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My neighbor moved out of his house (walked away from it) last fall.
Over the winter all of the pipes broke, basement is full of water and now the mold is so bad (90* heat all summer) it will likely have to be bulldozed.
If I had a mortgage with them I would be p*ssed.
Is this how they all operate?
In one way or another we all pay.
My neighbor moved out of his house (walked away from it) last fall.
Over the winter all of the pipes broke, basement is full of water and now the mold is so bad (90* heat all summer) it will likely have to be bulldozed.
If I had a mortgage with them I would be p*ssed.
Is this how they all operate?
In one way or another we all pay.
It's not just BofA. Many banks appear to have a lack of maintaining every foreclosed home in their possession. It's gotten to the point that several counties, cities, and states are having to pass laws to force the banks to maintain them.
Recently, a friend of mine bought a house that had so much uncleaned cat urine that it had literally become cat urine syrup and was crystallizing. That's in addition to trash, mold, and termites.
This is why I live in a community with a very powerful HOA. The board will maintain the home and send the bills to the bank and/or put a lien on the house.
I find it very strange the bank didn't winterize the house. Banks aren't great stewards of residential real estate, but they usually put in that minimal effort in order to protect their asset.
I find it very strange the bank didn't winterize the house. Banks aren't great stewards of residential real estate, but they usually put in that minimal effort in order to protect their asset.
Not anymore, not with the number of empty foreclosed homes they now own.
I find it very strange the bank didn't winterize the house. Banks aren't great stewards of residential real estate, but they usually put in that minimal effort in order to protect their asset.
Honestly, I think they're so overwhelmed with the foreclosures going on that they've given up trying to maintain all of these properties.
Not anymore, not with the number of empty foreclosed homes they now own.
Quote:
Originally Posted by Backspace
Honestly, I think they're so overwhelmed with the foreclosures going on that they've given up trying to maintain all of these properties.
Ahhhh. I don't buy this, nor in my experience does it seem to be the case.
Even cheap houses are worth a lot of money. It costs about $150 to winterized a house (probably even less for a bank that can hire a contractor to do them in bulk). It's not like there's a shortage of people willing and able to do this kind of work. In this labor market, I'm sure you have people begging banks for these little $150 jobs. Also, it makes sense for a bank to do it. Why risk hundreds of thousands of dollars in damage and not do it?
Also, I took a temporary job with the Census here in Colorado last year. I knocked on doors at least 300 foreclosed homes. I could tell which houses had been foreclosed on because every single one had a winterizing sticker on it (I could also tell how long they had been vacant since each sticker gave a date saying when it was winterized).
I imagine that if this house hadn't been winterized, it was either an oversight or the bank got ripped off by a contractor who said he did the work but in fact didn't.
Ahhhh. I don't buy this, nor in my experience does it seem to be the case.
Even cheap houses are worth a lot of money. It costs about $150 to winterized a house (probably even less for a bank that can hire a contractor to do them in bulk). It's not like there's a shortage of people willing and able to do this kind of work. In this labor market, I'm sure you have people begging banks for these little $150 jobs. Also, it makes sense for a bank to do it. Why risk hundreds of thousands of dollars in damage and not do it?
Also, I took a temporary job with the Census here in Colorado last year. I knocked on doors at least 300 foreclosed homes. I could tell which houses had been foreclosed on because every single one had a winterizing sticker on it (I could also tell how long they had been vacant since each sticker gave a date saying when it was winterized).
I imagine that if this house hadn't been winterized, it was either an oversight or the bank got ripped off by a contractor who said he did the work but in fact didn't.
Yeah but you're in Denver, I live near Houston and to us winterizing is a foreign concept. Hell around here people who were living in their homes had a hard enough time dealing with frozen pipes this last winter.
I find it very strange the bank didn't winterize the house. Banks aren't great stewards of residential real estate, but they usually put in that minimal effort in order to protect their asset.
A million dollar home in foreclosure is no more than a piece of paper on someone's desk. They have thousands of pieces of paper just like it on their desk and none more special than the others.
We had a beautiful home in our community that the owner walked away from and left vacant for well over a year. The beautiful landscaping went to h$ll.
We approached the bank and asked them to turn on the water and electricity so we could maintain the property for the good of the rest of the residents. We were willing to pay all expenses. We were informed if we set one foot on the property to maintain it we would be sited for trespassing. They had no interest in keeping their expensive property looking good for an eventual sale.
The city wanted to drain the pool, which is standard for a vacant home. It took the City over three months to gain access to drain the pool. In the mean time, the Code Enforcement Officer was forced to stand outside the fence and toss mosquito pellets in the pool until they went through the proper channels to empty the pool.
The bank had so little interest they wouldn't even comply with the orders from the City Government. The home finally sold for $500K less than it's value. The bank could have prevented that huge loss, but it was too much trouble. The loss didn't effect the guy sitting at that desk at the bank. He gets his pay check every week and nothing else matters..! It wasn't his money he lost..!!
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