Thursday, September 24, 2009

City of Lowell Foreclosure Ordinance

It seems like everyday at least one person comes to our Customer Service counter expressing interest in some foreclosed (and vacant) property here in Lowell. The buyer on the foreclosure deed is almost always a big national lender with a mailing address in New York City or Orlando or Houston, nothing that would provide a practical contact for a potential purchaser. I assume these properties are assigned to a (relatively) local real estate agent who will handle the sales to third parties, but there doesn't seem to be an effective means of identifying and contacting that broker. Perhaps the city of Lowell's "Vacant and Foreclosed Building" ordinance, which requires the owner of a foreclosed or vacant building, to register it with the city's Inspectional Services Department, would make that department a logical point of contact for a potential buyer. Of course, that assumes that the buyers at foreclosure are complying with the ordinance and registering with the city - which is a big assumption. Still, it would be the best place to begin.

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