Friday, March 20, 2009

Ready to Fire The Pimps

It's on the market. Our old home. For $187,900.00. 

In case you just landed here because of a random google search for something about pimps, our former home, that we let go back to the bank because we couldn't sell it for what we owed, that we had an offer on a year previously for $333k, is now for sale for less than half of that.

All over our county there are foreclosures, short sales, abandoned homes, bank owned property. There are some pretty great deals. But I think I've decided that I don't want to own anything for a while. See, I'm firing the banks.

There are so many people that I know, have read about, hear about through friends that have tried to renegotiate the terms of their mortgage, sell for slightly less than what they owe, these types of things, & the banks refuse to work with them. The banks are offered a certain amount of money to walk away from the previously negotiated situation. They refuse. So the people end up, like us, in bankruptcy, or in foreclosure. The banks end up having to pay attorney fees, cleaning, painting, lawn maintenance crews. In the end, these properties are sold, by the banks, for hundreds of thousands of dollars than they would have settled for, & the owners' credit wouldn't be in the toilet. It makes no sense.

The banks that are refusing to work with us are then asking for our tax dollars because they have so many derilect properties that they can't sell for what they own them for. It is absolutely the worst example of sound business practices I've ever seen. 

I forgot to elaborate on why I was so upset about the houses we've seen in Cape Coral. They are not built well. It feels like if you lean up against the wall you will leave a dent in it. There are miles & miles of these houses. Biggie says that because the cost of land was driven up so high so quick, the only place left to cut corners was in the construction. I think he's right. But although you can't tell from looking at the pictures I posted of the mafioso house, that's what it feels like. So we have a whole City full of abandoned, poorly built houses. I want out of here.


goddard099 said...

You weren't supposed to look....

I will say though that Birmingham hasn't been hit to harshly on the foresclosure end of things though building is slowing to a crawl and their is one forclosure house in my neighborhood, we have a pool (hint, hint). Of the auto industry we have the big foreign three as I call them but a serious lack of farmers markets that you are accustommed to in FL or fresh produce all togehter. We have one Whole Foods though (price worth it when it is the only one). I think any dealership here would kill for Biggie, someone who can actually move cars. you are used to the humidity for sure but the sad thing is by moving north you would be moving further into the "south". ha ha. of course "the Magic City" would remind you of Detroit a LOT in so many ways even down to our lovely mayor (ugh). They are even taking some steps at urban reform and public transit. Just a lofty dream I think, not the city a move. By the way I am counting down the days.... :)

Mimi said...

I've been reading a lot about your neck of the woods, and your story has really made it seem more real to me. Yes, the business practices are absolutely insane.

Did you know that doofuses who brought us Countrywide Liar Loans are now in the business of buying up and repackaging foreclosed homes? What in the hell is the world coming to?