Reno Foreclosures Update

There are some homes in our area that are taking a beating, literally. Some disgruntled homeowners are taking out their frustration on the home as they are going through the foreclosure process as their castles are being taken from them. Appliances, fixtures, windows, door handles, whatever they can pry loose or load in their truck is what some of these unhappy homeowners are taking with them. As their dream of home ownership comes to an end, so does the condition of the home.

It does not happen in all cases but as realtors we see it on a daily basis. This not only hurts the bank but it certainly hurts the neighborhoods and neighbors that these homes are in. In this state of disrepair the bank will have to fire sale the home to get it sold, thereby creating a comparable sale for the rest of the neighborhood to live with.

Does the bank have recourse? In most cases there is a clause in the trust deed that the home owner signed with the bank that says they must maintain the property. Unfortunately most banks have little time or money to deal with the foreclosures, let alone to try and go after a homeowner for the damage if they could even locate them. Sadly, in our area there are no cases of the banks prosecuting for such damage. Take a look at the video below of some foreclosures in Reno in that state of disrepair. Shelby Sheehan of KRNV TV here in Reno interviewed me for the story.