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.

It’s too bad that Vincent Price and Boris Carloff aren’t available anymore- they’d be perfect.

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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!

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.

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.”

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!)