Foreclosure shopping

[tcsenter]

So we were out looking at some short sales yesterday. For those who don't know, a short sale is when the bank is selling a foreclosed home for less than what is owed on it. Good bargains to be had.

The best "potential" bargain we encountered that day was a lovely 3100 sq. ft. 2-story ranch built in 2003 (doesn't look like a traditional ranch). The reason it is such a bargain is because it needs about $25K of work to replace/repair all the crap the previous owners pilfered from it.

A list of the things the previous owner took from the home (excepting the fridge, washer and dryer, which were taken but are not always included with the home, anyway):

- air conditioner
- furnace
- fireplace and mantle
- breaker box
- microwave
- dish washer
- kitchen cabinets
- kitchen sink
- kitchen counter tops
- front door
- back door
- door between house and attached garage
- several doors inside
- toilets (all of them)
- sinks and faucets in baths (all of them)
- numerous light fixtures
- numerous wall switches and cover plates
- crown moldings

And some other stuff, you get the idea. Mostly parts that are no big deal to replace (parts is parts), but they literally ripped some things out leaving some damaged walls, bases, and wiring. I've seen several foreclosed homes where the previous owner pilfered stuff, but nothing quite this extensive. lol!

WOOT for stupid people who buy more home than they can afford! Bargains up the whazzoo out there.

 

[imported_LoKe]

...Christ. That's fucking hilarious.

 

[Sphexi]

They took the furnace?

 

[daveymark]

so how much was it, and how much would it be worth if everything were fixed?

I heart this market, and it's only going to get better for us buyers

 

[Shawn]

WTF? How can they get away with taking all of that shit?

 

[Epic Fail]

This is sinking to a new low.

 

[Whoozyerdaddy]

Originally posted by: Shawn
WTF? How can they get away with taking all of that shit?

Are you going to chase a guy down for a toilet? Didn't think so. Neither is the bank.

 

[intogamer]

You're pretty much screwed..... so might as well!

 

[Vette73]

Originally posted by: tcsenter
So we were out looking at some short sales yesterday. For those who don't know, a short sale is when the bank is selling a foreclosed home for less than what is owed on it. Good bargains to be had.

The best "potential" bargain we encountered that day was a lovely 3100 sq. ft. 2-story ranch built in 2003 (doesn't look like a traditional ranch). The reason it is such a bargain is because it needs about $25K of work to replace/repair all the crap the previous owners pilfered from it.

A list of the things the previous owner took from the home (excepting the fridge, washer and dryer, which were taken but are not always included with the home, anyway):

- air conditioner
- furnace
- fireplace and mantle
- breaker box
- microwave
- dish washer
- kitchen cabinets
- kitchen sink
- kitchen counter tops
- front door
- back door
- door between house and attached garage
- several doors inside
- toilets (all of them)
- sinks and faucets in baths (all of them)
- numerous light fixtures
- numerous wall switches and cover plates
- crown moldings

And some other stuff, you get the idea. Mostly parts that are no big deal to replace (parts is parts), but they literally ripped some things out leaving some damaged walls, bases, and wiring. I've seen several foreclosed homes where the previous owner pilfered stuff, but nothing quite this extensive. lol!

WOOT for stupid people who buy more home than they can afford! Bargains up the whazzoo out there.

Unless you are doing the work yourself i see that costing more then 25K. I am remodeling my house and we are close to 20K right now and only $2500 is outside labor.

Unless you use really basic(see cheap) items and do all the labor you need to check out the labor rates in your area esp for heating/air, electricial, etc... let alone the parts on top of that.

 

[DrPizza]

We seriously considered a house like that... Back door was still there; front door was gone. Wainscoating was gone from the walls, electrical plates... Breaker box wasn't taken though, nor the hot water tank or furnace. Bank wanted around 20k IIRC. 25 year old home, several acres of land, separate lot with electric and water (you could slap a trailer in there and rent it out.) Most recent (prior to gutting) appraisal was for over 100k (which makes it a very nice home in this area.) We figured that for under 20k and a lot of work, we could have it back in like new condition. Could have paid cash for it.

Decided against it: location. Too far (25 minutes for me, 40 minutes for wife) to get to work.

 

[Vette73]

Originally posted by: DrPizza
We seriously considered a house like that... Back door was still there; front door was gone. Wainscoating was gone from the walls, electrical plates... Breaker box wasn't taken though, nor the hot water tank or furnace. Bank wanted around 20k IIRC. 25 year old home, several acres of land, separate lot with electric and water (you could slap a trailer in there and rent it out.) Most recent (prior to gutting) appraisal was for over 100k (which makes it a very nice home in this area.) We figured that for under 20k and a lot of work, we could have it back in like new condition. Could have paid cash for it.

Decided against it: location. Too far (25 minutes for me, 40 minutes for wife) to get to work.

I think some people are going to get mad at you thinking 25-40mins is a long drive for work.

 

[Jodell88]

Originally posted by: Marlin1975

Originally posted by: DrPizza
We seriously considered a house like that... Back door was still there; front door was gone. Wainscoating was gone from the walls, electrical plates... Breaker box wasn't taken though, nor the hot water tank or furnace. Bank wanted around 20k IIRC. 25 year old home, several acres of land, separate lot with electric and water (you could slap a trailer in there and rent it out.) Most recent (prior to gutting) appraisal was for over 100k (which makes it a very nice home in this area.) We figured that for under 20k and a lot of work, we could have it back in like new condition. Could have paid cash for it.

Decided against it: location. Too far (25 minutes for me, 40 minutes for wife) to get to work.

I think some people are going to get mad at you thinking 25-40mins is a long drive for work.

25-40 minutes isn't a long drive.

