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People Like Leon Churchill Help Redevelop Areas With Foreclosed Houses

By Author: Casey Carpenter
Total Articles: 29


The housing crisis a few years ago, and the fallout that followed, left a mark among Americans who worked so hard to invest in a new home. As a result, there exists a glut of foreclosed residential properties up for grabs by interested buyers. Other houses, meanwhile, may have been in derelict condition for many years before the crisis and may have been judged as condemned.


Residents in communities that have foreclosed or abandoned properties have expressed general discontent in the area; some are even considering moving to another place. They argue the possibility of staying if the derelict properties can be safely torn down. Some organizations acquired and remodeled a number of foreclosed properties, but when they tried to flip these houses, the final price was not enough to recoup their expenses. In many cases, demolishing the subject property and redeveloping the space might be better, especially when tapping
planners like Leon Churchill for the project.


Last Chance


Some real estate agents with first-hand information on foreclosed properties can educate people on which of the properties are hot picks. The properties must already be under a bank's control and have the associated titles. At the same time, buyers should try to inspect the properties more than once to ascertain their actual condition or get any recent related inspection reports. The data would help them decide whether to remodel the place or simply take it down.


Buyers should also research county tax foreclosure auctions, where a certain number of foreclosed houses may be up for the taking. A recent auction in Detroit, for example, saw a local developer group win a “blight bundle" of nearly 6,400 properties, composed of houses and vacant lots. Some of the homes will be fixed and low-income residents will be assisted to move into them. Vacant lots, meanwhile, will be used as community development projects.


Financing


Certain redevelopment efforts can have a little push from established city funds. Consider applying for city grants specifically programmed for property demolitions. The Treasury Department has one such option through the Hardest Hit Fund, which was created in 2010 to aid efforts against urban blight.


Redeveloping communities that have foreclosed or abandoned properties is a positive way of bringing in new opportunities for the people. Real estate professionals such as Leon Churchill have the experience to make these communities shine. To learn more, read wtvr.com/2014/11/13/why-this-city-removes-cancer-cells-of-foreclosed-and-abandoned-homes/.

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