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Foreclosure Maintenance
By Stephen Roberts | July 28, 2010
There have been many foreclosure properties that have greatly depreciated in value due to their condition. Often times foreclosure properties are not taken care of once the homeowner is evicted by the banks. One reason for this is because legally the banks do not foreclose on the property as soon as the homeowners are evicted. Many times the bank will not take possession of a foreclosure property until a few weeks before a sale with an interested buyer. Because the banks do not technically own the home, and the homeowners are evicted, this leaves the property in limbo, where it is likely to be neglected and not taken care of. Clark County is trying to take steps to prevent homes from reaching this level of disrepair and lowering the home values in the Las Vegas and Henderson Valley.
Clark County has recently implemented laws that attempt to stop homes from becoming in this condition. The county is starting to impose fines and liens on properties that have been neglected if no action is being taken by the homeowners to preserve the condition of the home. Since banks do not legally take possession of a home until it is already neglected and in need of repairs, the only legal action that Clark County can take is on the evicted homeowner, or placing liens on the property.
Many speculate that the county placing liens on the property will only slow the real estate market down. Placing liens on properties discourages buyers. Though the county is taking steps to stop homes from deteriorating during a foreclosure, they need to find a way to make banks foreclose on properties sooner after they evict the homeowner. Banks should be paying to maintain the foreclosure homes and making sure that the properties are not depreciating in value due to physical condition. It is difficult to take action and expect results on homeowners who have been foreclosed upon and evicted.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »