by Dan Christian in Blog.
Go ahead and ask someone what a zombie title is, and they might shrug and say ‘Night of the Living Dead’ or talk about the concept of reanimated human corpses unleashing a futuristic zombie apocalypse on a depleting human race. Ask a real estate agent specializing in Westchester, CA homes and he will explain that a zombie title is a right to possession and ownership of a house that a person has who believes he lost the property as a result of foreclosure. When a lender initiates foreclosure proceedings by handing over a notice of foreclosure and then unexpectedly dismisses the foreclosure, a zombie title to real property is established. This title won’t try gnawing on your head for a taste of brain matter, but it is annoying, and as the housing market is improving these titles are starting to quietly retire to the grave. However, because they still exist this article will offer homebuyers an inside look at what a zombie title is and how it works.
Zombie Titles and Westchester, CA Homes
Westchester, CA homes are located in one of the most desirable neighborhoods in all of Los Angeles. The area offers a 20 minute commute to Downtown, has an outstanding school district, lots of green space and parks, stunning beaches, and some great shopping and dining opportunities. If a local Westchester, CA homes owner receives a foreclosure notice, walks away, but the bank never sells the home, the house remains in the owner’s name. This can create a great cushion for struggling homeowners trying to re-work their mortgage in a last desperate attempt, and if you ever find yourself in this rare position you will want to contact your local expert Westchester, CA realtor to help you navigate the zombie property. If the bank was unable to get a clear title, your realtor will be able to help you resolve this complex matter and possibly even help you move back into your home with an affordable new mortgage tacked in place. Although zombie properties are rare, especially when it comes to Westchester, CA homes, a good local expert realtor will know how to help his clients in the event they find themselves in “real estate walking dead”.
‘USA Today’ states that the foreclosure crisis is almost over, yet there are some markets that still see their fair share of zombie properties. In some cases a person may inherit a home or be awarded a home from a divorce but can’t afford to pay the mortgage. In this case calling a Westchester, CA homes realtor will be more advantageous than selling to the bank. A skilled local expert realtor will be able to help you keep the title clean and sell the home for top dollar value within one of the best Los Angeles neighborhoods.
When Zombies Eat Homes
When homes fall into the category of a zombie title, they often sit abandoned for long periods of time, in some cases even for years. If a home is not kept up the plumbing and pipes can cause considerable water damage that completely destroys any remnants of the home’s integrity. It also serves as a welcome mat for vagrants and illegal activities and can ultimately draw unsavory types that harm the value of the local community. Some homeowners may ditch their zombie property in search for something more affordable in the area, but what they don’t know is that neglecting a zombie title can have negative impact on other homes in the area.
If you ever find yourself attached to a zombie title, call your Westchester, CA homes realtor and he can help you steer down one of two paths: reclaiming your home with a mortgage you can afford or he can help you completely wash your hands of the property and move into a dream home that is more affordable and capable of meeting your family’s needs.