Buyers' Revenge: Trash the House After Foreclosure

[Lobo Fan]

I did an REO MH that was first striiped clean. They even pulled the romex out of the walls. Even took the toilets. Then they left the water running until it was running out of the windows. The mold was thick and the floors were buckled and spongy. I had my daughter wait in the car in case fell through the floor.

My Dad is a Realtor out in California and handles a lot of REOs. They pay people $2500 or more to move out quietly. I guess the worst is when there is a tenant. The tenant's rights make them almost impossible to oust.

 

[TJSum]

Back in the 90's I did a REO where they took everything out of the house, and I mean everything. All the drywall was gone, commodes, bathtubs, shower stalls, floor coverings, all interior doors, cabinets, furnace, plumbing........

The only thing they left was the smell.

 

[JT1974]

Back in the 90's I did a REO where they took everything out of the house, and I mean everything. All the drywall was gone, commodes, bathtubs, shower stalls, floor coverings, all interior doors, cabinets, furnace, plumbing........

The only thing they left was the smell.

Please excuse me if this sounds like a dumb question but isn't what you just described Illegal? Does anyone know of any laws regarding destruction of property that is in a pending foreclosure?

 

[Lloyd Bonafide]

Back in the 90's I did a REO where they took everything out of the house, and I mean everything. All the drywall was gone, commodes, bathtubs, shower stalls, floor coverings, all interior doors, cabinets, furnace, plumbing........

The only thing they left was the smell.

I've never seen one with the drywall removed, but I can still top you!

In the early 1990's, a co-worker of mine went to do an REO appraisal on a property that was a geodesic dome, and ...... you guessed it, the entire house was gone. woohoo

 

[TJSum]

Everything about that deal ended up being illegal, the previous sale was to bogus buyers, the loan officer was brought up on charges, not sure what they did to the appraiser for that original deal, but he cooked it to a crisp, after the REO, they then had me do a forsenic historical appraisal on it going back to the previous purchase. As I remember the house probably was worth $160,000ish (taking for granted it was in normal condition at that time) and it was cooked to $400,000. Many involved had foreign names and they were out of the country by the time the law caught up with them. They only lived in the house long enough to strip it to a shell.

 

[Wayne Tomlinson]

Where there are tenants, there is the same option. Tenants like money too.

If there is a tenant in the house, it is unlikely that an absent landlord is going to make a special trip just to trash the place.


I would also, in the deal, require the tenant to allow interior inspection, make the payment a staged deal.

Wayne Tomlinson

 

[DesertDiva]

I did an REO MH that was first striiped clean. They even pulled the romex out of the walls. Even took the toilets. Then they left the water running until it was running out of the windows. The mold was thick and the floors were buckled and spongy. I had my daughter wait in the car in case fell through the floor.

My Dad is a Realtor out in California and handles a lot of REOs. They pay people $2500 or more to move out quietly. I guess the worst is when there is a tenant. The tenant's rights make them almost impossible to oust.

Cash for keys is how it's done, how it was done during the last round of fc's.

Tenants in CA can be evicted too. Happens all the time.

Lenders love it when I can negotiatie with occupants & have them leave the place nice & clean & undamaged for $500.

Yes it really happens that way sometimes.

On another unit, it required 2 sets of police officers to remove the occpants after the eviction.

AM's are getting smarter & retaining property preservation co's earlier on.

 

[moh malekpour]

Please excuse me if this sounds like a dumb question but isn't what you just described Illegal? Does anyone know of any laws regarding destruction of property that is in a pending foreclosure?

Destruction is illegal and they can go to jail if the lender want to spend money, time and man power to find them otherwise what they can do with a homeless? Does it do any good to put a homeless in the jail? They are just crazy. They were crazy when they bought a home that they shouldn't bought and they are crazy now when they are destroying the property. Here is wht the article says:

Banks rarely pursue charges against destructive homeowners; it's not worth the cost and trouble. Instead, they try to prevent home rage by giving agents such as Mr. Carver blanket authorization to offer at least $300 to occupants to get them to leave peacefully.

 

[Mountain Man]

Nothing new... many I've bought over the years have no appliances, light fixtures, switches or plugs. Some have even dug up the plants and taken them.

 

[Greg Bell]

How about when they cut the coolant line and gas spews in to to ozone layer and then Billy Bob realizes the Air Conditioner is to heavy to through in the pick up truck.REO'S are causing global warming.Quick , buy some beans and ammo..