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Old 09-06-2008, 07:01 PM
 
944 posts, read 3,849,075 times
Reputation: 607

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In my home search, I decided to visit a few foreclosures today. Wow, what a waste of time that was! If you've never seen a stripped home rotting in the Florida heat, it's quite a sight. It's amazing how selfish people can be. It's a nice neighborhood and was obviously a nice home before some knucklehead flopper decided to strip everything except some plastic fixings. This is going to be an interesting ride down.

I guess I'll keep renting.
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Old 09-07-2008, 12:54 AM
 
713 posts, read 2,670,760 times
Reputation: 154
We are heading into foreclosure (brand new house down almost $100,000) and left everything clean, new, upgrades galore with AC on low so things won't mildew. The place is move-in ready. Almost two years on the mkt. Built in '06 and hardly lived in. Finally we are getting some serious lookers.

Too bad you didn't see our place. It's in Spring Hill, probably far from where you are looking.
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Old 09-07-2008, 02:05 PM
 
1,080 posts, read 4,587,836 times
Reputation: 613
Sorry to hear of your problems, but I think that the market is slowly moving, as I saw in Saturdays real estate transactions, quite a few sold by banks, although quite low in price. I'm sure with a good realtor your home will sell in time. Good luck to you.
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Old 09-07-2008, 03:18 PM
 
Location: Pittsburgh, PA
1,304 posts, read 3,036,553 times
Reputation: 1132
The bottom line to the potential bargain buyers of the foreclosures is that when attempting to profit from the misfortune of others, you will have enhanced risk. After all, you are obtaining one of the most valuable assets of any family and as a part of this distressed process, you are attempting to steal this home for pennies on the dollar. If you are a willing partner, should you be surprised that the foreclosed individual has extracted all that he/she believes entitled? Personally, if my home was being being taken from me, I would feel no obligation to provide the next "owner" with any remnant of my efforts.
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Old 09-07-2008, 03:54 PM
 
Location: Hope, AR
1,509 posts, read 3,084,637 times
Reputation: 254
well, it's not really being "stolen" from them, since they didn't keep up their end of the agreement. It's a bit vindictive and childish to deliberately trash a home, right?.

Quote:
Originally Posted by Retiredcoach View Post
The bottom line to the potential bargain buyers of the foreclosures is that when attempting to profit from the misfortune of others, you will have enhanced risk. After all, you are obtaining one of the most valuable assets of any family and as a part of this distressed process, you are attempting to steal this home for pennies on the dollar. If you are a willing partner, should you be surprised that the foreclosed individual has extracted all that he/she believes entitled? Personally, if my home was being being taken from me, I would feel no obligation to provide the next "owner" with any remnant of my efforts.
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Old 09-07-2008, 05:01 PM
 
944 posts, read 3,849,075 times
Reputation: 607
Quote:
Originally Posted by Retiredcoach View Post
The bottom line to the potential bargain buyers of the foreclosures is that when attempting to profit from the misfortune of others, you will have enhanced risk. After all, you are obtaining one of the most valuable assets of any family and as a part of this distressed process, you are attempting to steal this home for pennies on the dollar. If you are a willing partner, should you be surprised that the foreclosed individual has extracted all that he/she believes entitled? Personally, if my home was being being taken from me, I would feel no obligation to provide the next "owner" with any remnant of my efforts.
I've always respected your posts until this one. It's funny - your position - because you were a public service employee. I'd imagine you'd be more angry about mortgage losers stealing from the public kitty than senor Muggy putting a property back on the tax role. I'll be doing a lot of people a favor when I buy. Stop looking at me like a bad guy. What about my family, retiredcoach?

I look forward to displacing an irresponsible owner. I hope they cry when I move in, maybe they'll think a little more next time. After all, I keep throwing money away on rent because there is so much fraud and irresponsible lending/borrowing.

