Let’s play a game: Where Did the Money Go?
Phoenix home that was purchased for $82,000 in 1997. They refinanced for $244,000 in November 2005 (when home values were artificially high). It went to foreclosure in 2012. An investor just bought it for $96,000. So did the sellers get a cash-out mortgage in 2005? Where did the money go? Did they remodel the house? Let’s see.
Not even one penny was spent on cleaning products or hand soap.
Did they spend the money to remodel the kitchen?
New flooring and new window curtains? Anything?
The laundry room. Check out the dryer vent tubing.
It goes all the way over here and then up. Clever.