A bitter homeowner is losing their home to foreclosure in Maricopa, AZ and is selling out to the walls- but at least is exhibiting some scruples:
**You must professionally uninstall all fixtures, and or items. I will not have anyone putting holes in the walls or damaging the existing structure to remove these items. **
Our house is in the foreclosure process, and we won’t be leaving until April 19, 2008. So anything that is of everyday use i.e. the appliances or A/C or the hot water heater will not be removed until after that date. The bank has rejected 6 solid offers that have been made by potential buyers for our home. I have well over $60,000 in upgrades thru out my house; house is less than 1 year old, as is all the appliances and fixtures. Please read the whole Ad.
This is what I have, and feel free to make an offer:
**SOLD** All Stainless Steal Whirlpool appliances, which includes Stove, above Stove Microwave, a side by side Refrigerator, and Dish washer. (Will not be sold until after April 19, 2008) **Sold**
Central vacuum system (includes Canister plus all attachments (new $1,500.00)
$550 OBO, includes the canister and the stealth vacuum, hose and hard floor VacuumReverse osmosis water system
$125 OBO4 Indoor and 4 Outdoor Solus Speakers GRC8 Ceiling mounts speakers for surround sound (they sell for $699.00 a pair at the store or online) *Pic* of speaker can be seen below in the picture of the blinds
Indoor Speakers $325 a Pair or $575 for all four OBO
Outdoor Speakers $250 a Pair or $475 for all four OBOLight fixtures brushed nickel Indoor. Outdoor ones are a different color
$50-$15 Depending on Which one OBOSix panel doors with brushed nickel hardware
$45 Dollars a Door includes hardware OBO2 Beveled glass medicine cabinet, and 1 standard mirrored medicine cabinet
$75 for Beveled and $40 for Non OBO2 large bathroom mirrors
$100 A Mirror OBOAll Moen bathroom fixtures
$30 a Fixture I have 4 for the sink and 2 shower OBOHunter Douglass 2” wood blinds, and white in the spare rooms.(Will not be sold until after April 19, 2008)
Different Sizes, but $100-$175 Depending on which size and color OBOGarage door opener (Will not be sold until after April 19, 2008)
$100 OBOGarage tub sink
$100 OBO2 Lennox A/C Condensers, can provide model # upon request (Will not be sold until after April 19, 2008)
$600 a Piece OBODigital screen Honeywell thermostats (Will not be sold until after April 19, 2008)
$50 OBOA.O. Smith Hot Water Heater. (Will not be sold until after April 19, 2008)
$175 OBO
I’m sure the lender appreciates the "no holes in the walls", but would prefer to be left with a little more than the framing and drywall. I guess the lender will be discounting the property now.
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As opposed to a house where the owner WANTED to make sure there were holes in the walls. Or better yet, let’s remove some walls:
http://www.foreclosureexpert.info/2008/02/this-one-will-r.html
Wow, it it possible that the bank can pursue legal or even criminal action against the homeowner for gutting the house like this? Is there anything in the fine print of the loan that states such? In my opinion the house and any contents that were included in the sale price belong to the bank until the mortgage is paid off completely. Am I wrong in beleiving this?
I’d think all the attached contents of the house would belong to the bank, but I can see why the FB is taking them. He needs to scrape together some cash for moving/rental expenses.
Now, the lender will really have to slash the price of the home since a new buyer will have to bring in his own appliances, fixtures, etc.
The lender is, at least, partly to blame for this situation. I’m not exactly weeping in sympathy for the bank’s loss.
So why isn’t the seller of these items gutting the house for the copper? He seems like enough of a sleeze to do it.
“He needs to scrape together some cash for moving/rental expenses.”
He’s already not paying a mortgage. That’s got to be a considerable savings over what can be had from selling light and plumbing fixtures…
I’t just rediculious. I’m going to stop paying the note on my brand new truck, strip every sellable part off and sell them on ebay. When the repo man comes to take it, it will be a skeleton on a frame and I’ll say I needed cash for moving expenses…
>>I have well over $60,000 in upgrades thru out
>> my house
Oops! Personally, I’d think about making mortgage payments before I thought about making upgrades.
I don’t agree with most of what the guy is selling, but I have to admit there are a few items he definitely has a right to sell, a few other “gray areas”, and some that are downright wrong to sell.
When you buy a house, don’t you have to make sure that the agreement specifies which appliances are included in the purchase? So technically, if he is disposing of his house through foreclosure, unless there is some agreement saying the appliances aren’t his to take, for example….he might have a good argument in doing whatever he wants with them.
If I were the bank, I would at least argue that he cannot take anything that the house originally came with…. but he can take any upgrades that he made so long as he leaves the house in its original condition (ie: the way a rental would work)
MikeC-
As I recall my last mortgage agreement, you are correct- what I bought with the house stays with the house- even if I paid extra to install it.
You have to wonder what happened- he says the house is less than a year old. If the guy had a shaky job and now has to move, why was he buying a house?
Igor says “stupid”, he may have a point.
The lender is, at least, partly to blame for this situation.
What!?!?? How is the lender to blame for somebody getting over their heads on $60k in upgrades? Lenders aren’t your nanny, if you make poor financial choices it’s your own fault. Now, if you can prove that the lender forced them at gun point to take a loan and/or forced the upgrades, then you have a point. Otherwise…
“What!?!?? How is the lender to blame for somebody getting over their heads on $60k in upgrades?”
Lenders need to assume that FBs will use every penny of credit available to them, since most of them do.
The FB is mostly to blame. The lender is PARTLY to blame for loaning money to someone who couldn’t pay it back. The ability to repay can, and should, be checked out carefully by anyone loaning money.
I wonder how much of a downpayment the lender required?
If the lender had required a 20% real down payment, you can bet this wouldn’t have happened.
So don’t feel sorry for the lender.
Owned less than a year? $60k in upgrades? Makes me wonder if they too were ever paid for? Either way this is disgusting. I recall the first house I purchased at 25 years old and I had sheets over the windows with push-pins…they were there long enough to become an embarrassment but they didn’t come down until I could afford something better.
I have yet to see a foreclosure that was not the fault of the stupid borrower. This is enough to make me write-in Ron Paul for President.