 

[Vette73]

Originally posted by: Jodell88

Originally posted by: Marlin1975

Originally posted by: DrPizza
We seriously considered a house like that... Back door was still there; front door was gone. Wainscoating was gone from the walls, electrical plates... Breaker box wasn't taken though, nor the hot water tank or furnace. Bank wanted around 20k IIRC. 25 year old home, several acres of land, separate lot with electric and water (you could slap a trailer in there and rent it out.) Most recent (prior to gutting) appraisal was for over 100k (which makes it a very nice home in this area.) We figured that for under 20k and a lot of work, we could have it back in like new condition. Could have paid cash for it.

Decided against it: location. Too far (25 minutes for me, 40 minutes for wife) to get to work.

I think some people are going to get mad at you thinking 25-40mins is a long drive for work.

25-40 minutes isn't a long drive.

Start another thread and ask that. Esp for people that live in the burbs near big cities. Some prople, crazy IMO, comute up to 2 hrs.

My 45min is short compared to some here in DC that live in VA and such. Mind you only 5 of that is driving, rest is metro and walking.



But back to topic. Me and my wife bought a foreclosure house. needed some work, still doing it, but will be what we want when we are done.

 

[Jawo]

Damm.....I can't believe that they litterly too everything that wasn't structurally part of the house. If they did that with the visible items what other damage could there be?

BTW, I live and work in NoVa and have a glorious 5 minute commute (but currently renting). I work with several people who drive ~100 miles a day, up to 2 hrs each way.

 

[akshatp]

Air Conditioner? Like, the central AC unit???? Or a window unit??? WTF

 

[KMc]

How in the world do you "take" a fireplace?

 

[Queasy]

Originally posted by: yamadakun
This is sinking to a new low.

Not really. This is pretty common in foreclosures. The people that are getting foreclosed on don't give a crap and get pissed that they are getting foreclosed on (despite it more than likely being their fault) and start taking stuff and/or destroying things in the house.

My brother's first house that he bough in 1992 was a foreclosure. The previous owner not only took light fixtures, appliances, etc. They also set fire to the kitchen.

 

[Queasy]

Originally posted by: tcsenter
So we were out looking at some short sales yesterday. For those who don't know, a short sale is when the bank is selling a foreclosed home for less than what is owed on it. Good bargains to be had.

The best "potential" bargain we encountered that day was a lovely 3100 sq. ft. 2-story ranch built in 2003 (doesn't look like a traditional ranch). The reason it is such a bargain is because it needs about $25K of work to replace/repair all the crap the previous owners pilfered from it.

A list of the things the previous owner took from the home (excepting the fridge, washer and dryer, which were taken but are not always included with the home, anyway):

- air conditioner
- furnace
- fireplace and mantle
- breaker box
- microwave
- dish washer
- kitchen cabinets
- kitchen sink
- kitchen counter tops
- front door
- back door
- door between house and attached garage
- several doors inside
- toilets (all of them)
- sinks and faucets in baths (all of them)
- numerous light fixtures
- numerous wall switches and cover plates
- crown moldings

And some other stuff, you get the idea. Mostly parts that are no big deal to replace (parts is parts), but they literally ripped some things out leaving some damaged walls, bases, and wiring. I've seen several foreclosed homes where the previous owner pilfered stuff, but nothing quite this extensive. lol!

WOOT for stupid people who buy more home than they can afford! Bargains up the whazzoo out there.

This reminds me of that Richard Pryor movie Moving where the people that Pryor bought a house from were telling that they were taking the appliances, the blinds, the windows, the fixtures, etc....even taking the pool. Pryor thought they were kidding until he went to the house after closing and the everything was gone....even the pool.

 

[Capt Caveman]

Originally posted by: KMc
How in the world do you "take" a fireplace?

I'm wondering the same thing.

 

[Demon-Xanth]

I can't say that ANY of the short sales we looked at were like that. I think someone was either bitter, desperate, or an ass.

Edit:
$20k for a house?! If I saw that deal I would hit it faster than Ron Jeremy loaded on Viagra and extacy in a room full of passed out supermodels.

 

[Anubis]

Originally posted by: Capt Caveman

Originally posted by: KMc
How in the world do you "take" a fireplace?

I'm wondering the same thing.

wood stove or gas fireplace would not be hard to take

 

[Danman]

So how much was this house? Unless I mis-read the thread, I didn't see it here.


Sheesh, I still can't believe someone took all of that shit.

 

[Tobolo]

Originally posted by: Jodell88

Originally posted by: Marlin1975

Originally posted by: DrPizza
We seriously considered a house like that... Back door was still there; front door was gone. Wainscoating was gone from the walls, electrical plates... Breaker box wasn't taken though, nor the hot water tank or furnace. Bank wanted around 20k IIRC. 25 year old home, several acres of land, separate lot with electric and water (you could slap a trailer in there and rent it out.) Most recent (prior to gutting) appraisal was for over 100k (which makes it a very nice home in this area.) We figured that for under 20k and a lot of work, we could have it back in like new condition. Could have paid cash for it.

Decided against it: location. Too far (25 minutes for me, 40 minutes for wife) to get to work.

I think some people are going to get mad at you thinking 25-40mins is a long drive for work.

25-40 minutes isn't a long drive.

if its over a 15 minute drive then you can for get it.

 

[Squisher]

It sounds as if someone broke into the house after the previous owners left. I have a hard time believing that someone as industrious enough to do all the work to remove that stuff couldn't find a job and have made the house payments, but it takes all kinds.


I don't know if you remember my thread about the house across the street from me being recently bought under a foreclosure, but nothing was taken and the people got the house for about 60% of the market value.

 

[Aharami]

how do you go about searching for foreclosed houses?