Foreclosure is tough on people #realestate #realestateagents #entrepreneur #construction

13 Sept 2024 · 1 min

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1:01

Steve D Valentine recounts a severe foreclosure he handled for Freddie Mac at a Maricopa property. Tenants intentionally caused prolonged water damage (toilet removed, spigot left on) that soaked the house for months in 100°F weather, producing extensive black mold and structural collapse; the property was later gutted to the studs and sold “as is” for about $62,000 (2,500 sq ft, with a pool).

Questions this video answers

About $62,000.

2,500 square feet.

Maricopa (Arizona).

It was July when they got the house; soaked for the prior three months in ~100°F weather.

Black mold from floor to ceiling; ceiling caved in; cabinets falling off walls; gutted to studs.

Chapters

So we're gonna go walk through this, and I want to explain to you one of the worst foreclosure situations I've ever been in my life. So we're doing a foreclosure for Freddie Mac, and my field guy calls me. He's like, dude, you got to come out here. So it's all the way in Maricopa. It's an hour from the office. What a tenant did, they were so pissed off at the bank. They actually pulled the toilet from the second story and they turned the spigot on and they just let it run and locked the house and left. And so it was July when we got the house. So for the last three months, in 100 degree weather, the House had been soaked from top to bottom. Black mold floor to ceiling, every inch of the property. And this house just kind of reminds me of it. So just think about all of this is black mold. The ceiling is caved in, the cabinets are falling off the wall. What did Freddie Mac do with that? They actually tore the house all the way down to the studs and sold it as is for like. It actually is a huge regret of mine because I think we sold that house for like $62,000. And it was a 2,500 square foot house with a pool in Maricopa. It's probably worth $500,000 today.