Ask the New York Appraiser

I have done a number appraisal inspections this year for banks that pertain to REO properties.  REO properties are Real Estate Owned properties or bank foreclosures.  I have seen an alarming new trend with these properties that I call S & D homes or stripped and destroyed homes.  Apparently homeowners that are in foreclosure and are about to lose their home will strip the house of every fixture, appliance, cabinet and amenity they can rip out of the walls.  Once they remove everything of value, they can either sell the items or bring it to their new residence.  Some homeowners are so angry at the bank, that they will actually destroy the home after stripping it just for good measure.  It should be noted however that depending on the state that they live in, legal action or civil suits can be brought agaisnt them.  Some mortgage contracts require a home to be kept in good condition.  Homeowners should be aware of the current laws regarding this type of activity.  For more on this discussion... ASK THE APPRAISER!    

Rich Binkowski is a New York real estate appraiser specializing in Suffolk County NY, Nassau County NY, Queens County NY, Westchester County NY, Putnam County NY, Rockland County NY, Orange County NY, Dutchess County NY, and Ulster County NY appraisals. Rich is a 20-year veteran of the real estate industry.
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