LAS VEGAS, May 18, 2011 (GLOBE NEWSWIRE) -- Lenders Clearing House LV, LLC – a leading real estate reseller – has discovered how to "put the brakes" on today's steadily declining home values and has started saving local neighborhoods, one home at a time.
Today, Las Vegas is the foreclosure capital of the nation with as many as one out of every 77 homes is currently in foreclosure (reported by RealtyTrac®). In other distressed states – such as California and Florida – it is one out of every 300 to 400 homes and nationwide only one out of every 542 homes is in foreclosure.
Both in Las Vegas and Clark County, hundreds of foreclosed homes languish for months, even years, on the market – acting as a detriment to neighborhoods and lowering the comparable values of surrounding homes, resulting in a steady downward trend both in price and sales.
"It is not a matter of supply and demand," states Zolt Szorenyi, CEO of Lenders Clearing House, "there are plenty of offers and interested buyers."
"The reason Las Vegas home values keep dropping," he observes, "is directly tied to foreclosed properties that are being neglected by banks and left in bad condition for long periods which are then consistently devalued by appraisers."
With this in mind, three years ago Szorenyi began purchasing Las Vegas-area foreclosed homes at auction and fully restoring and offering them for sale in a matter of weeks. What makes his formula a success – both for his company and the neighborhoods he serves – is how he does it.
Within 48-hours of purchase, crews go to work putting a foreclosed home back into "like new" condition. Once completed (within one to two weeks), the home is professionally inspected and certified "move-in" ready and offered with a home warranty. The amazing part? Lenders Clearing House LV homes sell on average within one week to 60-days, at or above market prices, and at an astounding current rate of 300 homes per year.
To date, each of the 750-plus Lenders Clearing House LV homes sold at or above market prices are serving to bolster home values and are helping to stabilize neighborhoods.
"We figured it out and we are proving that it works on a daily basis," notes Szorenyi. "Banks are losing money by their unwillingness to fix up their homes and it is impacting the market overall."
"It's not good for the banks, the buyers or the neighborhoods, " he adds, "and values are not going to stop dropping until the banks change their tactics."
EDITORS NOTE:
Zolt Szorenyi is available for interviews or to assist in preparing a story on this subject.
The Lenders Clearing House Las Vegas LLC logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9714
About Lenders Clearing House LV, LLC
In 2006, Zolt Szorenyi formed a company to work with banks in selling their inventories of REO foreclosed properties. In 2008, with first-hand knowledge of how banks neglected these properties and poorly handled potential buyers, his company (now called Lenders Clearing House LV) began attending trustee auctions to acquire and fully remodel foreclosed homes. Within two weeks or less, they are completely restored to "like new" condition, certified as "move-in ready" and offered with a home warranty. As a result, these homes are no longer an eyesore or sold at rock bottom foreclosure pricing. Instead, they sell at or above market, within one-week to 60-days, and at a current rate of 300 homes per year. For more information visit www.LendersClearingHouseLV.com .
CONTACT: Lenders Clearing House LV, LLC Zolt Szorenyi (702) 321-4006 zolts@dmsvegas.com
