Why Are Banks Demolishing Foreclosed Homes?
By Jeanne M. Gavish, Keller Williams Realty Elite Partners - CIPS,GRI,S
(Jeanne Gavish, Keller Williams Realty Elite Partners)
Why Are Banks Demolishing Foreclosed Homes? I have had this topic brought to my attention by a couple people who know that I am a blogger, wondering what I thought of this phenomena. I can only relate to it from a personal perspective. In Florida, even with an "As Is" short sale transaction, the seller is bound by Florida Law to disclose any known facts that are not readily observable that materially affect the value of a property. Lenders do not have this obligation. They claim they have no knowledge. This makes no sense to me, since any insurance claim results in a check made out to the owner and the lender. So how can they not know? Nevertheless, the lenders make a disclaimer that they have "no knowledge" of any defects and make no warranties to the condition of the home. In Fl...
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