If you must sacrifice – Don’t let it be your foot or your nose
My investor and flipper clients still tell me about homes that they have bought at auction that are stripped of all copper wiring, HVAC equipment, appliances, and much of the plumbing by the time they are given access. Most bidders take these potential set backs into account when formulating a bid for a foreclosure auction or to the bank on a REO if it is a sight unseen. The consequence for the homeowner or former homeowner, or even tenant, who sought to “get the last laugh” by selling the copper from the house on E-Bay, is that they may ultimately face criminal liability or at least a much greater “deficiency judgment.” The less valuable the property at auction, the less that will be paid off on the homeowner’s mortgage or the tenant’s unpaid rent.
Rather than shooting oneself in the foot or cutting off one’s nose to spite one’s face, consider the advice of Ellen James Martin of SmartMoves in an article entitled: POINTERS FOR PREPPING YOUR HOME FOR AN INVOLUNTARY SALE.
So whether you are leaving your home in good standing for a job opportunity, or you are suffering a foreclosure auction, do what is best for your own self-interest, consider enhancing the value and appearance of your house! It is a sacrifice of your time and money but it could pay dividends for years to come. Just because there is no love lost between you and your lender, don’t let there be value loss from your own pocket. Taking care of the property and making sure it is secure until sold will reduce any potential future deficiency and help you gain closure sooner than if you leave the property in such bad shape that it is condemned!
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