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I guess I got lucky. I'm about to close on a foreclosure in 2 weeks and the only things missing are the appliances. Everything was left in tact and all the walls were painted white. Besides some cleaning, it looks great.
There's actually a house right around the corner from us that went to foreclosure. Currently listed at about half the average price for this neighborhood. The pictures on realtor.com show that the carpet has all been torn out, most of the fixtures are gone. I even noticed that in the bathroom, they had ripped the toilet paper holder out of the wall. Not sure what goes through these people's heads.
I can somewhat understand it if people are in financial trouble and are just trying to scrounge up anything they can sell for a little cash. What I don't understand is blatant vandalism like pouring cement down toilets and stuff like that.
I can understand it, when everyone is trying to hold homeowners feet to the fire and banks have absolutly no accountability in the run up on housing prices leaving people that bought during a certian time period holding the bag. The vandalism is inexcusable but taking your own appliances and fixtures back .... what did the banks expect?
I can understand it, when everyone is trying to hold homeowners feet to the fire and banks have absolutly no accountability in the run up on housing prices leaving people that bought during a certian time period holding the bag. The vandalism is inexcusable but taking your own appliances and fixtures back .... what did the banks expect?
I think that is expected. Punching holes in the wall, cement down the toilets, taking kitchen cabinet doors, etc is not ok. And that is what needs to be prosecuted. Vandalism and theft is still a crime. Has nothing to do with middle eastern culture or nazis as you seem to think.
The vandalism is inexcusable but taking your own appliances and fixtures back .... what did the banks expect?
"Your own appliances and fixtures" ?????
If it's permanently attached to the house it's not "your own" (i.e. the homeowner's) but rather it's part of the house. There's no question that clothes washer/dryer, refrigerator, stand alone stove are personal property of the seller, to take with or dispose of however they wish. However things like plumbing fixtures (faucets, toilets, sinks, pipes, valves, garbage disposal) and electrical fixtures (built in lights, switches, plugs, wiring, breaker panel, HVAC) are part of the house and not anything the seller can legally remove and take with or dispose of. Taking any of these items is theft and there's no excuse for that, no more than there's any excuse for vandalism. I hope anybody who does either is prosecuted and punished.
This kind of activity may hurt the banks but it's hurting the new buyer, hurting the neighborhood, and it's hurting the housing market, so to some degree it's hurting us all.
Last edited by Lovehound; 12-12-2011 at 11:20 AM..
In the grand scheme of things, I don't think it hurts the banks as much as the neighbors. A dismantled house is going to sit vacant longer and when it does sell it will be for a much lower price because FHA won't allow a loan if the house is missing vital features. There are those fixer up loans but they are a hassle to deal with so basically in this tough market, that type of home needs a buyer that is more of an investor.
I agree! These vandalized homes sit SO long!! Foreclosures in your neighborhood bring down your home value also. The banks are so slow, it's hard to find a buyer who can see potential. When they finally DO sell, YOUR property value decreases. Any one who is trying to sell a home has to compete with these foreclosure prices. We bought a short sale 2 years ago, put $20k into it to just get it livable. Still couldn't do EVERYTHING it needed. The yard was the most difficult. 2 summers and almost to what it was. (it WAS the most beautiful in the neighborhood, but was neglected for an entire summer in the dry heat.) just sold the house for about $25k less than what we paid 2 years ago. (when the market supposedly had hit bottom) Didn't have to pay the bank to get out, but we still got $10/sq ft more than comparable sales during the summer. Def didn't get the $20k we put into it.
When we were looking to buy a house to our new location our realtor spoke with each agent of short sales we were interested in and didn't show us the ones that couldn't close in a month. Some said it would take 3 months to even hear back. Luckily we found a great home, normal sale, great condition. Feels good being able to have and know simple things about the house and it's functions. The last house was a mystery we uncovered with time.
I couldnt imagine leaving a house like that. Most leave in the dark of night. One day you realize your neighbors house is empty and destroyed. Not saying goodbye to your neighbors?! What it you ran into them and they say something about the way you left your house, knowing they have to live next to it while the grass and weeds get longer and bigger?!
We also need to be responsible with loans, just because the bank approves you for a certain amount does not mean you can afford it. We have never bought a home for the amount we are qualified for. Have wiggle room with your income!that way if something does go wrong, you might have a bit in savings for a rainy day.
About a year ago, the so-called owners of a soon to be foreclosed multi acre estate, posted an ad on Craig's List that everything was for sale, including the landscaping. It was a bring your own tools, dolly and uhaul sort of thing. By the end of the day, the place was completely stripped down to the studs.
Someone closer than I to this mess said the owner rationalized this behavior as taking care of his family.
About a year ago, the so-called owners of a soon to be foreclosed multi acre estate, posted an ad on Craig's List that everything was for sale, including the landscaping. It was a bring your own tools, dolly and uhaul sort of thing. By the end of the day, the place was completely stripped down to the studs.
Someone closer than I to this mess said the owner rationalized this behavior as taking care of his family.
Thats right because the banks certianly are not going to help him out after the extraction of wealth is finished. It is really hard to have sympathy for the banks or the govt who created this mess in the first place. When the rubber meets the road the individual has to make sure that himself and his family have a nice standard of living and not letting that standard be robbed by the banks, govt and courts.
I would not even be surprised if he had the entire house jacked up and sold out from under the land, then the bank can come take the land and foundation. WE cant claim the moral high ground by holding individuals feet to the fire while simultaniously letting our govt, banks and court systems get away with murder just becuase thats whats easier. I bet he would not have done that if the value of his property was preseved, it would have just been a normal sale.
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