Posted in Chicken Scratch

The Corruption of Bank Owned Properties

DSC05269-2I have something to “crow” about. Something that has finally made me hit a wall – with my head. Something that has crawled under my skin and made me want to scream bloody hell for all the world to hear. In order to get to the screaming, I need to scratch out the reason. For all I know, there could be thousands of you out there who know exactly what I’m crowin’ about too. Maybe you’re just as frustrated and fed up.

First, let me say, I’m not a Corporate-woman. I know how to live within’ my means and I can also create a mean budget. If we want something big, we do side jobs or save. For the past several years, my husband and I have busted our butts to cut down, if not eliminate our debt, create credit and whatever other long list of has-to-be-done so that one day, we could buy a bigger piece of land and own a small, modest farm or “farmette” as some would say.

After 9/11, I know a lot of people lost their homes. Media said they were living above their means but we knew that wasn’t the case for everything. Most people lost long-term jobs. That’s how the hell they lost their homes. I also know, same as all of you, that the banks crashed. Supposedly that was our fault too, right? Regardless, they were basically given a blank check—a debt that would be strapped to the backs of the taxpayer for generations to come. Money WE would be FORCED to LEND them but they would not be forced to pay back. Funny how that worked, right?

Behind the schemes, (yes, I meant schemes) the lists of Foreclosures were piling up. Real Estate buckled and nothing was moving. Loans, well, those were locked up tighter than a Preacher’s Daughter on a hot, June Night.

Now, I read somewhere, maybe I heard it, from one of those “conspiracy –minds” that Recessions and Depressions were created in order to redistribute wealth. Trade hands on properties. Force the arms of big businesses to break, so that other businesses could buy them out, chomp them up, so to speak. The same can be said concerning property. Houses. All of those homes that were foreclosed on, well, even though they are still just sitting there empty, doesn’t mean they are really just empty. Someone owns them. Banks.

And those Banks will trade off and sell to other Banks.

All of these Auctions? The ones that go in front of the Court Houses—that’s a joke. Most of the time, its just another Bank buying the house up from another Bank. I suppose it looks more legal that way. And eventually, these houses are put 1-IMG_2360back on the market – after months of trading ownerships. They are put on the market just to rot.

That’s right….rot.

Over the past few years, my husband and I stumbled upon a few of these foreclosures. One was right in the middle of his hometown. We had been wanting to move back there thinking it would be better off for the kids. We have been going back and forth with this place for quite a few years now. Watching as it has been sold from one Bank to the other. FINALLY, it became listed by an Agent but the price was too high – wasn’t worth what they were asking. Every now and again, our Realtor would check on it to see if they were willing to go down on the price. NO. Flat out no. That would unnerve us especially when they started to drop the dang price – ten grand each time. Never failed, we would get a no but then a few weeks later, they would drop the price. Finally, we went to officially look at it and had planned on signing a Contract. To our surprise, though, they wouldn’t help on Closing Costs, which would have been about 6 grand—even though a few weeks later, they kept dropping the price. Also, there was no Electricity turned on—Bank refused to turn it on so that we could have Inspections done—which they were unwilling to pay or help pay for and absolutely refused to fix any major issues that may come up. Oh, and no way would they deduct those issues from the price.

DSC05264Now for those of you who think, failed inspection issues should be no big deal, let me bring your attention to something. The majority of people can not get a Loan for a Home if major things are wrong. For example, if a roof leaks – no Loan. If a septic system fails inspection – no Loan. If pipes are busted, if there is water damage, if there is no proper heating system – no Loan. All kinds of things can screw up our ability to get a loan EVEN if you are able to fix the things screwing it up.

Our dream place went under Contract but after so many weeks, the contract was stopped. We found out the reason. The conventional septic system on the property had failed inspection – thousands of dollars. SO while we were doing a happy dance that the place was back on the market, there is nothing we can do because we can not get a Loan with failed inspections.

But no worries, the Bank will fix it right?

WRONG.

IMG_3105Take a closer look at all of those Foreclosed Properties, folks. Take a big, ol’ look. How long have they been sitting there? Brand new, expensive homes, are going to ROT because they just sit there. And why do they just sit there? Because Banks don’t care if they sell or don’t sell. And at this point, the only damn person who can buy them are people who can play cash. Not many of those kinds of people are around, folks.

Our dream home will most likely rot. The longer it sits without heat or electricity, all things will horribly go wrong.

Have Banks used our tax Dollars to buy up what a sucky recession caused us to lose? And now refuse to do a damn thing to help those homes find new owners? Sorry, but I am sorely bitter and amazed by this. And I can’t believe more people aren’t raising hell about it.

Advertisements

Author:

Stylist. Cover Artist. Author.

Need to Cluck or Crow? Reply Here!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s