Las Vegas, Nv - The Las Vegas City Council has passed a new ordinance that requires lenders to upkeep their properties on foreclosed homes in holding, or face some pretty steep penalties.
If you are looking to buy a home in Las Vegas, Nv, you have probably driven through some neighborhoods that are pretty impressive, or an eyesore. Well not for long. Lenders are required to register all vacant homes with the city. The cost of registration, is $200.
If a home is found in violation of the newly enforced city ordinance, the lender has a window of ten (10) days to fix any and all problems with the property. After ten (10) days, misdemeanor charges could occured, then followed with penalties of fines or imprisonment for bank officials. YIKES!
Other cities have taken a close watch over this action. If it works here in Las Vegas, it could work in other cities.