The average cost to clean out a foreclosed house is between $500 and $1500 (and upwards of $5,000 for repairs).
These properties are almost always full of rubbish and in need of repairs and landscaping work. Someone needs to clean out and fix up foreclosed houses before they can be put back on the market.
Banks are more than happy to pay the average foreclosure clean-up property preservation bill.
For two very important reasons:
1. Banks can’t put these houses on the market in their current condition. No buyer in their right mind would want to buy a house full of mouldy food, animal droppings and the previous owner’s personal effects.
2. Some Australian by-laws allow councils to fine up to $1000 PER DAY, PER HOUSE for unkempt foreclosed houses. Rundown houses severely affect neighbourhoods, encouraging theft and vandalism while driving down overall housing prices in the area. Banks would much rather pay you to clean up the property rather than pay fines for each day that passes by.