PAYING THE PRICE BECAUSE YOUR NEIGHBOR CAN'T PAY THEIR MORTGAGE

This week, I did some BPO's (Broker Price Opinion) for some lenders.  They hire Brokers such as myself to go to a property ,which the lender owns or will probably soon own,to provide them with an independent third party opinion of the value of the property.  Unfortunately, many times the properties are vacant, and not having been occupied for awhile are in a state of disrepair.  It is very noticeable when driving up to a property that there is a problem ,as the landscaping has not been maintained, weeds are growing up through the rocks, bushes and grass are dead and untrimmed.

What if your house is next door or on the same street as this property?  What happens to the value of your property?  Probably you will suffer the consequence of having the value of your home go down!  How does the situation get rectified and by whom?  Should the lender be responsible for maintaining the property or should the neighborhood association have to make some provision to make sure that the property is presentable from the curb?  The whole neighborhood or even subdivision may suffer negative consequences if something is not done.