Posted on 02/04/2009 8:50:28 AM PST by LibWhacker
>> I bought a stove and a dishwasher in my house. Don’t I own them?
While you own the house, yes, of course.
If you sell the house AND at the time of sale you stipulate that you’re removing them and the buyer agrees, then you can take them.
If you bought a built-in stove and dishwasher to replace an existing built-in stove and dishwasher — and you are foreclosed upon — then probably not.
It depends upon real estate laws in your area, but generally, stuff that is “built in” is part of the house.
Consider doors. We replaced some last year. If our house were foreclosed on (which it won’t be ‘cause it’s paid for), and we ripped the doors out (because we bought them dang it!) I would expect trouble, because they’re obviously part of the house.
Built in appliances, different degree of “built-in-ness”, but same principle.
If they’re truly freestanding appliances then it may be more complicated. I’m aware of dishwashers that aren’t plumbed in; when you want to use the thing you hook it up to your kitchen tap. That kind, you could probably take with you if foreclosed. If it’s plumbed in, probably not.
I’ve never seen a stove that wasn’t “plumbed in” (gas or electric, plus vent) but maybe they exist.
Mind you, I’m not a lawyer or a realtor — but I know a little bit about it. If you’re really concerned, ask a pro.
I live in a high-end condo complex that was bought up by speculators during the boom...now that’s it’s crashing down, these high falutin people, who thought they were brilliant investors, are doing precisely what this article is talking about. I don’t know about the vandalism part, but they are stealing the appliances...I see u hauls every day doing this. It’s disgusting. We won’t even go into how this effects the Homeowner Associations of these condos. They stop paying dues, and in a place like ours, when 20% don’t pay, it’s catastrophic.
My neighbor built his home for about $200k, had it appraised at $400k, refinanced and got $375k. Taxes went up from $6k to $9k. He couldn’t afford it at that point.
Quit paying on the house, dismantled the 40x60 pole barn, sold off the lumber, sold me his John Deere, took out the kitchen, removed the entire hvac system, took out the 6 person hot tub. House was empty for about 20 months at listed price of $225K. The just sold it recently.
Bottom line, he knew exactly what he was doing. He went in and robbed the bank with a pen, smile and a hand shake. POS.
And yes, he was a democrat.
Went with an inspector over 20 years ago to look at a repo’ed house. They had taken the carpet, the light fixtures, faucets, and even pulled the pump out of the water well.
The answer to your question is NO. I believe that whatever you pay out of your own pocket, as opposed to what was there when your loan was made, would make the difference.
If they pay it, get back to me.
My mortgage company doesn't pay for my roof repairs.
Of course these people were given a gift of a mortgage they couldn’t afford, so whose fault? Franks of course.
Exactly.
I really feel for you folks in Michigan (esp. Detroit).
The more I hear, the rougher it sounds.
Have you considered moving away?
Not meaning to be glib — I know that’s often not practical.
They do. I have an electric that is just plugged in to the 220 outlet.
It works for what I want to do so I keep it.
I’m sure there really is a lot of this going on, but can’t imagine how the foreclosing lenders could confirm it, since they (the lenders) have been leaving these houses vacant for months (or longer!) after foreclosing, allowing vandals and squatters to destroy/remove anything of value that the departing home”owners” didn’t.
No, not “exactly” at all.
I’m not required to fix my stove any more than I am required to fix my damaged roof. However, I am required to pay the mortgage holder off in full before I have full ownership of the collateral used to get the mortgage.
This is not new news, most homes that go into foreclosure are trashed. Some even have all of the light fixtures and carpets taken. The home we bought that had been foreclosed upon needed a shovel to start out with. ICK!
If someone slips on your icy walk and sues you, do you think your mortgage company will pay? Indeed, you own the property, it just has a lien on it.
Many mortgages stipulate you may not detract from the value of the property, but certainly not all of them.
The idea that the bank “owns the stove”, is absolute nonsense.
A few months ago, a fellow FReeper posted a thread announcing a new job opportunity for some entrepreneurs who don’t currently own their own home.
She (IIRC) suggested contacting banks and other lenders in their area to make a deal: Live in a recently foreclosed home for free in exchange for protecting it against thieves. The idea was that the mere fact that the home is occupied would offer the protection against theft and destruction.
Of course, if the theft and destruction happens before the previous owners move out, then that idea won’t help.
That would be only if they are built in, like wall ovens,dishwashers,cooktops but does not apply to refrigerators or stoves that arn’t.
No, in a typical mortgage, anything that becomes a “fixture” or “improvement” even if added by the owner post-mortgage is swept-up in the lien.
To give a more obvious example than an appliance, we put in granite countertops post-purchase. This would be covered by the mortgage.
It only becomes an issue when you use new money from a lender to do improvements, in which case that new lender often has “priority” over the old lender (i.e., gets paid before the old lender).
The definition of what is a “fixture” or “improvement” varies from state-to-state.
In some cases, it does include removable items like refridgerators, washers, and dryers.
In others, pretty much anything that can be unbolted or unwired or unplumbed are not fixtures.
I would not give a second look to water damage and structural damage, as that gets steep($$)real quick.
LOL I have one in my kitchen here still working like it was brand new.
A purchase agreement will state whether or not appliances are included in the sale. The bank requires an appraisal on the property. The appraisal will state if built in appliances are included, or not, in the collateral and make adjustments to the value of the house based on that. There are personal items that are often sold with the property that the bank and the appraisal do not consider part of the real estate and typically the bank will not finance those things. A built in stove is considered by both to be part of the real estate and can be included in the financing.
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