bostonbubble.com

Hank · Joined: 27 Apr 2007 Posts: 37

This happened a few weeks ago and I heard about it last week.

So, my friend is in the market looking to buy a house, and she sees a listing for a property in Revere that is foreclosed.
The story on the property was that a contractor bought it, and did a complete gut, and then walked away.
OK, so you think, how bad can this really be?
Really Bad.
When a contractor walks, it's a teardown. That's just my rule of thumb.

So, I then have to wonder what really went on.
The house was originally built in the 1880s - 90s. So it had, I'll have to assume, heartwood window frames, molding, and hardwood doors. Not to mention the heating system (the cast iron radiators, piping), and other detailing. These have all be stripped.
I think if he could have gotten away with it, the slate roof would have been taken away too.

So, think of like this, the house was just chopped like a stolen car. If the contractor was smart, he would have created a company to buy the house, hired himself as the contractor, gutted the house, have his company declare bankruptcy, and then sell the antique goods for good money.

The house is listed for about $150,000, the property is worth from the last assessment at around $100,000. I doubt the bank will ever see it's money back from that lot.

admin