January 4, 2013
It’s high-time for people in the distressed property business to invest in St. Louis distressed properties. The prices of homes have fallen considerably. Buying a foreclosed property in St. Louis will become more difficult with every passing day as the city government  is highly concerned about the people who are leaving the city.
What To Consider While Buying A Property In St. Louis?
If you are planning to buy a foreclosed property in St. Louis, then you should keep 5 basic things in your mind.
Leakage Problems
Due to the extreme weather conditions in the St. Louis area, the water pipes often get ice cold and vulnerable to leakage or breakage. Therefore, you must check the water supply system of the distressed property.
Defective Valves
The properties in St. Louis are often declared to be distressed due to the defective valves, hoses and gaskets. Make sure that you have checked all the defective gas and air supply sources.
Pest Issues
It is a common problem, not only in St.Louis but anywhere you buy a distressed property. Rodents, insects, mold, and bacterial or viral infestations might occur in the distressed properties. Always spray the property with a disinfectant and take special measures to clear the property of the disease-causing creatures.
The Best Places In St. Louis For Distressed Property
In the real estate business, there is one basic rule: Location, Location, Location. The margin of your profit is directly proportional to the suitability of the location. Everything else comes secondary. If you want to invest in distressed property in St. Louis, then your ideal places can be Washington University City, Waterman, downtown Clayton, Richmond Heights, Webster Groves, Old North and St. Louis Hills. St. Charles and Central West End can also be a good choice.
Latest Update
Property Inventors Increment
According to the reports, the property inventories in St. Louis have increased by 4% from Janury, 2013 to March 2013.
Board Bill No. 160 CA
The government of the St. Louis City is highly concerned about the decrease in the number of homeowners in the city due to foreclosures. According to the reports, 1116 homeowners have migrated to other areas after foreclosing their homes. For the prevention of foreclosure, the Mayor Slay Wednesday signed an ordinance; Board Bill No. 160 CA, passed by the St. Louis Board of Aldermen on February 27, 2013.
According to the ordinance, the mortgage companies and private lenders will meet personally with the homeowners of the St. Louis City to find out the reasons of increasing number of foreclosures. For improving the foreclosure process, the government has passed a new meditation system, in which, the lender will immediately send a meditation notice to the homeowner. The homeowner will then respond to the notice. Three consecutive attempts within 15 days will be made to contact the homeowner. If the process fails or homeowner is not reached, then foreclosure will continue. However, if the lender and homeowner sign a meditation document, then the homeowner will be granted the privilege of staying in the home along with a promise, that he will pay off all the monies dues. The mediation fee will be charged to the lender.
The government states that this law has been passed in order to improve the health, employment, and social life of the people of the St. Louis City.