Bank Owned Lots

Started by BrandonS2 • 2 replies • 1204 views

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BrandonS2 (Georgia)
Posts: 2

Posted:

We have about 30 empty lots that are now "bank owned" after foreclosure of the developer's property. These lots are an eyesore. The banks will not clean up the lots while they wait for another developer tp purchase and build. In this economy, we could be looking at these lots for a long time. For liability sake, we cannot clean these lots as an HOA, and the Bank will not do anything. What do we do?

DanielH1 (California)
Posts: 482

Posted:

Call every department at City Hall who does any kind of inspection. Make the bank rack up fine after fine for various code violations.

At some point, the bank will get so annoyed that they'll either sell it or maintain it.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Brandon,

In addition to what Daniel suggests, the HOA can notify the bank that they will clean up the lots and bill the bank if the bank does not do it within a stated period of time. Your docs should have an article which allows the HOA to do this. However, you must notify the property owner first and give them the opportunity to do the work.

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