Photos from Terry Kuehn ~ Self-Directed Roth IRA Associate
War Memorial Park sign at original location prior to relocation due to construction
of additional Narrows Bridge.Located in: Tacoma, WA
Illnesses Afflict Homes With a Criminal Past
http://www.nytimes.com/2009/07/14/us/14meth.html?_r=2&hp
I'd say that this is a pretty important article if picked up by additional news sources:
‘Meth lab home problem’ sickens new owners
http://www.msnbc.msn.com/id/31901354/ns/us_news-the_new_york_times
As a listing agent, how would you involve yourself in a prospective listing of a former meth house?
As a buyer's agent, how would you involve yourself in a prospective purchase of a former meth house?
May I say, that I have had the most unpleasant task of being involved in a drug house listing and sale PLUS having the home involved with a reverse mortgage. What a mess.
A little history: relative was cooking meth in the basement without owner's knowledge; health department got involved and wound up condemning the house; house had to be 'cleaned;' owner was technically no longer living in the home as principal residence; reverse mortgage was called and foreclosure proceedings were begun; 'cleaning' bill was many, many thousands and thousands of dollars; bankruptcy filing came next; time was gained in attempting to sell property; property had a magnificent view; the view sold the property (two years ago); new owner is still messing with the place.....
Needless to say, I disclosed quite properly that the home was a meth house, had county condemnation, that is was subsequently 'cleaned' up and that it was then approved for occupancy.
Caveat emptor?
Call me whatever you'd like, but you won't change my attitude towards reverse mortgages. Every time I see an article regarding them thar things, I stop and read it and what I seem to be reading MORE of is all the caveat emptor stuff rather than whatever good that might come out of one.
Frankly, as I have indicated in the past, I have had only one exposure to a reverse mortgage, but that ONE was enough for me. I can still remember the little ‘ol lady that got burned when she was forced out of her house because of a technicality which, in essence, removed her from having the home as her principal residence. That one little clause messed her up bad......
Here's the headline that grabbed my attention:
"U.S. regulator sounds alarm about reverse mortgages," and here's a quote from the article:
"Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said on Monday."
For those interested in chronology and timetables, something that was recently brought to my attention is this little bit of information:
At five minutes and six seconds after 4 AM on the
8th of July this year, the time and date will be
04:05:06 07/08/09
Thought I'd pass it on.
This will never happen again unless we are able to reverse the concept of back to the future.
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...a staunch advocate of the Self-Directed Roth IRA and its ability to function in an LLC
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