Well, well, well… A Gilbert, AZ home is going into foreclosure, so the homeowner has decided to have a "foreclosure sale" and list it on Craigslist: [Many thanks to the reader that forwarded this]
Everything must go this weekend!!!
- High end kitchen appliances. Buy more than $4,500 in new appliances for only $1,700.
- GE Profile Counter depth side by side with dispenser.
- KitchenAid Supeba slide in gas range with self cleaning oven.
- Huge Kitchenaid micorwave.
- Brand new Maytag Quiet Series 300 dishwasher.- Beautiful Ornate entry table. For sale for $300
- Great bar-bbq. For sale for $700 (SOLD)
- Kenmore 90series washer and dryer (Gas). For sale for $200
- Whirlpool Ultimate care II washer and dryer (Electric). For sale for $400.(SOLD)
- Kitchen and bathroom counter tops and cabinets (Huge kitchen with big island and computer desk, plus 3 bathrooms with 2 sinks each). For sale for $2,500
I wonder if they are willing to cut a deal on copper pipes while they are at it?
Now is when you can get a great deal on BMWs, Harleys, jet skis, boats, and home theater systems. Been here and done this (back in the early 90’s)!
It’s good to have no debt and a bit of cash at times like this. Alas, 90% of the crap people are trying to unload is junk (copper pipes and such, LOL).
Interesting.
Either they:
1. Upgraded their appliances, and remodeled the kitchen/bathrooms…and now they’re getting some of that wasted money back.
or
2. Are stripping the house bare to screw over the bank even more. This is the likeliest choice.
Taking out appliances you own is one thing. I’d draw the line at countertops, though…unless they have the original tops in storage, and are planning on reinstalling them. Unlikely, but possible.
I would hope that banks are taking the option of writing off portions of these loans (to compensate for market conditions) to prevent foreclosure, rather than take over a trashed house.
So just keep in mind that the vast majority of the people being foreclosed on have ruined their marriages and ruined their finances for many years to come.
They are VERY ANGRY people and the only one they can punish is the bank. So while home values drop may drop by X%, banks have to pay even more since they need to “flip” what used to be perfectly good homes.
Stfram-
Since they are selling the cabinets as well, I’m guessing there won’t be anything left to put old countertops on.
The Review Journal was reporting today that 25% of foreclosure homes were being deliberately damaged- there’s a lot of ticked people losing homes out there.
Curious if those of you who have ever bought can say anything about this – did your mortgage contract expressly prohibit you from removing appliances or other items fixed to the house without the lender’s consent?
you cana’t take the stuff out. This fool will be sued so so hard by his lensder and charges with vandalism, theft, and malicious destruction. It’s so hard to proove the homeowner did the damage, due to the home being empty for even a day, but this guys adv ma hopefully make him the posterchild for jail time.
Here’s a Realtard® from Bakersfield (a Crisp & Cole goon) doing the same thing:
http://bakersfieldbubble.blogspot.com/2007/10/former-real-estate-moguls-take.html
I agree with ducksface, once the bank finds out he sold even 1 fixture he’ll be toast. This applies even if he “bought” them himself, unless (as stated before) he can replace them with another working appliance.
I understand that people are mad, but vandalizing the home to “get back at” the bank is stupid and childish. For one thing, the borrower is responsible for getting themselves over their heads, not the bank. Or, for those who don’t believe in personal responsibility, it opens you up for litigation at a time when you likely don’t have much money (and will be owing a LOT to uncle sam in April).
I’ll never understand the “let’s destroy things because we’re unhappy” mindset, if that’s how you feel, go live in a cave. /rant
I doubt anyone will get sued. A couple grand in appliances is nothing compared to the legal fees… If nothing else these banks will be very pragmatic. The banks should be getting strapped for cash soon. Citi, WaMu and Countrywide all seem to be getting close.
The good deals haven’t even started. You’ll be able to buy one of these “$400K” homes for “$100K AS-IS”.
The real fun begins when investors stop buying credit card debt and the banks have to reset all of the card limits to the current balance. Then we get to “borrow” only what we pay back, with interest of course.
What’s in your wallet???
Sandman-
I’m afraid it’s the same “I want all the profits, and someone else to cover the losses” attitude we are seeing on Wall St.
Consequences are a great educator, and it’s too bad we have taken a lot of them away from our children, and ourselves. Now I think a lot of us are going to be dealing with consequences in spades.
“Since they are selling the cabinets as well, I’m guessing there won’t be anything left to put old countertops on.”
Ah, just saw that now.
I think it’s pretty safe to say that banks are going to be more motivated to leep lenders in homes at this point, rather than deal with hundreds of trashed houses that need to be repaired.
That said, stuff like this will keep the appliance and cabinent-makers in business, if there’s a bright side to the whole thing.
“I agree with ducksface, once the bank finds out he sold even 1 fixture he’ll be toast. This applies even if he “bought” them himself, unless (as stated before) he can replace them with another working appliance.”
Lets say the house didn’t come with a fridge, and a washer & dryer.
The new homeowner opens a credit card account at Sears, and buys the needed appliances.
IMO, there’s nothing wrong with taking those back (and selling them to settle the remaining account with Sears), since they were never included with the original purchase price anyway.
Now, entire cabinents, sinks…got a problem there (unless, again, the original fixtures were retained and reinstalled).
Stfram-
I know a lady who said that she and her husband made a great deal of money in the early ’60s in Phoenix. There were a lot of REOs at the time, and they made their money rehabbing them for banks.
It looks like those sorts of opportunities will be happening again.
Interestingly enough, I am wanting to buy all new appliances. I have a decent set, but they are white and we just bought a house and my wife wants stainless steel. Perhaps I could find a flopper who has all new high end stuff that I could trade my old stuff plus like $1500 or so?