Removing Assets From Homes in Foreclosure

A seldom-discussed issue concerning homes that are in foreclosure is the rising practice of removing assets from foreclosures.

Many home owners do not understand what constitutes a fixture in the home and, as such, a fixture must remain in the home. Some sellers are so desperate for money that they rip out the wiring in the home and sell it for scrap. Owners in foreclosure rarely stop to think they are committing a crime when they remove ceiling fans or sell the built-in dishwasher.

Still, others don't blink twice when they pick up a can of spay paint and begin decorating the walls and windows with graffiti. I suppose they figure they are "sticking it to the man" when they deface a home, but it makes me wonder what goes through their heads. How can they destroy a home that once held warm memories as a place to raise their family? Moreover, how can they possibly think there will be no ramifications for vandalizing a home that will soon belong to the bank?

The truth is the bank isn't overly concerned about the condition of a foreclosed home because the next buyer will deal with fixing it up. Banks aren't in the business of restoring stripped homes, but they, along with an entity that may astonish you, DO hold the power to prosecute . . . read more about Removing Assets From Foreclosures.

More Articles by Elizabeth Weintraub, click below:

• The Dark Side of Foreclosures
  
• Buying Distressed Homes
  
• Profits for Short Sale Sellers

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}