Think it's ok to sell the fixtures out of your foreclosed home? Think again.

There’s a big problem in the Phoenix foreclosure market.  The theft of fixtures from foreclosed properties.  I’m not talking about random theft.  I’m talking about homeowners who have lost their homes through foreclosure basically stripping their foreclosed homes of anything and everything that’s saleable. 

I’ve seen bank owned homes that are basically a shell.  The former owner of the home has removed all of the appliances, the cabinetry, the ceiling fans…even the toilet.  REALLY now…is there a big used toilet market on Craigslist? 

Foreclosure properties are often like a Forrest Gump “box of chocolates” with nothing but the wrappers left in the box. 

Here’s a home I recently viewed.  missing1

The former homeowner has taken everything but the kitchen sink…literally.  All of the cabinets, appliances, ceiling fans were missing.  Light bulbs…gone.  Towel bars…gone.

But finally, something is being done.  It was recently reported in the Arizona Republic that a man in Surprise, AZ was arrested on Tuesday for stripping his foreclosed home of the AC and AC air handler, along with the oven, cooktop and dishwasher for a total of about $20,000 worth of repairs.

Homeowners need to know this is not a civil offense.  It’s a criminal offense and will be prosecuted.

I have a lot of buyers call me from out of state.  They’ve heard about our great deals.  $39,000 homes.  Yes.. there are homes being sold for $39,000.  Want to see one?

Yes, that's mold.I snapped this photo in Maricopa.  This home was eventually sold for $39,000.  The entire home was filled with mold about 3 feet up every wall in the house.  Not exactly what my out-of-town bargain hunter was looking for.  We took a pass, but it did sell. 

Oh, there are bargains to be had and they’re not all moldy and missing toilets. 
I’m always pleasantly surprised when we walk into bank owned home and everything’s there.  It’s like we’ve won the lottery!  But that means everyone’s excited about the intact bank owned home, so now Mr. Buyer is now competing with 12 other buyers for that one home. 
So, how bout some happy news?  Homes are selling!  Not just bank owned homes. Regular sales are taking place every day now.  Please, join me in a collective sigh,  “Ahhhhhhhhhh”.  

Comments

  1. I don’t post lots, but this was worth the read. Craigslist always has something new in stock. Some site I read had a post about a guy who was going to buy a car for his gf, and stumbled upon some ad with something about Hitler… Very odd. That is Craigslist…