Once upon a time, according to Northwest News Channel 8, 33 year-old bagholder Shane Lovett decided he wasn’t just mad about losing his Oregon home to foreclosure, he was going to get even:
Lovett bought a home on SE Wildcat Mountain Drive in Eagle Creek a few years ago. In January the house went into foreclosure. Neighbors told police that Lovett was extremely distraught over the the situation. He apparently told several [people] that he had put the animals [three pigs] inside the house over a week ago and even joked about the fact that they did not have any water.
When deputies responded to complaints about the pigs, the inside and outside of the home were trashed.
I’ve heard stories of disgruntled home owners losing their homes to foreclosure and trashing the properties, but Lovett was, pardon the pun, a real swine about this. Here’s the video:
So the three little pigs, huffed and puffed, and trashed the house. [Although it looks like they had help.] This is undoubtedly not the end of the story though, as foreclosures become more common, expect disgruntled bagholders to be more common as well.
He paid $250,000 for that dump? Even if you try to picture the home pre-pigs and pre-destruction, it looks like a $150,000 home at best, and that’s with a decent-sized chunk of land.
Thank you- I was going to mention that about Firefox, but our Sys Admin assured me that you could easily watch the video in Firefox by [Insert incomprehensible string of technical jargon here.]and that most people would know that. I thought I must be the only one not savy enough to watch in Firefox.
Sometimes our Sys Admin forgets that programming isn’t quite so obvious to us mere mortals.
From what I can find, believe it or not, he should have been able to sell this home for well more than the mortgage, unless he had this thing HELOCed [County property records aren't available online, so I couldn't check]
Both Zillow and Trulia listed nearby homeswith comparable square footage selling for much more. Unless he kept it in really horrible shape, it looks like he should have been able to get $300K+ for it.
I also found out he owns an excavating company, hence his easy access to the equipment to take out the patio and porch.
Don’t worry, I’d assume that people using firefox are savvy enough to know what to do
On-topic, I heard that there was some kind of special on TV related to foreclosures (a friend watched part of it). He told me that they devoted a segment to “gotchas” you should be aware of if you buy from an auction. Many FB’s are very angry when leaving, and do all kinds of damage to the house (apparently, it’s pretty common). The worst one I heard was dumping cement down the toilet and flushing it, which clogs the pipes all the way down to the sewer.
From what I’ve heard, most auctions don’t allow for pre-inspections (I may be wrong). I was considering a foreclosure, but given this info I think I’ll wait until a home goes to REO.
That’s what the Sys Admin said- I however, remain woefully unsavy.
I have a friend who said that she and her husband made a great deal of money back in the 1960s rehabing REOs.
The Phoenix market experienced a severe downturn in the early 1960s, and there were foreclosures everywhere. Apparently some folks would strip the place of everything from cabinets to comodes on their way out the door.
My friend said that the bank couldn’t unload them in that condition, so they would go in and make all the necessary repairs.
You are right- more often than not, you cannot inspect the property beforehand at the auction.
L has told me about buying at auction- I think I’d stick to REOs as well. [And I'd have those carefully inspected!]
I love that video [the other two in the "Financial Heroes" series as well.] I have one daughter that went around singing “Five different flavors!” for weeks.
Just an FYI – eagle creek is a rural, shall we say “backwater”, part of the portland metro area. Comps from this area are not going to be as easy to come by, because so much depends on the condition of the land. Some of it is arable, some has hard timber, some, ravines and scrub not good for much. Also the house conditions vary greatly from old farmhouses, to shacks to mansions, to manufactured homes (of greatly varying quality).
That being said I have been to 2 foreclosed homes lately. One had windows broken (and boarded), AC units missing, plumbing fixtures taken etc. The other had all fixtures, switches, electrical plate covers, doors, cabinets, mirrors, countertops etc taken out of the place.
A number of people who are foreclosed on can get, um, bitter, particularly when they’ve made financial and emotional commitments to their home.
I spoke with one woman who was upside down on her mortgage who said, “But I own the patio free and clear- I paid for that myself!”
I suspect some people try to compensate for these improvements by taking what is not nailed down. On the other hand, some people are just vindictive, and will do what damage they can on the way out.
I’m not surprised that this happened. Banks have been careless, and are getting mostly what they deserve. I feel sorry for the Sheriff’s office in this matter.
I can’t understand anyone feeling sorry for the Sheriff’s Office. It’s just another day for them and I found out back in the mid 90′s when I lost several properties to foreclosure that the Sheriff’s here didn’t do the appraisals “as required by Law”, therefore resulting in all of my properties being bought back by the Bank for far less than they should have ever even been offer for. I love the idea of letting the pigs have the house though. I don’t think he did quite enough though. I mean the whole point in destroying the “collateral” is to destroy it to the point of actually COSTING the Mortgage holders money. 15 minutes with a chain saw oughta do it.
Ohio Fraudclosure
Northern Virginia Housing Bubble Fallout
Mish's Global Economic Analysis
Bubble Meter
UK House Bubble
Breaking News
Here’s a picture of the interior:
He paid $250,000 for that dump? Even if you try to picture the home pre-pigs and pre-destruction, it looks like a $150,000 home at best, and that’s with a decent-sized chunk of land.
