Wednesday, October 7, 2009

F the bank!



It's been a while since I've seen a really bad REO. One where the previous pissed off home-debtor just trashed the place. But today a great one popped up. Now I looked at this house when the guy was trying to sell it (for $800k) It was gorgeous and had an amazing back yard. Not any more. Looks like they thrashed the pool, killed the palm trees, tore out the wrought iron fencing, poured paint all over the kitchen (cabinets and appliances), looks like concrete in the toilet. They pretty much did everything they could to thrash the place.

16661 Edge Gate Dr. Riverside. Tell ya what mr Realtor, I'll give ya $200k for it! They really didn't pay that much for the place. They bought it new for $607k. But they probably borrowed heavily to put that landscaping and hardscape in. There looks to be about $200k in outdoor work done to the place. Oh the bubble years, how people spent with reckless abandon... Now the bank owns this wreck. They actually tried to get $575k for this thing at the trustee sale. Now it's listed for $400k. NO WAY this thing will get $400k or anything near that. There was a nice home listed just up the street last weekend for $450k. It may have been the same model. It also had a nice backyard with a pool ( It sold in couple of days).


14 comments:

Tyrone said...

Our tax dollars will be put to "good use" on this house.

Allison said...

I saw this listing and laughed when I saw your post - knew you would mention this one.

When I saw those pictures it made me want to call up the owner and say, "Really - does that make you feel better about yourself?" What a jerk. And like you said, he didn't even pay that much. It's not the bank's fault, it's his fault for all of the landscaping. So ridiculous.

Yep, 400k is too high. There was one on the corner of Edge Gate for under 400 that was in much better shape.

golfer_X said...

I wanted to make an offer on that house that was on the corner. But my wife didn't like that silly wall that they had on the far side of the patio. That house went pending, off the market in what April, May? It still hasn't closed! That house in good shape would probably only appraise in the mid 400's. No way it's worth $400k. It's hard to say from the pics but it looks like they really f'd it up good. This could easily take $100k to fix depending on how far down the drain that concrete got and if they poured any into the pool.

S said...

Can the bank go after the owner for leaving the house like this? I know there are some tax implications in what the bank got the house for and what the loan amount was.

Sigma said...

Scum like this should be prosecuted and taken to the cleaners. That's the whole "if I can't have it nobody will" mentality that is fucking up our society. Nobody wants to take responsibility for their screwups.

ZIA said...

I won't pay more than 100k for this house.

OSA said...

if you really want to screw up a house, do it subtely. why not open up a wall or two around the house, get some mold going, close the walls back up? also why not take some termites, place them in said wall and let them go to town. the "house" still looks ok but the innards is the issue

Jay & Christina said...

Trashing a house you don't own is called vandalism, and yes they can press charges if they choose to.

Funny part is, if this guy has a 401K/IRA, he probably owns a portion of the lender who owns the house. Most of these loans were sold to retirement/pension funds. He's just screwing himself, or if he has no 401K, his granparents.

Yeah...screw the banks.

Sara said...

It's an aggressive and abnormal behavior whether one does hidden or obvious damage. It's disgusting.

golfer_X said...

The problem is they are the "owners" when they thrash it. There's a bit of a gray area in the law making very hard to prosecute these people. It's also not very cost effective for the lenders to go after the people financially via a civil suit. This type of behavior is childish and there really should be some better laws put in place to protect the asset of the lender. If people were getting prosecuted for this it would stop real quick.

FM71 said...

JOE PAUL DIBENEDETTO, WE KNOW WHO YOU ARE AND WE KNOW WHAT YOU DID. SHAME ON YOU AND YOU BETTER LOOK OVER YOUR SHOULDER BECAUSE THE BANKS HAVE ANNOUNCED THAT THEY ARE STARTING PROSECUTING PEOPLE LIKE YOU!

Adrian Smith said...

This all started with the banks. Homeowners aren't getting bailed out when the shit hits the fan, but the banks are. I avoided the whole mess by continuing to rent but believe you me, I get this kind of frustration. I see a lot of "disappointment in humanity" sentiment with this kind of thing, but honestly, I'd be more disappointed if people that got fucked just laid down and took it! Now, I want to know when people like this are going to start trashing their local banking offices as well. It could happen sooner than later.

VectorzSigma said...

Adrian, I don't agree with you one bit. Homedebtors are more guilty than banks imo. Banks = mere temptation. Those who act on temptation and greed, feeling they deserve more than they know they can afford are the true criminals that destroyed are economy and should be held fully accountable. It's different when a child takes candy from a stranger because they haven't been taught yet. Full grown adults do not have this excuse, they should know what they can or cannot afford yet they simply turn the other cheek because they feel a sense of entitlement. Don't let these losers off the hook so easily. They are the scum that destroyed the greatest country in the world.

Adrian Smith said...

I was on the fence between blaming Personal Responsibility and Huckster Bankers for a long time, seeing that each side did indeed play their parts in this mess, but then once the big banks started getting bailed out, while struggling homeowners got nothing, I lost any and all sympathy for the institutions. It is now abundantly clear which way the wind blows.