Being stupid and greedy doesn't give you the right to steal from a bank.
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Old 09-07-2008, 05:58 PM
 
Location: Pittsburgh, PA
1,304 posts, read 3,036,553 times
Reputation: 1132
Quote:
Originally Posted by Lulu101 View Post
well, it's not really being "stolen" from them, since they didn't keep up their end of the agreement. It's a bit vindictive and childish to deliberately trash a home, right?.
It is all about being let down by those you trusted. The real estate agent who assured him that he would never lose money on the "investment" of an overly inflated priced house. Or, the mortgage agent assuring him that he could afford this home and had a significant part in securing the loan and that ARM for him. Or, a state government that passed legislation that protects the employer who pays him a substandard wage with no security or benefits for him or his family. Now, they all walk away with thicker wallets and his house, too!!!

Vindictive, yes. If the guy walked away with some personal sense of justice, at least he didn't go "postal". Not saying that I agree with his sense of equity, I just understand it.
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Old 09-07-2008, 06:07 PM
 
Location: O-Town
1,781 posts, read 6,965,236 times
Reputation: 503
Quote:
Originally Posted by Retiredcoach View Post
It is all about being let down by those you trusted. The real estate agent who assured him that he would never lose money on the "investment" of an overly inflated priced house. Or, the mortgage agent assuring him that he could afford this home and had a significant part in securing the loan and that ARM for him. Or, a state government that passed legislation that protects the employer who pays him a substandard wage with no security or benefits for him or his family. Now, they all walk away with thicker wallets and his house, too!!!

Vindictive, yes. If the guy walked away with some personal sense of justice, at least he didn't go "postal". Not saying that I agree with his sense of equity, I just understand it.

I agree with this post, I can empathize with the homeowner.
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Old 09-07-2008, 06:12 PM
 
Location: Hope, AR
1,509 posts, read 3,084,637 times
Reputation: 254
Well, I would never blindly accept what any real estate or mortgage agent said at face value. You need to do your homework and verify everything on your own before you sign any agreement, even if that means paying a lawyer to look at it. It sounds like they didn't do that. It's sad that they're being kicked out but that's no reason to strip a home.

Quote:
Originally Posted by Retiredcoach View Post
It is all about being let down by those you trusted. The real estate agent who assured him that he would never lose money on the "investment" of an overly inflated priced house. Or, the mortgage agent assuring him that he could afford this home and had a significant part in securing the loan and that ARM for him. Or, a state government that passed legislation that protects the employer who pays him a substandard wage with no security or benefits for him or his family. Now, they all walk away with thicker wallets and his house, too!!!

Vindictive, yes. If the guy walked away with some personal sense of justice, at least he didn't go "postal". Not saying that I agree with his sense of equity, I just understand it.
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Old 09-07-2008, 10:44 PM
 
Location: Jax
8,200 posts, read 35,465,931 times
Reputation: 3443
Quote:
Originally Posted by Muggy View Post

I look forward to displacing an irresponsible owner. I hope they cry when I move in, maybe they'll think a little more next time. After all, I keep throwing money away on rent because there is so much fraud and irresponsible lending/borrowing.

Being stupid and greedy doesn't give you the right to steal from a bank.
Please do remember that not everyone facing foreclosure is a bum.

I have a friend who was a responsible payer of her mortgage and then "life happened". She found out her other half was cheating, so the relationship ended and she lost 1/2 the household income. Okay, she still scraped by and paid her bills. Then she was laid off from work because business was slow. Okay, still trying to pay the bills, getting unemployment, looking for work. She finds work, waiting for her start date, goes on an outing with friends and someone playing a practical joke on her ends up breaking her arm and she now owes the hospital nearly $100k.

She can't sue they guy - he disappeared back into the crowd and he was a total stranger. She wasn't able to afford Cobra when she was laid off, so no insurance. All of this happened in a matter of months. And she's a single mom on top of it all.

So now she's claiming bankruptcy and the home is in foreclosure. So bad things happen to good people. In hindsight, she might do a few things differently, but wouldn't we all?
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