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Brokers Claim Ordinance Hampers Recovery

MIAMI-Banks and agents are hit with new inspection requirements amid swelling home inventories.

By Paola Iuspa-Abbott | Updated on April 17, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-Real estate agents have has plenty of repossessed houses and condos to sell for banks, but before they can list many of them they have to tend to some new, time-consuming red tape. A new Miami-Dade County ordinance requires that foreclosed properties be inspected for code violations and that brokers or lenders obtain a certificate of use from the county Department of Planning & Zoning.

Critics say the ordinance, which targets homes in the county’s unincorporated areas, drags out the foreclosure process and is an added cost for the banks and burden on the market at a time when the industry needs to quickly shed thousands of homes seized from delinquent borrowers.

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