Do you know someone who is affected in someway with a foreclosure? Look in the mirror, yes it is you. If you are a homeowner foreclosure can affect you even if you make all of your payments on time, even if you do not intend to sell. How?
1) Several years ago when I started in the real estate business (1999) the market values of all homes were being driven by the sale of foreclosures which were very prevelant in the Northern Utah market. Many people who wanted to sell their homes were not able to enjoy much if any appreciation of their homes value because the foreclosures were driving the prices down.
2) When homeowners are facing a difficult time financially, routine maintenance of their homes may be the last item on the list behind eating, driving to work and taking care of family needs. The yards and general home appearance may affect the way an entire neighborhood looks, especially to potential buyers of neighboring homes perhaps yours.
3) Neglected homes may become targets for vandalism.
If you know of anyone who is facing a difficult financial period, tell them not to wait until it is time for the bank to reclaim their home. It may be your home that is affected the most. (See blog post about foreclosure timeline).
Have questions about Foreclosure? Kathy has nine years experience in the sale of foreclosed homes for banks. I have been professionally trained in all aspects of foreclosed homes by attending seminars all over the country meeting face to face with mortgage lenders on issues relating to REO's (real estate owned). E-mail or call me anytime. kathy@BRVRhomes.com or 435-730-3583