Quote from article: “One real estate agent said she has seen some foreclosed homes booby-trapped and even rigged to explode.
“They figure, ‘How am I going to get my investment back?’ — in those cases, this is what they do,” said Realtor Maria Polito.”
Okay, maybe it’s just me, but how does filling your pipes with concrete, booby-trapping your home, and rigging it to explode get your investment back?
Actually we had people in our development who managed to stay on in their house for over two years after foreclosure proceedings were initiated against them. They finally were forced out, but not before they had totally stripped the house. Kitchen cabinets, sinks, faucets, appliances, tile, light fixtures. Same for all four bathrooms: plumbing fixtures, faucets, cabinetry, mirrors. Took out the furnace and air conditioning units. Even removed ductwork and wiring in some areas. The house ended up selling for half of what they are typically selling for now in traditional (i.e., nondistress) sale situations.
They obviously had not paid their mortgage for a while before they received their lis pendens, and then managed to get another two house-payment free years before the ax fell. They probably made a bit from selling all the appliances and building supplies. In the meantime, the law-abiding residents here will be penalized since lenders will try to use the sale price as a comparable for future buyers.
As far as I know, they’re not in jail, and they haven’t been charged with anything. I watch for their names when I read through the real estate transactions. Something tells me they’re going to be happy homeowners within six months.
