Murrieta home debtor stripped house of equity, kitchen cabinets, and pool equipment?

[FormerOwner]

Here’s the listing:
http://www.immobel.com/personal/1/listingDetails.do?maxsurface=5000&featured_int=0&c_mtype=res&searchId=0&c_type=&minprice=500000&xml=1&serverId=0&shcu=USD&c_year-built=&rpp=5&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92563&c_city=&minsurface=2500&st=6&maxprice=600000&back1=%2Fpersonal%2F1%2FsearchResults.do&of=15060491

According to the sales history on zillow.com, they bought the place on 01/29/2004 for $495,000. They must have sucked equity out of the house otherwise they would have been able to sell it at a profit or at least break even. This is crazy. I’d like to see what the inside of that place looks like. Very sad. I hope the bank is able to sue these deadbeats and make them pay.

[no_such_reality]

If the pool equipment, kitchen cabinets are gone. You can bet the appliances and any decent most fixtures are gone.

That should $279k, not $579k.

Sadly, with REOs, this will be common place.

[FormerOwner]

I agree, they must be smoking crack at that bank. This house probably wouldn’t sell for more than 600K even if it was in pristine condition. There are a heck of a lot more than 20K of repairs needed plus there’s the risk of not really knowing what hidden problems (plumbing, etc.) are lurking. Maybe we’ll see this house on “Flip This House” or “Flip That House”.

[aztecnology]

In French Valley, I don’t think that home would sell for that price if it wasn’t stripped! LMFAO!!11!1

Way too much competition on resales and new construction on that side of town. REO lenders are zainy, they have to keep the prices high to proctect their refi business…

[aguho]

There is a model home in Otay Ranch in Chula Vista that had this happen to it.The buyers bought it from the builder and it was loaded with all the amenities(Plasma TV,ref,wash/dryer,furniture, chandeliers,ceiling fans,etc….easily 50,000 + The buyers used 100 % financing (gee what a surprise…..) and NEVER made 1 payment.The lender took the property back 6 months later only to find that it too had been completely stripped.The lender cannot do anything since the former owners have left the country and took everything(except the mtg) with them.

I also anticipate seeing more stories like these. Especially since builders are doing everything they can(short of slashing prices) to unload their inventory, and 100 % financing “liar loans ” are still available to people who have little or no ability/discipline to actually honor their comittments.

On another note, we just had a client come in who recently retired from The Navy(27 years) and has NO mortgage.They paid it off some years back and their property tax is only 400.00 per year(bought in mid 80’s).They never did a cash out refi,or borrowed against it……I know that’s ssooooooo old fashioned and lame 🙂 They have no debt and can now travel or do anything they want.

Hearing this fires me up and gives me faith that there are still some responsible folks out there, and that my wife and I are doing the right thing.

Our house will be paid off in less than 5 years and that my friends represents true freedom !

500,000+mtg at age 48 or older = noose around your neck
NO MTG & NO DEBT at age 48(my age in 5 years) = FREEDOM

“40 ounces to Freedom”

aguho
88 SNDVL

[Anonymous]

In the mortgage business the stripping of homes is often referred to as “falling in love with the plumbing,” because often the plumbing is stripped as well. As in, “When we finally got into the house after foreclosure we found out the owner had fallen in love with the plumbing.”

[PerryChase]

Here’s another one from Murieta I posted previously. It’s now off the MLS. Any Realtors can tell us if it sold?

They were selling all appliances, curtains, light fixtures, etc on Craigslist.

http://piggington.com/seller_in_trouble_selling_all_fixtures

29212 WOODBRIDGE DR, Murrieta, CA 92563**
MLS # T619129
DOM: 56 days
Price Reduced: 10/02/06 — $567,500 to $559,000
Price Increased: 10/05/06 — $559,000 to $567,500

Sale History
01/04/2006: $534,000

[Author]

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