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Before and after photos of a vandalized foreclosure

Common Problems with Las Vegas Foreclosures

MAINTAINING HOMES BASICS  TO RETAIN VALUE

About half of the foreclosed properties to be sold by mortgage companies nationwide have “substantial” damage according to a new survey by Campbell Communications, a marketing research company in Washington, D.C. In addition, it is estimated by real estate agents that trashed out foreclosures sell for about 30% less then homes in good condition.  The banks and mortgage companies have tried to give cash for keys as long as the property is in good condition.  WSJ’s Michael Phillips reports bitter homeowners aren’t leaving quietly.  Now, banks are offering to pay them not to strip down or vandalize their foreclosed homes. (March 28)

The Las Vegas property foreclosed market is experiencing pointless destruction by vandals who break into empty houses.   Many of the homes have everything stripped and removed  from the kitchen cabinets,  appliances, sinks, toilets, outlet covers, closet doors, front doors, fixtures, smashed windows and paint thrown on the carpet throughout the entire house.  Most of the damage is a small to medium home repair, replacement or improvement away from getting the homes MOJO back.

The top seven areas of concerns that are drawing the most attention in the Las Vegas foreclosure market area:

Cleanliness, Walls, Yards, Lighting, Kitchens, Bathrooms and Flooring.

Drywall is a strong, reliable and fire resistant material but can withstand only a limited amount of abuse.  Small holes in the walls are common behind doors however the Las Vegas valley has been experiencing quite a few disgruntled foreclosed homeowners trashing the place on the way out.  Drywall damage from water damage to ceilings,  walls and floors.

The yards are in poor condition due to decline and lack of rain and watering resulting in dead grass, partially dead trees and shrubs, and dying flowers and plants. A large number of the homes in Las Vegas have swimming pools and spas which are now green and infested with mosquitoes and their larvae.  There is debris and overgrown trees and bushes.   The walls and fences are deteriorating and need a little touch up.   

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