Saturday, October 15, 2011

Foreclosed homes

We got 'em here.  One on either side of our property.  There are parties interested in purchasing each place, but under Missouri law, 365 days have to pass before the property can be sold.  
Now, wouldn't you hate to be the lending institution stuck with these homes?  
Both are surrounded by weeds.  One of the homes is in need of a lot of repair.  I'm not sure about the other one; it's only about five years old, but it wasn't ever really finished; some of the siding was never put on it, and some of the siding has blown off.  It sits on several very weedy acres.  


Built only four or five years ago, you can see where siding has blow off.  The horses are gone now.
The weeds were like this when the house was occupied, so we're used to that.
You can imagine what these two properties are doing to the value of our place.  
One of the former owners of the property in the pictures still holes up in the vacant house at night, even though there's no electricity or water.  
You gotta love our neighborhood.  Our trailer house looks pretty darned fancy in comparison to these eyesores!
Anyway, these two places will sit there for a year (I don't know when their year-long waiting periods began) an open invitation to vandals, taking severe blows from the ravages of nature.  
The older of the two homes has already been broken into twice.  
This winter, if there's water in the pipes and hot water heaters, they will undoubtedly freeze and burst.  
And there's really nobody who cares.  


The mother cat I adopted is very happy with the situation; she goes mousing next door often, and brings her catch home to the youngsters.  

13 comments:

Hyperblogal said...

All kids love take out.

darev2005 said...

Man, if I could just scoop that whole thing up and tote it to say, rural Oregon, I'd take the place off your hands quick.

Donna said...

No you wouldn't, Darev, because nobody can buy it for 365 days.

Michaele said...

I hope someone will make it a home... before too late.

Margaret said...

Those houses have a lot of potential, but in a year will fall into rack and ruin, as the saying goes. What a shame!

Paula said...

John bought his house at auction on the court house steps years ago. Good brick house but vandalized. Still got a good deal even after repairs. Only catch he had to have the cash money and only had an hour to get it.

Sonya said...

I think the economy is getting worse again!

TARYTERRE said...

It is so sad that people had no choice but to walk away and lose their homes. I hope someone with alot of love and a little bit of money comes along and restores those places to their former glory.

Becky said...

Seeing stories like this makes me so sad. My brother's place is in foreclosure. Same with my SIL/BIL. They are all squatting until forced out. A good plan, really. Live rent/mortgage free for up to a year while the bank tries to sort out the mess. Meanwhile, save up for your next place and hope your credit rating recovers one day. I recognize one of the houses in your post. Isn't that the new place that replaced the house that burned down? I figured insurance was paying for the new house. Sad to hear it never got finished. If the bank were smart, they would rent the places at a reduced rate with the agreement from the renter to fix what is wrong. Too bad you folks haven't won the lottery. Buy up both places, knock the houses down and have yourselves some serious privacy. ;)

Lindie said...

I'm a MO realtor and there really isn't a 365 day rule. That's just a myth. It takes time due to getting appraisals etc. Once it's bought on the court house steps the process starts. I normally get foreclosed listings 3 to 6 months after the foreclosure but have got them as soon as 45 days. I have been working with several banks and am overwhelmed by the amount of foreclosures I have to deal with. About a 100 a month and I am just on of the 12 agents who works for that company in this area. It's so sad.

Donna said...

Becky, that is the house. However, the couple only had their old house insured for $80,000. Then the man got a settlement of about half-a-million bucks for a job injury that put him on Social Security before his time and rather than use the cash to build their new house, they bought horses and jewelry and illegal substances, and got a loan to build the monstrosity. Had they rebuilt a house similar to the one that burned on the original location, they could have been debt-free.

Lindie said...

Becky, tell your in-laws to ask about the cash-for-keys plan when they do get an eviction notice. Banks normally will pay the former owners or tenants to move out rather than the costlier path of eviction.

Lori said...

When can they not be sold until 365 days have gone by?