Trashed Bank-owned Properties
The headline is a little misleading. It suggests that there are some bank-owned properties that aren't trashed. Well, there are, but not many.
The Boston Herald reported April 28, 2008 that many ex-owners of foreclosed properties take lighting fixtures and trash homes on their way out the door.
It's absolutely true, and it happens more often than not. It's to the point where I am amazed to see a bank-owned property that isn't in really crappy shape (Herald Photo).
"People rip up walls, kick in doors or take bathroom fixtures or copper wiring - sometimes to sell, other times just to get back at lenders."
Here's a tip: Don't open any refrigerators left behind.
"Figures on vandalized foreclosures are hard to come by, because owners can legally do what they want with homes until lenders seize property titles. Crooks also sometimes hit homes after former occupants have moved out."
When I hear about investor wannabes buying foreclosed property at auctions without seeing the inside I cringe.
“'You drive up and say, ‘Wow, what a nice house!’ ' the broker said. 'Then you look inside and say: ‘My God, what happened here?’ Short of taking the shell of the house, everything is gone.'”
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