Banks giving away homes?

Banks giving away homes?

There are homes that for several reasons may not be saleable. The reasons may include too many repairs necessary, neighborhood problems, death or other crime on the property, no return to be made in relation to what is owed, etc.

Whatever the reason, several banks are prepared to give certain houses at no cost, to non-profit groups like Habitat for Humanity. These groups rely on volunteer labor, gifted materials, second hand materials, etc, plus the labor of a family who wants to live in the house, but can't afford to buy it or fix it up. Once the fixup is complete, the total cost of rehabbing is much lower, because there are no labor costs involved. The buyers move in, take care of the place, remove a former blight on the neighborhood, & they have a monthly payment that is much lower than renting in most cases.

Is this a good thing? I'm not sure. For the reasons above, it's likely a good thing. However, the lowered value of the house because of the same reasons above, lower the comparables in the vicinity. We have to hope that this lower value is offset by someone living in the house, becoming part of the community, & paying taxes. I suggest that anything is better than having an eyesore on the block.

I showed a lovely house recently which my buyers loved, but the house next door had three foot weeds, boarded over windows, a large hole in the roof, & discarded junk & car bodies in the yard. Wouldn't it have been better to have the house fixed up, looked after, & occupied rather than bringing down the values as it was?

Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS