Reno Foreclosure Update

Last night I was interviewed by KRNV Channel 4 about the growing number of foreclosures and the damage that is being done to them by the sellers, as their homes are being taken back by the banks. Shelby Sheehan asked me about these eyesores that sit for months with dead grass and sometimes people will even move into these homes and camp out until the bank gets control of these homes.  Shelby also asked me when their is damage done by a seller, or others, to these homes. "Do the banks try and file charges". The answer sadly is "no". It would be very difficult to prove who actually stole the appliances or took a hammer to the sheetrock.

There is such a back log with the banks and the process that these foreclosure agents have to go through before they can get a foreclosure to the marketplace that during that, sometimes 3 or 4 month period, and once the seller is out of the home, it will just sit there stagnate with typically no power or water and will become the eyesore of the neighborhood. The banks were not prepared for this avalanche of repossesed homes that have cost them millions and continue to clog their system with red tape.

Unfortunately this is a sign of the times and I do not see any improvement for quite a while. There was a statistic that came out today that said foreclosures are up by 55% this July over one year ago.

 

dhughes@dicksonrealty.com

www.Homes-Reno.com

1-800-692-1193

 

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