Friday, October 26, 2007

Former real estate moguls take everyting except the kithen sink?

Update:

From KGET.com, a bank requested Friday Bakersfield Police file a crime report regarding appliances taken from a home once owned by Crisp and Cole Real Estate agent Jeriel Salinas.

Officers arrived at the home in Seven Oaks just before 10 a.m. for an inspection.

The current listing agent said a $4,600-Viking stove was taken from the home, along with a microwave and dishwasher.

A witness said the alleged theft occurred a couple of days prior to the bank taking the home back due to foreclosure.



Original Post:

From KGET.com. “There’s a new problem with real estate foreclosures as some residents have resorted to stripping everything from appliances to door-knobs from foreclosed homes before the houses go back to the bank.”

“17 News has uncovered two cases where the homes that have belonged to former members of the Crisp and Cole Real Estate team. The first home was owned by Jeriel Salinas, a current agent with Crisp Realty.”

“‘When we came in, we noticed that the appliances were missing,’ said real estate agent Susan Ferguson, who said, after walking into a Seven Oaks home, ‘Oops, there’s no stove. Oh wait a minute, there’s no dishwasher. No hang on a minute, there’s a microwave missing.’”

“Salinas stopped making payments on the home, so the lender took it back. Workers at another home said what occured at the Seven Oaks home is a drop in the bucket, saying door handles have been taken before.”

“‘My boss just spent $1,300 replacing the door handles,’ said construction worker Robert Velez.”

“Velez walked 17 News through a million-dollar home formerly owned by Crisp and Cole Real Estate broker Jayson Costa. Velez said business is good.”

“‘We’ve done a lot of foreclosures, and yeah, a lot lot of houses,’ he said.”

18 comments:

hankmeister said...

This is normal and expected if you've ever dealt with FHA or VA repos. I guess it shows how green some of these agents are.

Funny Circus Bears said...

Just further proof, if any was needed, about the type of people they are.

OtherSideofBellCurve said...

Jayson Costa is the same guy who was arrested for check fraud a few weeks back. I know who this guy is and he is a criminal, obviously. You can take a thug and put him in a business suit, but at the end of the day he is still a lowlife thief loser.

I wonder is these guys think they are getting screwed or something and feel they are entitled to everything in their foreclosed on houses. It wouldn't surprise me at all.

I hope they all end up in jail.

Rob Dawg said...

Bloody Vikings.

Okay, seriously, Unless the Viking stove was part of the original purchase agreement or one of the very rare built-ins then it isn't part of the repo. This is why I hate modern reporters. 20 years ago if a Viking "stove top" was removed they'd report it as such.

In short if it just plugs in it ain't part of the house. If it screws in it is part of the house.

Professor Shays said...

Rob Dawg, the test of what constitutes a "fixture" and would be characterized as real property, isn't as easy as suggesting "screws" are the determining factor. You have to look at the totality of the circumstances. If we are talking about the removal of copper wiring for example that is inside the walls, it is an easy call. But a free standing range, free standing refrigerator, etc., they are clearly not fixtures.

I guess the point in all of this is I've been involved in a bunch of these situations (as a representative of the lender) and the expected answer from the police is, "this is a civil matter," since the removal appears to have happened before the foreclosure sale.

Bakersfield Bubble said...

When all is said and done this will not be a criminal matter. The "crime", if their was one, has already occurred and at this point local law enforcement does not have the time nor the resources to handle this kind of a case.

This same "crime" happens in every bust and it always seems to be a civil matter.

In this case, the lenders will get a judgement for damages. Good luck collecting, these guys have $60 million of defaults around town, does anything think they will care about a $4k stove bill?

Let me update the amount owed $60,004,000.00

OtherSideofBellCurve said...
This comment has been removed by the author.
OtherSideofBellCurve said...

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OtherSideofBellCurve said...

I am willing to bet that these houses were sold with all those appliances included in the sale price. So, if those appliances were included with the purchase of the house and the entire purchase price of the house was mortgaged, then wouldn't the bank who is foreclosing own them?

On another note. I have a friend who lives near the Costa house and knows the builder. The builder himself told him that he and Costa agreed the sale price was $700,000, but that he would sell it to him at $1,000,000 then give him $300,000 after the close.

Ed said...
This comment has been removed by the author.
Professor Shays said...

Othersideofbellcurve:

It doesn't matter what the house came with at the time of sale. What matters is the type of security documentation the foreclosing lender had. If it is as I suspect, a deed of trust, that secures real property. I seriously doubt the lender also had a UCC-1 filed with the California Secretary of State. The absence of the filing of the financing statement effectively means that the lender is just as unsecured as you or I would be with regard to personal property located on the foreclosed premises.

jetcity said...

Hey Rob Dawg -
I have been waiting for you to pop back up....this is off-topic but I'm sure very relevant for lots of us. A while back you said something about disputing a property tax bill...can you or anyone explain/discuss the best way to get assessments lowered? My tax bill has my house that I purchased last year assessed at about $80k more than current value. Any helpful input would be appreciated! Thanks

Bakersfield Bubble said...

jetcity-

During the last slowdown I had my home reassessed and saved quite a bit on my taxes.

All you need to call the County assesor and ask to have your home reassesed. They will do it for free.

Rob Dawg said...

Easy peasey. The tax bill comes and on it are probably a website but at least a phone number. For a piddling $80k the process would be to ask them to take $80k temporarilly off the bill usually in proportion to land and improvements ratios in effect. A letter request and 3 comps pulled off recent sales and it'll be a routine matter.

If you don't like what they offer (they are honest about this believe it or not) then you appeal. Depending tthere may be a small fee and the Assesment Appeals Board usually a county Supe and a few others will vote on whatever you present.

Personally I'd get moderately aggressive with the number and make them work it up on the chance they just let you get your way rather than go to the effort. Especially now when some offices are busy automatically lowering values.

Funny Circus Bears said...

I have always found, without exception and in numerous different counties, that the people in the Assesor's office are polite, rational, and willing to set values on the low end of the spectrum, whether it be for a re-set or a newly-built owner-occupied C of O.

jetcity said...

I called the assessor's office this morning, and they were very helpful. They told me I should be getting a call from an appraiser within a couple weeks. I guess I mistakenly assumed that the county wouldn't be so helpful, since the revenue they have been generating for the past few years will now be cut back a good bit.
Thanks for all the helpful input... this site is so great for the wide variety if information available here. Much appreciated!

Bakersfield Bubble said...

Thanks!!

pismobear said...

Does anyone know whether the gals at C&C are now dancing at DejaVu?