httpv://youtu.be/rRWu1rD987k
Some foreclosed home owners are taking out their anger on the homes they are forced to leave behind, smashing holes in the walls, scribbling graffiti everywhere, leaving piles of trash, and ripping out appliances.
More banks — facing a growing problem from trashed foreclosures — are opting to offer homes at big discounts rather than fix the repairs, which can send surrounding home values in the neighborhood spiraling down, experts say.
Real estate pro Nick Davis with RE/MAX Premier Group told the Tampa Tribune that he has seen some home values greatly diminish from foreclosed home owners who have trashed it. For example, he recalls one home that would have fetched $250,000 back in 2006 during the housing boom that would now sell for about $75,000 because it was trashed by the former owners.
“It looks like someone took revenge,” Davis says about the home, which had holes in the wall, appliances ripped out, and piles of trash. “Unfortunately, we’re seeing more of this. We’ve seen cement in the plumbing systems, the air conditioners ripped out from the outside, wiring being removed.”
Some real estate professionals and lenders are even blaming the high number of real estate deals falling apart due to more homes being left in poor condition by the original owners.
Buyers “look at these homes and say, ‘If this is the damage I can see, what else did the home owner do to this place that I can’t see?’ ” Davis says.
Some home owners facing foreclosure place the blame on banks for their woes so they leave behind a mess for the bank. But trashing a home can backfire. Some banks are saying they may even start taking steps to sue home owners for the cost of repairs, and law enforcement officials say home owners can be charged with vandalism as well as theft if they remove items that don’t belong to them from the home.
“Anything that came with the house needs to stay with the house,” says Larry McKinnon, spokesman for the Hillsborough County Sheriff’s Office in Florida. “You may think you’re getting back at the bank. But the bank may have the last laugh.”
Source: “Trashing Foreclosure Homes May be on the Rise,” Tampa Tribune (Aug. 30, 2011)
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John J. O’Dell Realtor® GRI Despite home prices in major urban centers decreasing 31 percent between 2005 and 2009, property taxes across the U.S. increased by nearly 20 percent. There is good news, however; homeowners can fight back. For all your real estate needs John J. O’Dell® GRI The State of California will collect an annual “fire prevention fee” from property owners in wildland areas where the state has responsibility for providing fire protection. A fee of one hundred fifty dollars ($150) will be charged on each structure intended for human habitation in this State Responsibility Area (“SRA”), commencing with the 2011-2012 fiscal year. The fee is established in Assembly Bill 29 by Bob Blumenfield (D-Van Nuys), which was signed by Governor Jerry Brown on July 7, 2011 (as ABX1 29). Not a “firefighting fee”The bill is very clear about the fee’s intended purpose. The moneys collected will create an “SRA Fire Prevention Fund”, which will be used for specified “fire prevention” activities that will benefit the owners within the SRA who are required to pay the fee. The bill does not earmark any portion of the fee for firefighting services. Examples of specified fire prevention activities include grants to municipalities to fund public education programs in the SRA, grants to qualified conservation groups and nonprofit organizations for fire prevention projects in the SRA such as brush clearance, and CalFire services in the SRA such as defensible space compliance inspections and fire severity and fire hazard mapping. The law is being challenged by opponents who see it as diverting CalFire’s funding to fire prevention and away from the department’s critical firefighting budget. Republican lawmakers and local fire officials are contesting the law, some calling the fee a double tax on SRA property owners already taxed for fire protection services, and are seeking its repeal. The Governor, in his signing letter, has already called for the language to be revised to ensure that revenues projected from the fee are realized. State Modifies SRA Fire Prevention Fee Continue reading State Responsibility Area “Fire Prevention Fee” Now Law By Wendy Oaks Canned Food Drive, Junior Livestock Auction, Ag Mechanics Auction, and Treat Street all Benefit Nevada County Beautiful weather, a successful canned food drive, more than $380,000 raised for Nevada County youth, and several community partnerships made the 2011 Nevada County Fair a success. Below are some fun Fair facts. By Wendy Oaks Tickets on sale now for the September 22 – 25 event Majestic Draft Horse performances, breath-taking competitions, and seeing a Draft Horse “up close” are all part of the festivities at the 25th annual Draft Horse Classic and Harvest Fair, September 22 – 25, at the Nevada County Fairgrounds in Grass Valley. Whether it’s the Draft Horses working farm equipment, pulling carriages, or working side by-side on a hitch – these amazing animals compete with elegance and power and always entertain. Known as the premier Draft Horse event in the Western United States, this unique event features six majestic performances by the beautiful Draft Horses. In between classes, enjoy showcase specialty acts, including some returning favorites like Clay Maier and Ramon Becerra, as well as some new acts. Tickets to this event are on-sale now. To celebrate our anniversary, we’re offering discounted