casseyrod Wrote:
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> kidlesskim Wrote:
> --------------------------------------------------
> -----
> >
> > have been in 250k houses where they have lived
> 3
> > or so years, and they have NO furniture, save a
> > bed in each room and maybe a couch. Yet, they
> have
> > a Mercedes, a Bass boat, a pontoon boat, a
> souped
> > up fancy redneck truck, a new inground pool, and
> a
> > wide screen TV in every room with satellite.
>
>
> When I went house-hunting, I went inside many of
> these mcmansions where the families lived - and
> you are right on the money: they have huge houses
> with almost NO furniture in them. Its weird,
> almost creepy. And they have maybe one room that
> is fully furnished with a gargantuan t.v. screen,
> a leather couch and lots of plastic toys all over
> the place. They also close off a lot of rooms in
> the house, to save money on heating/cooling bills.
> Why buy a house that large if you aren't going to
> use all the available space? And can't afford the
> utilities for such a large home? It makes no
> sense.
They are fully aware that this isn't "normal" either and they are embarrassed about it. When I would accept an appraisal job from a lender, they would fax me the entire loan package because there was a lot of info in it which I needed for the legal section of my report. So, I would know their income, debts, credit ratings,the date of sale of the home, how much they paid for it, etc......BEFORE I ever even darkened their doorstep. When I would get there and start walking through and saw empty rooms, no curtains in half the house, lack of appliances one would expect to see in that size of a structure, muddy dirt lawns which hadn't even been sodded yet, etc.....Sometimes they would pipe up and volunteer information (lies) as if I would take their word for it and "give" them a higher value, when the MARKET dictates the value, NOT the appraiser.
I can't shit them out a new lawn.
They would say, "We only just built this house, so we haven't had a chance to decorate or get the lawn sodded yet", etc.....When in FACT they had lived there going on five years. These white trash breeders find a way to get construction loans, where the money is doled out by the lender gradually and construction companies, landscapers, etc...have to fill out forms during the varying stages of completion for the homeowners to get their cash draw. Then they find ALL kinds of unscrupulous companies who will SAY the work is complete and get a small payoff, and the homeowner pockets the cash and spends it on anyting EXCEPT proper completion of the home.
Then, when they run out of that cash and the well has dried up for more, they end up with a house worth WAY Less than it would have been had it been completed properly, and they owe more than they can pay because of it. I have been in homes with naked electrical work, wires hanging down where fixtures were never installed, septic tanks that were never installed and makeshift cesspools (think holes dug by shovels and tarp). Eventually, they try and borrow money against their home by lying to the lender that they are adding on a room, or otherwise making improvements, which they get away with sight unseen a few times. They have NO intention to "improve" on anything, but by now they need that money to exist since they were living beyond their means. At some point the lenders are required to order an appraisal by an unbiased third party (enter ME) in order to lend them more money against the house, and that's when their house of cards starts to fall.
THEN, since the lender (original loan officer) realizes he is going to get in BIG trouble for not monitoring this loan properly, he will seek out and hire a "value getter" appraiser who has poor eyesight, IF you know what I mean. Hence, the scam goes on for a few more years and usually until the loan is sold to another lender who wants the "truth" about the property, which COULD be ten years into it. This is when the foreclosures generally happen and by then, their home loan is twice what they originally agreed and signed to pay, the interest rate has doubled due to their falling credit scores, and worth half the value it SHOULD be worth on the open market, due to it's condition. This is one of the main problems of these foreclosures, in my experience. It all borders on illegal, but is VERY difficult to prove since it takes place over a period of years and so many different people are involved in the scam. The homeowners, lenders, appraisers, real estate agents, insurance companies, construction companies, etc.......