Recently I was looking at foreclosure homes under $80,000 with a buyer and we saw house after house with damage that appeared to be after the home was vacated by the previous owner. The most common thing found missing was most/all of the copper plumbing. In homes that had copper or other items stolen, the cost to repair the home will be substantial as these burglars did much more than take the copper, they practically destroyed the home in the process. Further, when you make these homes unlivable then the only people who can buy them are investors… eliminating anyone willing to pay “fair market value” for the home as we all know investors need to make a profit for them to take on a job.
Most banks will secure a property by changing the locks and winterizing the house, but I don’t know if I’ve seen any install a security system. The banks almost all use the same lock box codes for the keys and all use master keys that open many locks throughout the area. This makes it quite easy for access even after the bank has taken steps to secure it and as we all know, locks only keep out honest people anyway.
Given the sheer volume of foreclosures, I would think the major security system companies would be willing to install a discounted system in return for the monthly monitoring fees and the likelihood that the next owner of the home would continue the service. Just like satellite companies will install a new dish and wiring in your new home if you move so that you can leave your old setup at the old house, alarm companies make their major profit off the monthly service fees: a larger base of installed systems will naturally mean more monthly income.
If banks could prevent even half of the thefts/damage to their listings, I would guess that they’d more than cover the cost of the system & monitoring and be able to provide the buyer with an “extra” that many regular sellers do not offer!
