DeKalb County Georgia in metropolitan Atlanta has passed a new ordinance requiring creditors to register foreclosed properties with the County. Connie Stokes, the commissioner who drafted the oridinace says the registry "will require financial institutions to maintain the properties and prevent blight."
DeKalb County Georgia Requires Lenders to Register Foreclosed Properties
The registry will contain the owner's name and owner's contact information. Each property registered requires payment of a $175.00 fee.
Properties and contact information will be available online to anyone in 90 days.
Commissioner Stokes, who is a real estate broker, says "This is not to be a penalty to financial institutions. This is to make sure they know they have to take care of these properties."
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Great idea and long overdue - just in time for some of the wave to pass, but still a good idea. Even though the list is available to all, it would be wise for those looking to buy a foreclosure home to still check with their agent to ensure they were going about the process correctly.
I am waiting to see the details before I pass jusdgement on the program. If it is administered correctly, it has potential. If it is just another revenue source for government, with no new services provided, I am not so sure. But, I am hoping this is s solution to some of oour foreclosure properties that sit and then get trashed by vandals.