Riverside County formed a special code enforcement team in 2008 to combat the sharp increase of foreclosures. County officials also revamped city codes in 2007 when reports came in that foreclosures had increased 350% from 2006. Press-Enterprise Reporter Alicia Robinson stated that new codes changed the definition of property management to include vacant properties as well. In extreme cases, owners may be fined $1,000 per day. The special unit handles roughly 110-150 open cases at a time with weekly or biweekly visits to the abandoned properties. Full Article
What does this information mean for investors?
The first thing that comes to mind is the $7 million that has been billed to owners by the county. If a seller is not accepting my offer because they think it is too low, I will bring up the fact that the longer they wait the more it will cost them. Not only will the vacant property become less valuable over time due to neglect, but the county will start imposing fines which will cost even more. If the seller is paying to upkeep the property, then these expenses will only eat up any additional money they may receive on any future offers higher than mine. Secondly, if I am an investor that has not looked at Riverside County before, I should now.
- Mentorlynx Mentor and Trainer Eric Von Heal
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