The vultures have landed near my house ......
and I don't like it one bit. Who are the 'vultures?' Well the companies that you see currently circling neighborhoods all around the country - 'Asset Management or Asset Securing Companies'.
AKA the ruffians that break into a house and 'secure' it for the bank. I witnessed one yesterday while out walking my dog. (I told my dog - go tinkle on their tires they are not nice people BTW). But then, there is a need for these vultures isn't there?
I've been trying to track down the seller of this house who now lives in California to no avail. If deed recordings serve me correctly this gentlemen has many investment properties in my area. You would definitely consider him a millionaire by anyone's standards. So why not sell it? Why not rent it again like it's been done for many years? It's been vacant for at least 6 months now.
Whatever the situation I wish I could have helped. Now the vultures have swooped in and scooped up the property under their 'protective custody'. Give me a break!
I'm not sure why these companies come with a 20 foot truck? How much anti-freeze for winterizing do you have to carry? But I'm really thinking - how much stuff are you stealing and throwing in that truck to sell later?
Appliance bonus? That's where those gas logs in the fireplace went to?
We know this is a fact and it's a shame. Then people will blame the house getting stripped on the seller. (See Greg Nino's post) Seller left everything in the house but did the 'Asset managers?' A few years ago I witnessed a true strip out of every item in a foreclosed house for Countrywide. I couldn't do anything about it other than report it to the area V.P. 'Yes, all the light fixtures were there in my report sir, and now there are none - anywhere in the house! I've attached the pictures to prove it'.
We know its a fact and it's a dirty shame.
Every once in awhile I show up at one of my REO listings while the person who was sub-contracted by the sub-contractor hired by the asset perservation company is doing their initial services (re-key, trash-out). I run into a different person every time. My presence isn't necessarily a welcome one. I have a camera in hand and I start taking pictures as soon as I pull up in front of the house. Yes, I know that some of these companies are stealing, and what a shame. About the only thing left behind are opened paint cans in the garage. It's too bad you couldn't have gotten in touch with that property owner, but as an investement, there are no breaks for him when it comes to loan "foregiveness".
Lyn, I have never witnessed such a thing, of course nor do I. It doesn't sound a very thing to be a part of...
Cynthia: Yep, no breaks for the investor but they're not really helping homeowners either! They always look guilty and they spent several hours there doing what?
Gerry: It's really a shame to witness. I suppose you'd be used to it if you do cash for keys.
Lyn I have also seen this. I reported it once but I know they just blew me off.
Lyn- We have them come and change the locks on houses we are doing short sales for even while our sellers are still living in their houses! I can not tell you how many times we call the locksmith to have him come and change the locks so we can get into our listings and the sellers can get back into their homes! Our attorney says it is not really legal either. She says they sellers just don't have the money to go around charging complaints in the matter. But the banks say they are protecting their assets, well, if they know we are taking care of the place, the sellers are too and we are negotiating a short sale, well, that just tells you what they are really up to:) Katerina
Lyn,
talking about vultures, someone from BOA named David S Tan called from the chairman board to tell me that he apologizes for all the problems, he did not fix anything because was so late, but he told me that they are taking care of all these internal issues, hope that they come better.
Bill: I've done that too and called the police but there is nothing they could do. Very frustrating.
Katerina: I was showing a short sale yesterday & the listing agent said the exact same thing was happening. Sellers just can't be spending the money in order to take them to court, etc. It's almost like the lenders know who to pick on because financially they can't fight back. I was also under the impression they were only supposed to to that if the home was confirmed unoccupied. Well I guess that's not right either?
Ray: Yeah right. I won't be waiting for anything to change anytime soon. Like Katerina said, they do it with the home occupied or not.
Vultures is a good name for them. I have experienced them too. Nice SS appliances in all the listing photos but nothing in the house.
Lyn, I have never wittnessed the actual "raiding of the homes" I did see the results in many REO homes where sinks have been removed from Kitchens, Counter tops ripped off. I always blamed the disgruntled previous owners who lost the property. WOW what an eye opener form me...
Endre: It's not always the owners doing the nasty stuff. Like Cynthia said above, you could be the listing agent and you 'know' they are up to no good and they do everything to ask you to leave, etc. Why would it matter if an agent is there?
Ellie: Yep, the appliances got left but suddenly ......... The nicer the stuff (Wolf stoves) the bigger the temptation.
Only witnessed this in one home, and it was not "gutted" just a few things missing...I had heard of homeowners doing this, but not that the "vultures" were doing it, good to know, makes me not so quick to judge the "disgruntled" owner!
Cheryl: Yes, it's true. Realtors sort of forget that it's not only the sellers that are taking things out of the house but these 'buzzards' too. My question was why the 20 foot + truck? It's the same size as a moving truck & didn't even fit in the driveway. Spend 4 hours in a 1500 sq foot townhome doing what? They literally BROKE INTO that house in the 'name of the bank'.
Lyn, although I haven't seen it with my own eyes as you have, I've sure been in enough stripped homes to wonder...was it really the former owners who did this?
Nick: I think that alot of agents are needlessly blaming the sellers for some of this theft & damage. This is not the first time that I've seen this but the most recent. A few years ago I was at a listing in the front yard while these idiots were breaking into the back of the house kicking down the kitchen back door. Their excuse - we didn't see you (standing in the front yard?)