Foreclosure for the house that Extreme Makeover built
So the reality TV team has been in, built you a new house, decorated it, paid off your mortgage and handed you the keys. Surely your life is sorted? No mortgage, no worries.
But in Atlanta, Georgia, the Harper family may have taken their house makeover a teeny-weeny bit for granted. Three years ago, ABC’s ‘Extreme Makeover’ show enlisted 1,800 volunteers to tear down their old pad, get rid of their overflowing septic tank, and build a four-bedroom ’starter castle’ in its place. It was topped off with $250,000 in contributions for the family, including scholarships for their three children and a home maintenance fund, according to Associated Press. They even got a turret for god’s sake.
Reality bites
But clearly a turret is not as important as common sense. The Harpers decided to use their new home as collateral on a $450,000 loan, apparently for a now-failed construction company, and fell behind on payments. Their mini-mansion has now joined thousands of homes across the US and is in foreclosure. It will be auctioned off next week on the Clayton County Court steps. Gutted, but seriously, how many chances do they want?
Don’t take decorative rock for granted
The buyer who snaps up this property will be getting the aforementioned turret, decorative rock walls, a three-car garage, a lobby with four fireplaces, a solarium, a music room and a plush new office. Who wouldn’t want a foreclosed bargain with stylish decorative rock walls no less?
Sounds great for the lucky property investor who gets the keys, but what’s the moral of this story for the Harpers? Don’t look a home makeover horse in the mouth.
Technorati Tags: real estate, real estate investing, property, property investment
