nealtw
Contractor retired
It's crazy, up here we wouldn't get the lot for much less than 200K
Tenants leave behind so many things
- Thread starter Nestor_Kelebay
- Start date
Help Support House Repair Talk:
You won’thear much on the news about what a problem this is. In Cleveland the city is demolishing some really nice homes just to get rid of them as they are not selling and becoming a public safety issue. There is even new construction that people have walked away from half-finished homes just sitting and just down the street someone starting another new one.
nealtw
Contractor retired
I have friends here and there around the US and some of the storeys I here are pretty sad. This should be a time for people starting out or people how lost their house to get started but it's like some don't want that to happen. Like Romney said, Let them go bankcrupt and let the investers buy them up so THOSE people can rent them.
Admin
Well-Known Member
- Joined
- Oct 12, 2012
- Messages
- 1,257
- Reaction score
- 87
My brother worked construction for a while. He said he was installing stuff in houses that would never sell. Five years later they are still unoccupied. They didn't even finished building out the streets.
Not to take the thread way off topic but these short sale houses do leave a lot of goodies behind.
Nealtw
What happened and what is unfair and I think what Romney was alluding to is people like myself bought homes we could afford and waited till we could many times renting for a good long time. We bought fix em up houses or starter houses and busted our butts fixing them and paying for them. Then came along this notion that it was a good thing for everyone to own a place and not just a starter home but a fancy place and the government made it easy to buy and lowered requirments and then bought up the loans so banks could make more. All these people went in and the banks tell you Oh you can afford a much more expensive home than that and we will get you adjustable rates and on and on. Half the people were underwater before they started but didnt know it and everyone thought housing prices would go up forever. Once the bubble broke everyone upside down stopped paying file bankruptcy after living rent free for a couple years. Government cant have that so they start helping these people out with the tax money responsible people are still paying lowering rates and principles etc. Romney was saying lets not reward the wrong people because chances are when you bail something or someone out the bad habits will get them right back there. Let the system work and someone will buy the places for what they are worth and get them in the proper hands thru renting or selling. Well that isnt happening now. I see another hit coming down the line soon.
Austin
Your brother is correct lots of building was going on based on speculation and once the money invested was less than any return they could see, why would any smart person pour in more after bad so they just close up shop. There sit houses not closed to the weather or people stuck in a town house complex with eye sores across the street. All of a sudden that lowers their property values and they are underwater and out they go.
The house full of junk we are looking at has 100% new siding and 75% new roofing. It has a brand new handicap bath and laundry on the first floor. It has new doors and is handicap accessible with decking and ramps that I bet cost 10 grand alone. All this stuff was thru programs Im guessing that had low loan rates. Then people lose their job or just give up stop paying everything and hit a terminal point where they cant pay if they wanted sticking some bank and a dozen other places with bad loans because the homes get ratty waiting around and the home owners sell off anything of value appliances etc. and leave behind a mess. The values go down and down the banks hold off selling too long and end up taking 10 cents on the dollar. Then in our case we make a deal to buy only to find out there are other liens on the property to forgive. Thus the local government get stuck along with the utilities. We know they dont take a loss they just jack up the charges for everyone else thats playing by the rules.
The strange part of it all is new construction is still going on. And I always say who the heck is buying all these new houses.
Nealtw
What happened and what is unfair and I think what Romney was alluding to is people like myself bought homes we could afford and waited till we could many times renting for a good long time. We bought fix em up houses or starter houses and busted our butts fixing them and paying for them. Then came along this notion that it was a good thing for everyone to own a place and not just a starter home but a fancy place and the government made it easy to buy and lowered requirments and then bought up the loans so banks could make more. All these people went in and the banks tell you Oh you can afford a much more expensive home than that and we will get you adjustable rates and on and on. Half the people were underwater before they started but didnt know it and everyone thought housing prices would go up forever. Once the bubble broke everyone upside down stopped paying file bankruptcy after living rent free for a couple years. Government cant have that so they start helping these people out with the tax money responsible people are still paying lowering rates and principles etc. Romney was saying lets not reward the wrong people because chances are when you bail something or someone out the bad habits will get them right back there. Let the system work and someone will buy the places for what they are worth and get them in the proper hands thru renting or selling. Well that isnt happening now. I see another hit coming down the line soon.
Austin
Your brother is correct lots of building was going on based on speculation and once the money invested was less than any return they could see, why would any smart person pour in more after bad so they just close up shop. There sit houses not closed to the weather or people stuck in a town house complex with eye sores across the street. All of a sudden that lowers their property values and they are underwater and out they go.
The house full of junk we are looking at has 100% new siding and 75% new roofing. It has a brand new handicap bath and laundry on the first floor. It has new doors and is handicap accessible with decking and ramps that I bet cost 10 grand alone. All this stuff was thru programs Im guessing that had low loan rates. Then people lose their job or just give up stop paying everything and hit a terminal point where they cant pay if they wanted sticking some bank and a dozen other places with bad loans because the homes get ratty waiting around and the home owners sell off anything of value appliances etc. and leave behind a mess. The values go down and down the banks hold off selling too long and end up taking 10 cents on the dollar. Then in our case we make a deal to buy only to find out there are other liens on the property to forgive. Thus the local government get stuck along with the utilities. We know they dont take a loss they just jack up the charges for everyone else thats playing by the rules.
The strange part of it all is new construction is still going on. And I always say who the heck is buying all these new houses.
nealtw
Contractor retired
Bud; I agree with most of what you said, but the average guy goes to the bank for information and we were tought to trust them. A lot of people just don't understand how things work. Your banks asked for less regulations and your government gave them that. The banks found new ways to dump the risk on unsuspecting investors and lent people money that should never have bought a house. You punished the government and the people and the investors but bailed out the banks. Now they drag there feet moving these houses, you can be sure they are still using them for collateral for more than they are worth.
nealtw
Contractor retired
http://autos.aol.com/article/traffi...id10|htmlws-main-bb|dl6|sec1_lnk1&pLid=272984
Posted on the wrong page. oops
Posted on the wrong page. oops
Last edited:
