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Old 03-19-2010, 06:31 PM   #1
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Default Mortgages refused over invasive weed

Mortgages refused over invasive weed
Home buyers are being denied a mortgage by banks and building sites because the property they are trying to purchase has been affected by an invasive garden weed.
By Richard Gray, Science Correspondent
Published: 9:00PM GMT 13 Mar 2010

Mortgages refused over invasive weed - Telegraph
excerpt from above:
Quote:
Mortgage lenders claim Japanese knotweed, which is capable of pushing through concrete, poses a risk to the structure and fabric of the building, and so reduces the value of a property.

Sellers have been forced to spend...
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Old 03-20-2010, 12:27 AM   #2
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Coming to a theater in the US real soon....
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Old 03-20-2010, 06:54 PM   #3
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Is this a bad thing? It motivated people to have the pest removed. It did sound a bit unfair to the people who didn't have knotweed but their neighbors did.
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Old 03-21-2010, 01:16 AM   #4
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Don't get me wrong, I want invasives gone so bad I can taste it and I cringe every time I look at my neighbors' burning bushes and other crap plants that end up making more work for me on my property. I seriously think this is going to be a raw deal since it's not factoring in the human component. This wouldn't negatively impact someone like you. You're waaaaaaay ahead of the game not planting invasive or potentially invasive species but.... how many people out there know what's invasive in their state and what isn't and then there's this little problem with the horticultural industry pushing known invasives because they're not banned for sale in most states. I can see weeping willows being one of the first plants on US hit lists. It'll start with a plant like that that most people know can be a problem up close to foundations is my guess and then once people are resigned to removing any close to their foundations... it'll snowball and expand to plants federally listed as invasive like kudzu. I don't think this is going to hit someone like me or my husband since we're both working and if push came to shove, I'd call in my family and we'd go hit my portion of the wetlands with a vengeance or we'd begrudgingly cough up the money to start controlling our share by hiring professionals but.... this has the potential to really kick low income, fixed income, disabled, and seniors in the teeth. Think about the elderly out there.... think about the rural farmers with fields that aren't being farmed any longer. There are banks stuck with foreclosed properties that have negative property values because of hydrocarbons, asbestos, and PCBs and I could totally see the presence of known invasive species bottoming out a property's values. A property can have a negative value and there will be people who don't figure it out until a house is under contract. Anywho, we all know that raw deals start with one plant that's really "evil" and then they add one more and then one more and another and another and before we know it.... the most vulnerable segments of our society are slammed and even more properties could foreclose.
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