Can you sue for loss of property value on your house because a bank won’t keep foreclosed houses in the neighborhood up?
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Can you sue for loss of property value on your house because a bank won’t keep foreclosed houses in the neighborhood up?
My house’s value went from $150.000 down to $50,00because of foreclosures not being kept up in the housing area. They have personally cause my property value to bottom out.
Asked on October 17, 2011 under Real Estate Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. Practically speaking you can file a lawsuit against financial institutions because they are not keeping up the conditions of foreclosed properties in your neighborhood based upon a nuisance theory of recovery if the conditions of the property create a dangerous condition for the community at large.
Such a lawsuit would not be for actual damages for the depreciation of your home in general but the end result may force the lending institutions to start taking better care and upkeep of the foreclosed homes resulting in better neighborhood conditions that may increase the value of your home.
You should consult with a real estate attorney on this issue you are writing about.
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