City Says to Banks: Mow The Lawn

Due to the rise in foreclosure rates across the country and the problem of neglect with some of these properties the city of Murrieta Ca. on Tuesday March 4th adopted an ordinance that will require lenders holding these real estate owned (REO) properties to keep up with the maintenance or they will be fined.

The ordinance requires lenders to maintain security and landscaping on the homes which they have taken possession. Lenders will be fined $100 per day for failing to register the property or failing to post that the property is bank owned; $250 for allowing lawns to die or failing to remove graffiti, litter or weeds. In addition they will be fined $500 for unmaintained swimming pools with stagnant water or unsecured structures on the property; and up to $1000 if the city learns public utility theft happens on the property.

As a Realtor who works with REO properties on a daily basis I can understand the position of the city and all of us want to get families into these homes as quickly as possible but the city has to work with the agents and not come down with a heavy hand and impossibly short timeliness.

The cost of business just went up and we agents who market these properties pay for the utilities and now the upkeep upfront and then wait for reimbursement from the lenders so all we ask from the city is cooperation and understanding.

In the meantime I guess I'll go Mow the lawn.