Foreclosure Blues: Bitter Homeowners
There are places, like Las Vegas, where bitter homeowners resort to trashing and damages to the property as a means to lash out to unwanted foreclosures. We can hardly blame them for being so disagreeable and frustrated. Property financial problems like foreclosure is not what every homeowner wants.
As a result, many foreclosed properties are found to be left with walls with punched holes, dumped paint, and broken appliances. Some would even leave their pets inside and let it do the work.
One can hardly blame them. For homeowners who have built on their dreams with their property and home, a foreclosure is upsetting. A lot of people would decide to take all that they can get from their properties, even if by law it belongs to the bank. There are also those that go overboard, wreaking ultimate havoc by smashing light fixtures and leaving paint and more mess.
Real estate agencies have settled this problem by working on a win-win situation for both the agents and the frustrated homeowners. The current tactic to settle it in a peaceful way is to offer the homeowners money to leave and to leave the property in good shape. They will not be given the money, however, if the house was wrecked. This method is now informally known as the “cash for keys” approach.
The money offered (amounting to hundreds or even thousands of dollars) may be seen as a bribe. But it cannot be denied that for now this is the most agreeable solution for both parties. For the real estate agents, this helps in getting hold of the property without many delays and with minimal repairs. For the homeowners, they get financial help with the offered cash as they leave.
Banks and mortgage companies rarely go after the former homeowners of destroyed properties. They would actually go for the “cash for keys” approach because it will cost them less. The negotiations will also go faster and more peaceful for both parties.
