Lately I have had people coming into Arbor Pass asking me about foreclosed or short sale homes. The above picture shows the nightmare that could happen. Not to mention, if you are banking on the $8K tax credit, don't hold your breath. You could wait up to 1 year to get your keys with a short sale. Take a good read at the below article.
Damascus man even took the kitchen sink from foreclosed home
by Nicole Dungca, The Oregonian
Monday August 24, 2009, 8:14 PM
Monday August 24, 2009, 8:14 PM
Grigoriy Bogoslavets' kitchen once contained thousands of dollars in high-quality fixtures
DAMASCUS -- After stripping his foreclosed home of everything from the air conditioning system to the kitchen sink, Grigoriy Bogoslavets was convicted of a crime that is often witnessed but rarely reported.
The 33-year-old electrician pleaded no contest last month to aggravated theft after stealing more than $50,000 of property attached to his former Damascus home, one of the few such cases in Oregon or across the country to result in prosecution. He will be sentenced Sept. 22.
After foreclosure, the kitchen was stripped of nearly everything that could be removed, including the kitchen sink and cabinets.
Prosecutor Bryan Brock, who is handling the case for the Clackamas County district attorney's office, said he has never seen a similar indictment. Detective Jim Strovink of the Clackamas County Sheriff's Office called it a "very isolated case."
Departing homeowners' taking off with fixtures that are legally part of the house -- generally anything attached or installed -- is nothing new to real estate brokers. What's changing, especially in the nation's worst housing markets, is the recognition that such acts can be criminal.
Banks, which usually can recoup losses from insurance claims, rarely take the time and effort to report theft of home fixtures. But law enforcement officials say nearby residents, eager to preserve their own home values, are starting to turn in their former neighbors.
That's what happened in the Bogoslavets case. Neighbors tipped off police when they saw Bogoslavets return to his former home with a van after vacating the premises. Investigators discovered Bogoslavets had taken nearly everything he could remove, including the kitchen island, fireplace, bathtubs, the doorbell and electrical outlets.
In Phoenix, where average home values in some areas have dropped more than 50 percent since their 2006 high, the FBI has intervened. In April, members of the FBI's Mortgage Fraud Task Force arrested five people accused of stripping their foreclosed homes. Some of them advertised foreclosure sales on Craigslist, according to Julie Halferty, the task force supervisor.
Some local Arizona law enforcement agencies are also taking more of a hard line. The Surprise, Ariz., Police Department arrested a former homeowner who took items estimated at $20,000.
"If it's $100,000 or $15,000, it doesn't matter," Sgt. Mark Ortega said. "If we have proof that it was committed ... it's pretty simple."
In Oregon, stripping foreclosed homes down to the walls is becoming more of an issue just by virtue of increased foreclosures, said Carl Iams, the real estate broker who was assigned to the Bogoslavets' home.
Brock did not speculate on whether Oregon will see more of these arrests. But if Clackamas County law enforcement brings forward more strong cases, he said, the district attorney's office will prosecute them.
"It's a question of reporting it," Brock said. "In the past, we have not said no to these cases, we've just not had them reported."
In some cases, it can be difficult to prove a crime has occurred, such as when a homeowner removes fixtures after receiving a notice of default but before officially losing ownership to a bank or mortgage company. Under Oregon law, amenities secured to the home, such as toilets and fireplaces, are the property of the titleholder.
Bogoslavets was an exceptional case because of the amount he took, as well as his additional criminal charges. As part of a plea bargain, he pleaded no contest to four counts of first-degree aggravated theft for fraudulent dealings with an electrical contractor company. Prosecutors plan to recommend a sentence of nearly four years in prison.
Iams said he hopes that Bogoslavets' conviction will serve as a symbol for the thousands of Oregonians who could lose their homes this year.
"People knowing that criminal charges can be filed will hopefully serve as a deterrent," he said.
-- Nicole Dungca; nicoledungca@news.oregonian.com
DAMASCUS -- After stripping his foreclosed home of everything from the air conditioning system to the kitchen sink, Grigoriy Bogoslavets was convicted of a crime that is often witnessed but rarely reported.
The 33-year-old electrician pleaded no contest last month to aggravated theft after stealing more than $50,000 of property attached to his former Damascus home, one of the few such cases in Oregon or across the country to result in prosecution. He will be sentenced Sept. 22.
After foreclosure, the kitchen was stripped of nearly everything that could be removed, including the kitchen sink and cabinets.
Prosecutor Bryan Brock, who is handling the case for the Clackamas County district attorney's office, said he has never seen a similar indictment. Detective Jim Strovink of the Clackamas County Sheriff's Office called it a "very isolated case."
Departing homeowners' taking off with fixtures that are legally part of the house -- generally anything attached or installed -- is nothing new to real estate brokers. What's changing, especially in the nation's worst housing markets, is the recognition that such acts can be criminal.
Banks, which usually can recoup losses from insurance claims, rarely take the time and effort to report theft of home fixtures. But law enforcement officials say nearby residents, eager to preserve their own home values, are starting to turn in their former neighbors.
That's what happened in the Bogoslavets case. Neighbors tipped off police when they saw Bogoslavets return to his former home with a van after vacating the premises. Investigators discovered Bogoslavets had taken nearly everything he could remove, including the kitchen island, fireplace, bathtubs, the doorbell and electrical outlets.
In Phoenix, where average home values in some areas have dropped more than 50 percent since their 2006 high, the FBI has intervened. In April, members of the FBI's Mortgage Fraud Task Force arrested five people accused of stripping their foreclosed homes. Some of them advertised foreclosure sales on Craigslist, according to Julie Halferty, the task force supervisor.
Some local Arizona law enforcement agencies are also taking more of a hard line. The Surprise, Ariz., Police Department arrested a former homeowner who took items estimated at $20,000.
"If it's $100,000 or $15,000, it doesn't matter," Sgt. Mark Ortega said. "If we have proof that it was committed ... it's pretty simple."
In Oregon, stripping foreclosed homes down to the walls is becoming more of an issue just by virtue of increased foreclosures, said Carl Iams, the real estate broker who was assigned to the Bogoslavets' home.
Brock did not speculate on whether Oregon will see more of these arrests. But if Clackamas County law enforcement brings forward more strong cases, he said, the district attorney's office will prosecute them.
"It's a question of reporting it," Brock said. "In the past, we have not said no to these cases, we've just not had them reported."
In some cases, it can be difficult to prove a crime has occurred, such as when a homeowner removes fixtures after receiving a notice of default but before officially losing ownership to a bank or mortgage company. Under Oregon law, amenities secured to the home, such as toilets and fireplaces, are the property of the titleholder.
Bogoslavets was an exceptional case because of the amount he took, as well as his additional criminal charges. As part of a plea bargain, he pleaded no contest to four counts of first-degree aggravated theft for fraudulent dealings with an electrical contractor company. Prosecutors plan to recommend a sentence of nearly four years in prison.
Iams said he hopes that Bogoslavets' conviction will serve as a symbol for the thousands of Oregonians who could lose their homes this year.
"People knowing that criminal charges can be filed will hopefully serve as a deterrent," he said.
-- Nicole Dungca; nicoledungca@news.oregonian.com
Every investor must start-up a plan before heading up on buying a property. Learning the basics of real estate is essential rather than visualizing the money aspect. Listen to skilled professionals like bankers, estate agents, home inspectors, etc., they most likely know the latest trend.
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