The Mpls Area Association of Realtors is opposing a new ordinance that adds cost and difficulty to selling real estate in Richfield.
The city of Richfield has implemented a Vacant Building Program that would require anyone holding a vacant building (commercial or residential) to register the buildnig with the city, pay a fee, have an inspection completed and make any repairs the city "deems necessary".
This new ordinance will affect all of us.
- lenders with foreclosed homes - increases the costs of mortgages and therefore the cost to buy a home with a mortgage or to refinance a mortgage
- anyone buying a home, moving from their current home and putting it up for sale now owns a "vacant building" and will have to pay the fee
- an estate where the owners have died and the trustee (often the children) is selling the empty home now holds a "vacant building" and will have to pay the fee
Rather than make it more difficult and costly to buy and sell real property, my opinion is that the cities should self-monitor their own cities for blight and neglect and cite property owners where neglect is occurring, requiring them to bring their properties up to a baseline level of upkeep.
Other thoughts?
Click here for a link to a fellow Public Affair's Task Force member, Aaron Dickerson's blog on this topic.
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