Abandoned Barrington Homes - The Neighbors Were Thrilled About This One
Although Barrington has a much lower foreclosure rate than other parts of the Chicago suburbs, we have not escaped it totally. Our foreclosure rate is still relatively low but that is of no consolation to the neighbors that live next to an abandoned property for months on end until finally it is sold.
Illinois is a judicial state which means that foreclosures must go through the courts. A typically time-frame from start to finish is 10 months but in the last few years with the increased foreclosures in northern Illinois this has gone up. So if you have an abandoned home going into foreclosure next to you, you are probably going to have to look at an uncared for home for longer than you would like.
Yesterday I was asked by a bank to carry out a broker price opinion (BPO) on a home in the village. I knew where the house was, I had done a BPO about a year ago on the same property. At the time it was an abandoned unfinished project. It was originally a ranch home and the owners were adding a second level. Obviously they had run out of money as the house was only at Tyvek wrap stage and there was no-one there. It was listed for sale but as an unfinished home the price was far too high.
I arrived at the street and was completely perplexed. I know the house was on this street but it was no longer there. OK so maybe the heat was getting to to me. I made a couple of passes and found an empty lot. No I am sorry that's not possible, I am clearly going mad. So I drove home to look up the plat to make sure I was not suffering from heatstroke.
Today I revisited the site and the empty lot. I had indeed got the right property and the house was gone. The lot was all grass. Um? I knocked on a couple of neighbors doors and found a very helpful resident who explained that the property was abandoned, the basement had become flooded and so the Village of Barrington came and tore the house down. A very neat job too, you would never know it had a house on the lot. So the neighbors on that street were very happy. No ugly eyesore to look at or live next to anymore.
I called the bank this morning to leave an explanation. I am waiting their response!
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Copyright 2010 Corinne Guest All Rights Reserved - * Abandoned Barrington Homes - The Neighbors Were Thrilled About This One *
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Wow! This is the first time I've heard of such a drastic solution. Very interesting.
Please let us know how THAT conversation goes with the bank. :)
Oh my gosh! I heard of cities in CA doing this to houses. But never a bank owned property! What a trip! Their entire investment gone. Yet, this will be another reason why the bank lobbyists will try to take away the homeowners rights to a judicial process. We have judicial process in Fl too. The point being that even when the banks do own the properties, they keep them, they don't take care of them and the are not putting them all back on the market. SO their argument does not hold water.
The disappearing house... hadn't heard of that happening very often. And why did the bank not know about it??