some banks (and REO agents) are not pro-active in maintaining properties....It's a sad commentary, but true!