Foreclosure: It’s not the Banks Fault

Saturday there was a new home listing in Nibley that caught my eye. It was a house similar to one I sold a few years ago that I personally really liked. The price of it seemed INCREDIBLE. I was really interested in it and so went to find out more information.

This house is a foreclosure and was less than three years old. The list price was $68,000 less than the original sales price. I was about ready to grab my wife, and then write up an offer. Then I looked at the online pictures….

For some reason, there weren’t any pictures of the kitchen…. Then I looked at one of the vacant rooms, it appeared to have hook ups for water, and was in the space that a kitchen should have been in.

As it turns out, the previous owners completely removed the kitchen. Not just the refrigerator and microwave, but everything, cabinents, counter tops, and of course the kitchen sink. They took it all with them.

Now here’s where ethically this is totally wrong. Yes foreclosure is hard on people, it’s hard that the bank is taking something away from them, but did the people ever really own any of the items in the kitchen? Was it ever actually their home? Not really. Chances are that they purchased the home with one hundred percent financing, and they probably lived in the home for at least eight months without making any payments.

In reality all they did was robbed the bank. It may have been hard on the home owners, but after all is said and done the bank will probably lose more than $100,000 because they took a chance by lending money to those borrowers.

3 Responses to “Foreclosure: It’s not the Banks Fault”

  1. Anonymous Person says:

    Chances are… you don’t know the situation. Maybe they built the cabinets themselves. Maybe they never had a kitchen. Maybe… you don’t know.

  2. Alan Barker says:

    Actually I do know. I showed the house before it was purchased by the owners who were foreclosed on bought it, and the house did indeed have a Kitchen.

    Even if they did build the kitchen themselves it wouldn’t have been right to take it out because the bank was likely the one that loaned them the money to build the cabinets.

  3. Real estate joke time! Hey if you want to know exactly where the property line is, just watch the neighbor cut the grass.

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