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Friday, July 19, 2013

Going through foreclosure or short sale? Thou shalt not strip....

The stripping I am referring to is the removal of all components possible in a house facing foreclosure or, less often, a short sale.  I am not referring to personal property but rather the things that are permanently installed as part of the structure.

If you are facing a short sale or foreclosure I am not going to tell you what to do with your home.  This is only my opinion.

I have heard this discussed by many real estate agents.  Some believe that until a property is sold or taken back by the bank the owners are free to do as they please regardless.  Others take the opposite position.

Over the past five years or so many owners have found themselves in circumstances resulting in a short sale or foreclosure.  With emotions running high some may even be angry.

I was in a house yesterday that had only suffered minor stripping (faucets, ceiling fans, lights).  I have been in some where the AC is gone, the garage door opener gone, the cabinets and vanities gone, the appliances gone, the carpeting gone, walls painted with graffiti, drywall smashed and more.

Here is my personal strip a home is to steal.

I recently read somewhere that lenders of foreclosed properties have gone so far as to file a claim for damages with the insurance company on file for previous owners.  I am not an attorney so I don't know whether such is possible.

As the owner, you decide how you will deal with the disposition of "your" house.  If it is a short sale you should want it in the best condition possible so as to get the highest dollar possible.  Read why here 

Short sales require a plan or strategy much like a normal sale.   What should your short sale strategy be?

Opinions expressed are those of the writer Gary L. Waters PLLC, a Florida licensed real estate agent.  I am not an attorney nor a moral judge.

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