Sometimes you may hear it desribed as the "Shell" game or "Cups and Balls" but thimblerig is a magician's staple where three objects cover other smaller objects and seem to jump from one to the other, then back again or disappear completely. The game is almost 5,000 years old and persists unrelentingly.
In the foreclosure version I have seen during the past few weeks it's the disappearing variety I would like to concentrate on. If banks think there's an investment potemtial in a property they buy it. The emotion that humans put into the equation has no value for an investor. Banks sell to banks and attempt to profit by keeping their money always on the go. When people buy houses the buck usually stops there.
The problem is when mere mortals are placed into their game. Recently the banks ignore permit issues and attempt to pass these on to unsuspecting Buyers before the truth is revealed and even if it is disclosed they want nothing to do with it. Clauses like: Buyer assumes all risk for negotiating code violations, fees, fines and liens, if any. Pretty shrewd don't you think. My favorite to date is a property listed at $59,000 with $410,000 worth of fines attached.
The problem that has been bothering me is that of resposibility. Would I place a Buyer into the hands of the municipality holding judgement or should the current owner address these fees? I vote for the latter because as this process continues throughout all small municipalities in this Country there will come a day when the magistrate no longer has the will or ability to negotiate these amounts to a lesser level. I am waiting patiently for the gavel to strike a Pay In Full verdict to the Banks who play this irresponible and often immoral hand to the public. We all have learned the saying fool me once, shame on you, fool me twice, shame on me. It's your turn, make it a wise move!