pricing on morning performances and children’s tickets. Draft Horse Classic evening and late afternoon performance tickets are $21 for reserved seating and $18 for general admission. For morning performances, tickets are $15 for reserved seating and $12 for general admission. For children (ages 12 and under), any performance ticket is $13 for reserved seating and $10 for general admission. Ticket order forms are available at www.NevadaCountyFair.com. You can order your tickets by FAX, mail, phone or walk-in. General admission tickets can also be ordered from our website. There is a small transaction fee if you order your tickets on-line. For all tickets purchased after September 21, there is an additional $3 charge per ticket. While at the Fairgrounds, take time to visit the many Harvest Fair activities. Featuring live musical entertainment, a clogging jamboree, Treat Street goodies, Art at the Classic, a chance to visit with the horses, and hundreds of community exhibits, the Harvest Fair is an experience that can be enjoyed by kids and adults! Although there is a fee for the Draft Horse performances, admission to the Fairgrounds and Harvest Fair activities are free. Once again, guided barn tours will be available this year. For these tours, reservations are required and are limited to 20 people. New this year is the Classic Rib Cook-Off. Whether you want to show off your cooking skills or simply join the fun and taste the treats – we’ve got it all in one place. The Classic Rib Cook-Off will take place on Sunday, September 25, in the afternoon. Teams are being formed now, and tickets for tasting will be for sale at the event. “Taste of the Gold” will be held on Saturday of the Classic. This fun and tasty event features fine food and drink from some of the Gold Country’s finest restaurants and wineries. For tickets and information, visit www.sierravintners.com or call the Grass Valley Downtown Association at (530) 272-8315. The Nevada County Fairgrounds is located on McCourtney Road in Grass Valley, just 50 miles northeast of Sacramento. The phone number is (530) 273-6217 and the FAX number is (530) 273-1146. Visit www.NevadaCountyFair.com for more information. Wendy Oaks Website: www.NevadaCountyFair.com Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone. Interested in a short sale? Standard & Poor’s estimates that it would take nearly four years — or 47 months — for the housing market to work through its shadow inventory at the current rate. While that number is still high, it marks an improvement over S&P’s first quarter report that had estimated 52 months. Shadow inventory represents homes that are in the foreclosure system but haven’t hit the market yet. S&P defines shadow inventory as foreclosure and REO properties in 90-day delinquency or worse. “In conjunction with stable liquidation rates, we believe these are positive signs that the amount of time it will take to clear this ‘shadow inventory’ should continue to decline over the next year,” S&P analysts said. Delays from mortgage servicers in processing foreclosures likely will cause more than 1 million foreclosures to be postponed until next year, RealtyTrac recently reported. As such, “the shadow inventory will continue to jeopardize the housing market’s recovery until servicers are able to improve liquidation times,” S&P said. “However, if and when that happens, an influx of homes will likely enter the market, increasing supply and driving prices down further.” Shadow inventories are largest in New York, where S&P estimates it will take 144 months — or 12 years — to work through foreclosure properties at the current rate. That is down slightly from 146 months in the first quarter. Source: “Standard & Poor’s: Shadow Inventory Levels Begin to Improve,” HousingWire (Aug. 17, 2011) For all your real estate needs John J. O’Dell Realtor® GRI httpv://youtu.be/WgdIE2t8QkM n May 2011, Jetman achieved a beautiful and memorable flight in the Grand Canyon in Arizona, USA… and here’s the official souvenir video! Many thanks to all who were involved in that adventure! For all your real estate needs John J. O’Dell Realtor® GRI About $10 billion in originated loans last year contained fraudulent information, according to CoreLogic. “The current and continuing depressed housing market will likely remain an attractive environment for mortgage fraud perpetrators who will continue to seek new methods to circumvent loopholes and gaps in the mortgage lending market,” said a new report from the Federal Bureau of Investigation (FBI) that cited CoreLogic’s figures. The most prevalent mortgage fraud schemes include fraud involving loan origination, foreclosure-rescue initiatives, short sales, property flipping, equity skimming, builder bailouts, and reverse mortgages, the FBI says. Additionally, it’s finding many of the mortgage fraud schemes have a strong connection to organized crime. “There have been numerous instances in which various organized criminal groups were involved in mortgage fraud activity,” the FBI says. “Asian, Balkan, Armenian, La Cosa Nostra, Russian, and Eurasian organized crime groups have been linked to various mortgage fraud schemes, such as short sale fraud and loan origination schemes.” Source: “Mortgage Fraud Remains Prevalent, Organized Crime Involved: FBI,” HousingWire (Aug. 12, 2011) John J. O’Dell Realtor® GRI Making sense of the story John J. O’Dell Realtor® GRI
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Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own. So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan.
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