Why Banks Need To Work Hard Communicating With Potential Foreclosures to Avoid Serious Damage To Homes
You have to imagine that when someone is being foreclosed upon there is going to be a great deal of anger in the arrangement. They are being forced out of their home because they messed up. The homeowner did not fulfill their obligations so they are mad at the bank, mad at the world, and worst of all mad at themselves.
And the banks by being all bureaucratic are not helping themselves. Instead of proactively trying to avoid an expensive and lengthy foreclosure process and resale of the home, they fall back in a series of formal legal type documents that scare the crap out of the homeowner.
Let’s face it, very few people really forget to pay the mortgage for 3 months straight. They may decide not to to pay other obligations or they may be running a bust out, but they have not forgotten. So when they are confronted they are going to be a bit hostile and act like a 4 year old might.
However if the banks addressed them in human terms with trained professionals as opposed to 7 dollar an hour telemarketers they may be able to save the expense of taking over a destroyed home. One guy even put pigs in the house when he was foreclosed upon.
Because if someone is being foreclosed upon they are not worried about making sure that the home is in good condition. People are now realizing that they can take nearly anything that is not tied down without repercussion. But imagine the difference if the process was at least humanized a little bit.
“Typically on a national average, they’re loosing about $50,000 per home. Back in the 80’s when I started doing this they were loosing an average of $25,000,” Walker explained.
Look around and you’ll see light fixtures gone, and wires hanging out of walls and floors. This house is just one example, and it gets even worse. “Sometimes they will strip a house down to the bare studs. I mean sheet rock, bathtubs, all the kitchen cabinets, everything totally stripped out of the house,” Walker said.
Just outside, we find an empty concrete pad, where the airconditioner once sat. The wires and plumbing still dangle from the walls.
Back inside, the attic ladder was ripped out leaving a gaping hole in the ceiling – the electric wiring in the attic is gone too.
As are the kitchen appliances and counters.
You’ve heard the old expression, take everything and the kitchen sink? Well in this case that applies because the kitchen sink is gone too, and realtors say sometimes they find other surprises in the kitchen. News 9 Chattanooga
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Comment by Charlotte Real Estate on 24 March 2008:
Buying a foreclosed home can be a real headache. I have bought a few the past couple years, and at times I did not know what I was getting myself in to. Buying some foreclosed homes takes alot of creativity when you run into problems. But you can make alot of money if you know what you are doing.
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Comment by Dylan Darling on 11 August 2008:
It’s getting crazy out there. People undergoing foreclosure are stripping homes. I sold a foreclosure recently that the “foreclosed owners” took the deck!
Comment by Kerin Cantwell on 11 August 2008:
I am seeing the same thing. In one foreclosed home, someone had broken in and removed the built-in vanity and sinks in the master bath — and they were nothing special!
What we are seeing in this area is an unwillingness on the part of banks to make the deals they need to make in order to get the inventory off their books. Last week my client made an offer on an REO, there was another, so both were told to make “best and final”, yet the bank then countered the other buyer even higher. This when unit in the same complex with nice upgrades is in escrow for not much more than the banks wants! They need to get real.
Kerin Cantwell
Comment by Excel Builders of Murfreesboro TN on 10 November 2008:
Dylan was it a nice deck? Everyone wants to blame someone else about the situation that we are facing and no on is willing to take responsibility for their own actions. Although I believe the banks did have something to do with this along with the Gov but ultimately it is the person who is borrowing the money who is at fault.