We, at the Chatham Avalon Park Community Council, seek the cooperation, coordination, and company of all of the Block Club Presidents to work and discuss the need for private ownership and rehabilitation of the housing stock in the Chatham and Park Manor neighborhoods to reduce the probability of flippers who do not have our values of living in our community. Block Club Presidents, hold meetings on your block with your neighbors to seek their input and participation to buy, hold, and build the vacant housing stock and revitalize our Chatham/Avalon Park/Park Manor area for the betterment of us all. Investment clubs are being organized to deal with the issues of vacant housing.Perhaps an answer to any vacant property that may exist in the community. I truly hope that the neighborhood organizers can work this out!
Dispatches from Chicago's south side.
Friday, October 30, 2009
Community organizations buying up vacant houses and apartment buildings
A post from the CAPCC blog:
1 comment:
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This comment is 5 years to late and shows the ignorance of the real estate business by the writer. Currently, the mortgage guidlines have taken out investors/flippers by requiring larger downpayments from 20 to 50% of the purchase price as well as increasing verification of financial information submitted versus before the financial crisis most information required was either unverified or contained discrepancies that went unverified and downpayments as little as 5%.
ReplyDeleteThe investors/flippers have made their money and are long gone and what is left are tenants who have paid rent with the assumption that the mortgage has been paid until the sheriff serves them a summons to appear in court as a party to a foreclosure proceeding.
Yes the foreclosures have increased and lenders are resorting to boarding up properties to protect their collateral. What the focus should be is helping tenants who wish to purchase these properties and protecting those who can't from the "gangster" property managers assigned to these properties.
If some research was conducted the writer could have some found several organizations that help people in these situations (i.e. Metropolitan Tenant Organization, NHS, Lawyers committee, etc) as well as working with lenders and letting them know that this community has block clubs and CBO;s that can watch properties and the board ups are not necessary versus attempting to contrive a conspiracy.