People stripping house before foreclosure
I have noticed ads on Craigslist lately where people are trying to sell the kitchen cabinets, light fixtures, furnace, air conditioning and other "attached" parts of their houses. When there are multiple mechanicals and cabinets being sold, I have to believe that the homeowner is stripping the house to get every dime out before it is repossessed by the bank. I can't imagine that the bank can do much with a house with major systems missing.
Triciae (and others in the business), when you were doing work-outs and foreclosures, did this happen often? Does the bank prosecute these homeowners for stealing the mechanicals and kitchens?
The ad below is pretty obvious because so many systems are being sold. But sometimes people sell a fairly new kitchen because they want to remodel. If you go see something for sale and when you go to look at it, you suspect that the house if being stripped like this, what are you morally obliged to do?
- Buy at the best possible price and get out fast?
- Call the cops about a theft in progress?
- Look up the mortgage holder in the county records and notify them?
Also, if you are duped into thinking that they are just replacing the kitchen cabinets soon - but someone comes to foreclose on the home while you are taking the cabs off the walls, who owns them? Are you at risk for arrest for theft if you bought them not knowing that the house was being stripped?
Here is a link that might be useful: For Sale on Craigslist