Stories abound about homeowners who are facing foreclosure stripping the property of anything that might have value, possibly with the hopes of recouping their losses. Never mind that the homeowner might have taken cash out of the property during the rapid appreciation of a few years ago. They still have” losses” to recoup.
The stripped items are typically appliances, electrical items, or plumbing parts. I recently spoke with a homeowner that wanted to sell a pergola. I recognize that they probably had paid for the pergola, and figured that this was justified. Now, it is apparent to me that the majr part of the cost of a pergola is not the materials. It is the labor, the permits, the inspection, and assorted other costs separate form the materials. Who would buy a pergola realizing that it might fit one house, but not one that the buyer of the merchandise owns.
Anyhow, homeowners that strip hardware from the soon to be foreclosed homes may be facing new troubles. This story from Surprise, AZ tells of a homeowner that was arrested for damaging a home that he once owned.
“It’s extremely important that residents are aware that it is illegal to cause any damage to a home that would reduce its value, or remove any fixtures from a home that is in foreclosure.”