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The New Crime in REO's: The Shocking Truth on Who's Behind It.

By
Home Builder with Bristol Restoration, Inc 661-294-1812 CSLB 878868

Scott was a husband and proud father of three. Nothing was more fulfilling than the day he was approved for a home loan. His dream of providing a home for his family was finally a reality. He would soon be a proud homeowner, inviting his friends and family over at every opportunity he could to show off his pride and joy. One day Scott's perfect world came crumbling down. Scott developed a destructive plan to counter his unforeseen fate. Who would have thought this law-abiding citizen would mastermind such a heinous crime…

The new crime in REO: Deliberate and catastrophic acts of vandalism bringing destruction and disaster throughout America. Who is committing these vindictive acts? You probably would be shocked to find out. They are the baseball coach, the schoolteacher, the doctor, the accountant, the computer tech, the neighbor who proudly displays the American flag on the front porch. They are homeowners who feel they are the victims of greedy and gluttonous banks preying on the dreams of the American family. They feel they have been “suckered”and deceived by the slick talking snake who magically found their dream home and negotiated a deal of a lifetime. They want their voice to be heard. They have been cleverly deceived only to find their dreams snatched away. They are leading a silent revolution against the system that destroyed their future by, in return, destroying the very thing that represents what was taken from them… their homes.

Yes, American homeowners are sabotaging their foreclosed homes with destructive acts of vandalism… the consequences of this could be far worse than imagined.

One of the most common acts of vandalism we are seeing involves water lines. A disgruntled occupant manipulates a water line to explode upon instant water pressure. Once the water is turned on, the house is flooded within hours. The cost to repair: thousands, and that’s just in repairing the obvious drywall and flooring damage.  There will also be health issues associated with mold growth. Run your HVAC system, then the mold spores could contaminate the entire house, unbeknownst to the innocent family buying the house, they get to breath the spores until they figure out why they are taking their children in for respiratory issues every 2 months. That my friends, leads us to an entirely different issue concerning agent disclosures, liabilities, etc. 

A worse scenario…. imagine an ill-tempered and impassioned occupant rigging a gas pipe to leak gas and when triggered by an “electrical defect” (also rigged) an explosive charge ignites the house. With the close proximity of homes to each other mixed with the dry landscape, we have recipe for disaster. One house fire could potentially endanger an entire city.

We have all seen the regurgitated debris coming from the foreclosure virus spread throughout our nation. It’s tangible, visible, stinks, and is pretty much a straightforward issue dealt with hard working clean out crews, dump trucks, lots of trash bags.

Unfortunately, the visible is not our worst enemy. The problems caused by the ploys and vindictive tactics of occupant vandalism are serious and could cause immediate health and safety issues. Realtors need to be educated on these tactics and deal with them head on.

Agents should rely on licensed contractors who are trained to properly inspect all service lines prior to turning on the main power switch and water valve. 

Those involved in the REO business, or any real estate for that matter, need to place high priority on the health and safety of community. The REO landscape has changed the world we live in. We can no longer avoid the giant purple elephant in the room.

TRUE STORY THAT HAPPENED TO US YESTERDAY:

We were called by an agent this week with a cry for help. He was checking on one of his REO's just in time to spot the beginnings of what would be a destructive flood caused by a manipulated water line, obviously sabotaged by the previous occupants. If we had not caught this in the time we did, we would be replacing dry wall and the flooring... for starters.

The agent actually blogged about it.. read it here.

 

 


 

Posted by

  661.294.1812

25020 Avenue Stanford #110

Santa Clarita, CA 91355

Comments (6)

Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

I had a homeowner do that to me... we offered cash for keys....they did not accept and just left..but before they did..they plugged all the sinks and left the water running...

Sep 11, 2009 11:59 AM
Sandy McKee
Sunstreet Mortgage - Tucson, AZ

It is unreal that people do this. We had a homeowner is 1.3 mm home that decided to take EVERYTHING including cabs, countertops, light fixtures, doors, etc. The home sold recently for $450k!...

Sep 11, 2009 12:38 PM
Bristol Restoration
Bristol Restoration, Inc 661-294-1812 - Santa Clarita, CA
When you need it done right and done right now!

@Konnie- That's unfortunate. I hope you were able to catch it in time to avoid major damage to the walls and floors. It does not take long for the dollars in repair damages to start rolling. Sad that people are driven to do such things.

@Sandy- It's not unusual to find everything gone. Last year, while doing an initial inspection for an REO clean out , we noticed a cable literally pull through the center of the drywall in front of us. Someone had shown up at the house to steal the wiring out of the walls and apparently did not know we were in the house.

Sep 15, 2009 05:26 AM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

It's getting nuts.  I think these people should really be arrested for some of the stuff they are doing.

Nov 22, 2009 11:05 PM
Bristol Restoration
Bristol Restoration, Inc 661-294-1812 - Santa Clarita, CA
When you need it done right and done right now!

Tim,

You think this is bad...tenants are now staying in Fannie Mae homes, sabotoging the properties and then demanding the banks to repair the properties... they are not paying rent and are protected from being evicted any time soon. New toilets, sinks, and kitchens at our expense. Oh, and as the bank makes repairs, the tenants enjoy the property for 3 months, get relocation money and then assitance for 42 months. Now that is nuts!

Nov 23, 2009 10:10 AM
Tracey Hawkins
Safety and Security Source - Kansas City, MO

You also need to keep in mind the safety risks that the agents face, as well. They deal with issues that they tyipcally don't worry about. They have to watch for the dangerous conditions that you mentioned above, they could get injured. They have to watch for those homeowners who are angry, angry neighbors who may blame them for the eyesore in the neighborhood, abandoned dogs left behind, catching the looters in the act, squatters who will do anything to protect "their" property. This area is so dangerous that I have been able to create a 3 hour CE class on the regular safety issues and these news concerns.

Agents beware!

Dec 08, 2009 09:27 AM