A foreclosed on homeowner in the Phoenix area has figured out how to make $5,000 on their way out the door. They are renting out their home- but not in the usual manner. No rent, no deposit- just a one time fee:
1 year old Custom Luxury, 4300 sq ft, 4 bedrooms and den in exclusive Vasaro
4 car garage
4 bathrooms
wood flooring
MUCh much moreWe built this house and the market turned. This house will either be short sold or foreclosed but not for at least 90 days and probably longer. The longer you stay the cheaper it averages monthly.
You pay $5K up front AND THAT IS IT!
The ad also notes that pets are O.K. I suspect that with this agreement, ANYTHING is O.K.
What do you suppose the odds are of the bank getting this property back in decent condition?
So, if you’re unloading your U-Haul and 2 or 3 other people show up with their U-Hauls…
and you’re all waving a “receipt” for the $5K fee…
how do you decide who actually gets to move in?
First arrival, first possession?
I wonder how many different $5K fees they could collect?
I wonder if they really “own” the house in the first place?
If they didn’t “own” the house, they could collect as many $5K fees as they wanted, as long as they set the possession date off a week or so… and skip town with all the money.
I’d like to see the before and after pictures of the new tenants time there.
(You know, the new ‘tenants’ could take a stab at a “cash for keys” deal with the bank at the end, and wind up getting most, all, or more than their $ 5K back just to move out!)
twist -
The best bit is the fine print right at the top in red: “Avoid scams and fraud by dealing locally!” Looks like they left out a period:
One time fee — not.
Too good to be true
Igor is smelling “rats.”
Another blatant example of the shear arrogance by someone who just had a financial failure. I can’t stand our banking institutions but this is just absurd. These people need to be dogged everywhere they go
Anybody no why I can’t logout? It keeps saying try again
Asset Hunter-
There are also programs to help renters “victimized” by having their landlord foreclosed on. [I believe a lot of them are, but clearly not in this case.] Maybe they can arrange a rental deal going forward with the lender. Or perhaps they can get their $5K back by selling the appliances, cabinets and fixtures.
It’s clear that anyone wanting to be a part of this deal is gaming the system. There’s no way that this will turn out pretty in the end.
“pets are OK.” i’m guessin meth labs, human smugglers, prostitution rings, etc are all ok too. lol. this mess just keeps gettin better!
Twist -
bank rental deals and victimization assistance…
property stripping and flat fee “stay as long as they let you” deals…
drug houses, human smuggling… oh, and pets!
Now just toss in a shady realtor, loan officer, appraiser, some crooked city inspectors, a dishonorable developer, and a few other of the usual suspects.
You know, someone creative could whip a 90 minute feature movie out of this one post with the right actors, and likely make a fortune!
Any suggestions from Twist and the others here on who plays what role?
The HousingDoom casting call is open!
freemonster (#4) -
Sorry your request fell through the cracks. I was just able to log out (and back
) Are you still unable to log out? If not I’ll let Admin know, and / or see if I can get you kicked out.
Asset Hunter-
It’s too bad that Vincent Price and Boris Carloff aren’t available anymore- they’d be perfect.
… and the traditional blow-up-the-building at the end of the 3rd reel? No problem
John, still says you are trying to log out of housing doom try again
I’m not enough of a WordPress guru to figure out how to kick you off. Have notified Admin.
These are the days we’ll tell our grandkids about – assuming we still have a country in a few years.
I bought a foreclosure home last month, and I’ve been collecting upgrades for a remodel after we close – my garage is stuffed with parts and pieces of foreclosures throughout the valley.
I got a water softener from Peoria ( 6 months old, originally $1k installed) $150. A Fisher and Paykel dishwasher from Johnson ranch, $350, A full set of Maytag stainless appliances that originally cost $4k for $1700 out of Queen creek. I just saw an ad for a 1 yr old heat pump for $700, but I’m too lazy to remove it myself – and the foreclosee won’t pull it out of the attic.
My feelings are mixed about it – I certainly can’t agree with trashing a house you don’t own, but after writing offers on bank-owned properties, and seeing the 11-page “addendum” some banks are using, apparently written by Tony Soprano – I don’t feel like they are playing fair either. I’m glad I don’t owe them any money and I have the freedom to tell them to stuff their unfair contracts where the sun doesn’t shine.