REALTOR® Magazine-Daily News-Buffalo Demands Lenders Fix Foreclosed Properties

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Daily Real Estate News | January 15, 2008 | Buffalo Demands Lenders Fix Foreclosed Properties
Buffalo leads the nation in its aggressive approach to abandoned properties.

The city is holding lenders accountable for maintaining properties on which they have foreclosed, demanding that they fix problems like peeling paint, broken masonry and overgrown and trash-filled yards.

City prosecutors threaten to put liens on the lenders’ other real estate if they don’t keep the homes in good condition until a buyer can be found. They also levy stiff fines.

“In Buffalo," says city prosecutor Cindy T. Cooper, "the days are gone when [a lender] can do a foreclosure and walk away without taking care of the property."

Similar initiatives were recently launched in Cleveland and Chula Vista, Calif., a San Diego suburb.

Source: BusinessWeek, Michael Orey (01/14/08)