A behind-on-mortgage-payments homeowner that tries to sell their own home without a real estate agent (For Sale By Owner). This is a
desperate stall tactic, often the last
one possible, to delay foreclosure while the homeowner finds a new place to
live (
parents, friends, apartment, rental housing, etc). Often the house is abandoned the same
day the "For Sale By Owner" sign is placed in the yard. Observers may also notice the homeowners taking objects that would typically be left behind if they actually intended on honestly selling the home, to include fences; sink fixtures; cabinetry; exterior lighting fixtures; counter tops; and et cetera.
It becomes clear to observers that the homeowners are in no way serious about selling the home, but it is obviously a stall tactic to pilfer and move as much value out of the home before they jingle mail the mortgage company. Another clear sign is that the asking price
set for the house is insane, priced unreasonably high so as to not
even attract potential buyers.
Husband: Look at the Joneses... that is the 3rd sink fixture I've seen them put on the moving truck today, plus they took down the fence and left the fence posts!! I went to "
ABC-fsbo.com" as listed on the sign they put in the front yard this morning and they're asking 20% more than what they paid for the place at the
top of the housing bubble!! They're never going to sell in this real estate market.
Wife: Yep! This has Foreclosure By Owner written
all over it.
