Foreclosure Evictees Vandalize Properties Before Exiting
May 21st, 2009
Frustrated and angry the foreclosure evictees vandalize properties before exiting. The damages can take up time and money to be repaired.
Iddo Gavish last summer walked into a foreclosed house in Las Vegas. The stench nearly made him pass out. The smell came from the decaying body of a dead cat in the living room. Combing through the house he came upon a pile of ammunition in a closet. He had to contact the police. Iddo Gavish is one of the many who have the onerous task of going through vacant foreclosed houses and make them sale worthy. Gavish has 400 houses on his list and does not know how much time it will take.
The last few weeks has seen a drying up of business because of the moratoriums on foreclosures by mortgage giants Fannie Mae and Freddie Mac. It was part of the measures taken by the Obama team to rescue the market.
To avoid vandalism that leads to further expenses in repairs, the banks are offering ‘cash for keys’ to the borrowers. The evictees are offered money to shift provided they do not damage the property by taking anything that is bolted down. In one instance the departing owners decamped with customized cabinets, counter tops made of marble, door knobs of brass, carpets and light fittings. Even the toilets were yanked off. This luxury house with six bedrooms had once been appraised for over $4 million. It is now being offered at $1.7 million. Exterior repair costs would add up to $50,000 while interior refurbishing would require another $100,000.
Foreclosures are hitting not only the middle and low but also the rich. Harley Marks of American Home Services said that the majority of the evictees do not have the time to pack properly. Moreover they are definitely not going to clean up before going. The house is littered with junk and garbage inside out – broken furniture, toys and you name it. Gavish cannot understand how people can leave behind toys since he too is a father.
Kent Babcock is busy all the time. He is a carpenter by trade and attending to 40 bank owned properties. There are so many things to attend to – punched holes in the walls, carpets damaged with bleaching powder and doors yanked off the hinges. In one instance QuikReta (fast setting concrete mixture) was poured down the sinks and toilets. Fortunately not much damage was done because the person did not do the work properly.
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July 23rd, 2009 at 9:08 am
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