Field Asset Services (FAS), a Texas based property preservation, REO maintenance and repair services company released its list of Top 10 Types of Code Violations. The list is based on FAS’s research compiled from its work with 30 mortgage and asset management clients nationwide. Here’s the list:
By Editor B / Bart Everson via Wikimedia Commons
Top 10 Types of Code Violations
1. High grass and weeds
2. Nuisance such as abandoned vehicles and trash at the curb.
4. Open or vacant structures
5. Junk, trash, and debris
6. Minimum housing standards or habitability usually pertaining to the condition of the property.
7. Substandard structure such as dilapidated sheds or detached garages.
8. Unmaintained or unsecured swimming pools
9. Dead trees and landscaping
10. Vacant property registration
Said Dale McPherson, Chief Executive Officer, Field Asset Services about code violations:
Cities and local municipalities across the nation are becoming more vigilant towards issuing code violations to reduce blight and improve neighborhood conditions. With foreclosure timelines reaching nearly 21 months, these fines can add up over time, even exceeding the value of the property itself in some cases.
According to FAS data, Florida surpasses all other states in the amount of these violations. For example, FAS once encountered a property in Coral Springs, Florida that, since 2008, had violation citations accruing for an overgrown lawn, roof discoloration, a stagnant pool, and poor exterior maintenance. At at rate of $125/day for 927 days plus additional penalties, the property owed the City of Coral Springs $434,654.50.
While FAS worked to remedy the code violations and lower the fine amount for the Coral Springs home, hundreds of thousands of properties in Florida are without the benefit of FAS’ services and the daily accruing code violation fees for those properties are unrecorded in official records. Only by performing an unrecorded lien search can a prospective owner, lender, asset manager, real estate agent, attorney, or title/closing company know the true value of the subject property. Premier Lien Research, LLC is here to assist you! For more information please visit PremierLienResearch.com.