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They Poo'ed The Carpets!

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David S. Roberson

Thread Starter
Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Did an REO today; rural area, double-wide, and went expecting the worst. Opened the door, and behold, they had shampooed the carpets, cleaned out the refrig & cabinets, even left the original warranty deed & loan closing papers on the counters. Ever get a foreclosure where they left it in as good condition as it came from the factory? Makes you wonder what went wrong.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
8O 8O 8O
That would be a first. The last one I did, they even stole the light switches, sockets, and cut out what little copper wire they could get to make a point (or buy more crack). :roll:

Honest foreclosurees? Wow, I am impressed. They may be of the few that actually get past St. Peter.
 

bradellis

Member
Joined
Jan 16, 2002
David,

Yes, I have sen a few in that good condition, but I agree it is rare.

Brad Ellis, IFA,RAA
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
David
I've been seeing those for several months. The Bucks Ranch got the inside scoop on what's going on last summer. Many of those megga banks found that they lose less money if they PAY the borrower $500 with a cashier's check if they leave the castle clean when they vacate....unreal or what? Not only are we as consumers paying for the default, we're now paying the rascals not to trash to place before they're kicked out. Only in America.

The Bucks Ranch Rocks......the cocktail hour begins in 4 hours, it is Friday isn't it? :)
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Does make sense Bobby. Some of the clean up estimates for these dumps can exceed $500 in a heartbeat. Shows better, smells better, less damage, brings a better price. Sounds like a win/win. Saving the carpet alone would generally quadruple the investment return.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
I have seen several of these lately also, one was located in a 'certain less than desireable' area of town...

Absolutely spottless: the only problem was the very loud screams when I valued the stated 'near new condition' property at way way way less than the bank was into it for: along with my suggestion that they MOVE it to a nice 3 acre site in the country and cut thier losses with a minimum of pain. H&B use was to move the thing, and donate the land to Habitat....for the tax write off...

14+ months later... It's still still sitting there and they have dropped the price and dropped the price and still haven't hit what I said it would sell for :roll: If I could scrape up the ante I could make $30K on my suggested method of sale!
 

Bobby Bucks

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Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Caterina
Yes, it does make economic sense to the lender to minimize their losses, my objection is that the consumer is indirectly rewarding the borrower after they have defaulted on a loan. It's win/win for the borrower and lender and lose/lose for the rest of society that foots the bill. Are you married???????
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Bobby,

I understand your beef. Seems slimy to pay these folks after they've gone back on their mortgage obligations. My heart would rather $500 go into the pocket of a Merry Maid or Joe's Carpet Cleaning service. But $500 into the pockets of the defaulters can easily return $2000 or more for the lender in selling price if they aren't destroying the place on their way out. Still seems to ring like a reward to the bad guys, but in the end the losses aren't as great. Would also be a reasonable carrot to dangle at them to keep them from stripping the appliances, etc. In my area, it's hard to pull $500 out of a stove and light fixtures at a yard sale.

Yes, married and 3 munchkins. And you?
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
My guess is the lender had someone clean the home before the appraisal.

The owner probably lived in the home and took decent care of the place, but probably lost his job or divorce.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Caterina
Yes here as well, 2 cubs scampering about. Do you think our spouses would like each other if they met? :) Got 3 REO's today and 2 of them were "cloners".....I did them 2 owners ago......should I alert the lender and offer them a discount? :)
 
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