New Medford Oregon Vacant Property Ordinance Does this Affect Short Sales &/or REO's?

New Medford Oregon Vacant Property Ordinance Does this Effect Short Sales &/or REO's?

According to today's http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20090924/NEWS/909240318 it sounds like all homes that are vacant in Medford Oregon, for whatever reason should be registered with the city. I just spoke with the Medford Code Enforcement Department on the phone and they indicated this is NOT the case, it is designed for abandoned homes to make the lien holder responsible. The actual code can be found at http://www.ci.medford.or.us/CodePrint.asp?Branch=True&CodeID=4409.

So how does that affect your Medford Oregon short sale? From my conversation with the City of Medford and from my interpretation of the code itself, it is strictly designed for the lender, not the actual homeowner. Once a homeowner is in default on their loan, it is the lenders responsibility to keep regular tabs on the property to determine it being kept up and secured. If the lender does not register the property, the LENDER can be fined up to $250 per day for a violation of this code, according to the Mail Tribune.

How does that affect a Medford Oregon REO or Bank Owned Foreclosure? Lenders beware, it could be very costly in the City of Medford to have a vacant property. They have options, pay the penalty, upkeep the property, and register the property with the City of Medford.

If you live in the City of Medford and see a vacant property feel free to call the code enforcement division at 541-774-2016 to help keep Medford a cleaner and safer community. For free information on Medford Oregon Short Sales and/or Bank Owned Properties, feel free to call my direct line at 541-772-SOLD (7653) or visit me on the web at www.topsouthernoregonagent.com.

(The above information is courtesy of Jared Hokanson Realty Group PC and is the personal opinion of Jared Hokanson, it is not intended as tax and/or legal advice, please consult the appropriate tax and legal counselors regarding your specific situation)