– The Judge
“Sell now or be priced in forever”
*** Technical Note ***
Using Firefox, the video embedding in the post doesn’t work. The workaround is to click on the story link and view the video on News Channel 8′s site.
Internet Explorer users should be able to run the embedded video here.
John-
Thank you- I was going to mention that about Firefox, but our Sys Admin assured me that you could easily watch the video in Firefox by [Insert incomprehensible string of technical jargon here.]and that most people would know that. I thought I must be the only one not savy enough to watch in Firefox.
Sometimes our Sys Admin forgets that programming isn’t quite so obvious to us mere mortals.
Judge-
From what I can find, believe it or not, he should have been able to sell this home for well more than the mortgage, unless he had this thing HELOCed [County property records aren't available online, so I couldn't check]
Both Zillow and Trulia listed nearby homeswith comparable square footage selling for much more. Unless he kept it in really horrible shape, it looks like he should have been able to get $300K+ for it.
I also found out he owns an excavating company, hence his easy access to the equipment to take out the patio and porch.
wow!
twist-
Don’t worry, I’d assume that people using firefox are savvy enough to know what to do
On-topic, I heard that there was some kind of special on TV related to foreclosures (a friend watched part of it). He told me that they devoted a segment to “gotchas” you should be aware of if you buy from an auction. Many FB’s are very angry when leaving, and do all kinds of damage to the house (apparently, it’s pretty common). The worst one I heard was dumping cement down the toilet and flushing it, which clogs the pipes all the way down to the sewer.
From what I’ve heard, most auctions don’t allow for pre-inspections (I may be wrong). I was considering a foreclosure, but given this info I think I’ll wait until a home goes to REO.
Sandman-
That’s what the Sys Admin said- I however, remain woefully unsavy.
I have a friend who said that she and her husband made a great deal of money back in the 1960s rehabing REOs.
The Phoenix market experienced a severe downturn in the early 1960s, and there were foreclosures everywhere. Apparently some folks would strip the place of everything from cabinets to comodes on their way out the door.
My friend said that the bank couldn’t unload them in that condition, so they would go in and make all the necessary repairs.
You are right- more often than not, you cannot inspect the property beforehand at the auction.
L has told me about buying at auction- I think I’d stick to REOs as well. [And I'd have those carefully inspected!]
here is another clip including 3 pigs and houses….
http://youtube.com/watch?v=Fm9W4Ts-tw0
This scene could best be described by a short song called ‘Who…who…who let the pigs in’
Just thinkin’ -
All over the country, there are vacant spec houses and spec condos that have been built or are being built right now…
While in the Midwest, farmers are spending millions of $$ building confinement facilities.
Anybody else seeing a “Win-Win” solution synergizing here?!?!?!?!
I wonder if slop (like Top Ramen**) tastes better when eaten from a granite countertop or travertine tile floor?
Pergo perhaps?
** reference “Real Financial Heroes” video link
http://www.youtube.com/v/TxylHPnoloI
Asset Hunter-
I love that video [the other two in the "Financial Heroes" series as well.] I have one daughter that went around singing “Five different flavors!” for weeks.
Jan Martin-
That was quite a twist from the regular fairy tale- but then again, I suppose this tale is too.
Just an FYI – eagle creek is a rural, shall we say “backwater”, part of the portland metro area. Comps from this area are not going to be as easy to come by, because so much depends on the condition of the land. Some of it is arable, some has hard timber, some, ravines and scrub not good for much. Also the house conditions vary greatly from old farmhouses, to shacks to mansions, to manufactured homes (of greatly varying quality).
That being said I have been to 2 foreclosed homes lately. One had windows broken (and boarded), AC units missing, plumbing fixtures taken etc. The other had all fixtures, switches, electrical plate covers, doors, cabinets, mirrors, countertops etc taken out of the place.
Ingydesu-
A number of people who are foreclosed on can get, um, bitter, particularly when they’ve made financial and emotional commitments to their home.
I spoke with one woman who was upside down on her mortgage who said, “But I own the patio free and clear- I paid for that myself!”
I suspect some people try to compensate for these improvements by taking what is not nailed down. On the other hand, some people are just vindictive, and will do what damage they can on the way out.
I’m not surprised that this happened. Banks have been careless, and are getting mostly what they deserve. I feel sorry for the Sheriff’s office in this matter.
I can’t understand anyone feeling sorry for the Sheriff’s Office. It’s just another day for them and I found out back in the mid 90′s when I lost several properties to foreclosure that the Sheriff’s here didn’t do the appraisals “as required by Law”, therefore resulting in all of my properties being bought back by the Bank for far less than they should have ever even been offer for. I love the idea of letting the pigs have the house though. I don’t think he did quite enough though. I mean the whole point in destroying the “collateral” is to destroy it to the point of actually COSTING the Mortgage holders money. 15 minutes with a chain saw oughta do it.
Thank God he didn’t burn it…. Arson’s illegal you know!