The Real Deal Miami

Miami-Dade laws make lenders keep up foreclosed homes

December 05, 2008 11:24AM

Miami-Dade County plans to require lenders to start maintaining vacant
homes before they have finished foreclosing were passed Tuesday.
Another ordinance in a package designed to address the spate of vacant
properties requires lenders to provide buyers with a full report of
building and zoning defects. It’s the latest South Florida government
initiative aimed at keeping abandoned properties from pulling down the
value of occupied homes nearby. Some real estate agents believe the
extra measures — which only pertain to homes in unincorporated
Miami-Dade — will add headaches and slow the selling of bank-owned
homes. Typically, foreclosures are sold ”as is,” with limited or no
inspections. The new law requires a building and zoning inspection by
the county that would uncover defects or code violations. Inspection
reports must include estimates of repair costs and be recorded with the
county clerk where the public can review them.