10/15/2008- Any copper theft lately with anyones REOs? Copper today is about $2.23 lb, much lower from its high of about $4 several months ago. I have been spared so far with my properties, and wonder about the rest of you for my informal poll.
Nope not lately. Since these thieves and dope heads never bought the copper from the git-go its all profit to them no matter how much the going rate is. I heard these people are stealing copper out of the street lights in Los Angeles and turning it in. In some parts of the Bay Area, the recycle centers are making people show ID and fill out a form with their information before they can turn in copper and aluminum cans. Not only has it been a problem with copper vandalism but there has also been a problem with people going through recycle bins and trash cans on garbage day and leaving a huge mess in front of homes. A/C units seem to be a huge commodity too!
I knew the one REO my client was going to buy was bad when the home had the copper stolen not once but twice and the bank eneded up footing the bill for a 24 hour security guard. At that point I advised my client to back out of the deal. Thank goodness we didnt remove any contingencies.
I had A LOT of fun negotiating the return of her deposit with the bank. I think they rewrote their addendum after I was able to get all of her deposit returned regardless of what their addendum stated.