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Initiatives Help Combat Vacant Blight.(Managing REO)
Byline: Jennifer Harmon
Cleveland-As values drop for vacant REO properties, mortgage companies are being hurt as much as the next-door neighbors. Awareness is growing to make sure these homes compare with the neighborhoods around them.
Robert Klein, the founder and CEO of Safeguard Properties, a privately held field service company here, believes lenders today are focused on doing a better job on the basics to maintain a property.
Beginning in September, Safeguard will launch its "Good Neighbor" door hanger contact procedure where at the initial secure of a vacant property, the company will leave door hangers at neighboring properties with an 800 number to contact the company 24/7 if they notice any questionable activity or maintenance issues that need attention.
This approach, which comes at no cost to clients, has received enthusiastic endorsement from code enforcement and city officials. "It's very positive when you make contact," said Mr. Klein. "The neighbor knows someone is paying attention to the home, to this vacant property. They know it is being maintained on a regular basis. It's not just in limbo and no one is paying attention to it."
The industry spent well over $1 billion last year to secure and maintain the safety and health issues of these homes, according to Mr. Klein. "I think we have a great responsibility. Vacant properties impact me and where I live. As an agency, I think it's something we should be doing. We can't solve the entire housing problem, but in our little world, we do what we can. We make the best out of a bad situation."
The correlation between vacant properties and criminal activity is also well documented in communities nationwide, he said. "As foreclosures and vacancies mount, we have seen a material increase in the number of copper pipe thefts, arsons and related crimes at these vacant properties. This ripple effect drastically reduces the servicer's collateral in their assets and wreaks havoc on the communities where the properties exist."
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Source: HighBeam Research, Initiatives Help Combat Vacant Blight.(Managing REO)