What to do with the vacant properties?
Should unoccupied bank-owned homes (REO) held by the government be converted to rentals? I would like your feedback:
Q: What do you feel are the pros to renting these homes?
Norm Miller – The director of the USD Real Estate Center states that the banks would be saving face for a while since they can delay the actual sale and they will not have to write down the losses.
My opinion – It would help the communities that are inundated with vacant homes to become viable neighborhoods again. It would also help with the low vacancy on rentals and allow many people that have had to move from their foreclosed homes to have a place to recover and regroup from their financial woes.
Q: What are the potential drawbacks?
Norm Miller – Does not necessarily stabilize the neighborhood. Get the pain of selling them over with to start healing the market.
My opinion – I agree that we need to move forward and get the pain of the housing recovery over…. however, we need to do it in a manner that will not harm others that are homeowners. Another drawback is that the banks have become absentee landlords that may not take the care that a normal investor would with their property and the community.
What would you do?
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