Bank-Owned Homes in Los Angeles in Disrepair

Look for a few dozen more bank-owned homes in Los Angeles to hit the market in the very near future. This week the Los Angeles City Attorney’s office filed a lawsuit against Deutsche Bank for the handling of its REO properties. According to a press release, “Deutsche Bank has become one of the largest slumlords in the city of Los Angeles,” the city attorney’s office said.

Subsidiaries of Deutsche Bank have acquired more than 2,200 properties in Los Angeles through foreclosure, according to the city attorney’s office. Some of the foreclosed properties were vacant at the time of foreclosure and Deutsche Bank failed to make the necessary repairs or caused nuisance conditions to develop, alleges the city attorney. Other properties were occupied upon foreclosure, and the bank unlawfully evicted tenants in order to sell the buildings, allegedly.

The lawsuit filed by the city seeks immediate injunctive relief including a complete inventory, registration and inspection of the subject foreclosed properties, compliance with all applicable state and municipal code requirements, and a stop to all illegal evictions. The city attorney seeks restitution to the current and former tenants of the subject properties for amounts paid in excess of the actual value of their units and relocation fees, as well as reimbursement to the city for the costs of repair, abatement, inspection and investigation.

REO Investment Properties in Los Angeles

REO properties and bank-owned homes offer some of the best real estate investment opportunities available in the current market. Many distressed properties, foreclosed homes and bank-owned houses are currently on the market in Los Angeles at drastically reduced prices. To learn more about the foreclosed and bank-owned investment properties available in the greater Los Angeles area call our seasoned real estate agents toll free at 888-994-7365 today.