It’s rarely difficult to determine which homes in a neighborhood are in foreclosure; as you are driving through the neighborhood homes that have brown grass, dying plants and weeds are very likely in the midst of foreclosure proceedings.
Is it possible that these foreclosed homes have a negative effect on the rest of the neighborhood?
Not only do foreclosed homes drive down value as banks price them lower to get them off their books, but the visual look of the property also affects the neighborhood. The visual effect of the neighborhood is a significant aspect in the buying process for potential home buyers. If a neighborhood has numerous foreclosed homes, the neighborhood is going to look poorly kept causing buyers to possibly look elsewhere.
So who is responsible for cleaning up these homes?
Once the bank forecloses on the home, they are now responsible for the up keep of the property especially if the home is located in a home owner’s association. Homeowner’s Associations will often send letters to the bank to clean up the property and if they fail to handle the problems, the homeowner’s associations will levy fines.
So next time you find yourself home-hunting in a local Las Vegas neighborhood and you see what looks to be eyesore, yep, you guessed it; it’s probably a foreclosure.
Are you home-hunting in the Las Vegas real estate market? Looking for home values or rental information or other relocation information? Feel free to call at 702.376.7379 for assistance.