Reluctant Bidder Snags F. Haven Bargain

by Thomas MacMillan | August 18, 2008 10:50 AM | | Comments (10)

081608_foreclosure-3.jpgLisa Fitch had just won her first foreclosure auction, but she wasn’t feeling totally happy about it. “I hate kicking people out,” she said. “I don’t like that. I don’t like that.”

Fitch was the sole bidder for the Saturday morning foreclosure auction of the property at 360 Front St.. The local real estate developer won the $240,000 house, which is currently occupied, with a bid of $137,000. She plans to renovate it and turn it into a rental, like her six other properties on Front Street.

Fitch was feeling bad, but Anthony Gore, who lives in the house with his parents, was unfazed by the foreclosure. “We’ll find another place to live,” he said matter-of-factly.

Pre-Auction Jitters

Two minutes before the 11 a.m. opening of bids, Fitch was rocking from foot to foot. “I’ve never done anything like this,” she said, laughing anxiously. “I’m very nervous.”

081608_foreclosure-2.jpgAt 11, presiding attorney Gerald Still (at right in picture) opened the auction and asked Fitch if she’d like to bid.

“Um, may I ask what the bank’s bid is?” she replied tentatively.

Still announced that the bank was bidding $136,767.17.

“Do I hear another bid?” he asked, looking at Fitch.

“OK,” Fitch said, biting her lip. She requested a minute to confer with her husband via cellphone walkie-talkie.

“Should I bid under?” she asked her husband, who runs a construction company and works with Fitch in property management.

“You can’t bid under,” interrupted Still, explaining some basic auction theory: The highest bid takes it.

After a short back-and-forth, Fitch’s husband’s voice crackled over the walkie-talkie, “Well, it’s right there. Might as well do it.”

“That’s kind of how I was feeling,” Fitch said. She stepped forward and bid $137,000.

“Do I hear any other offers?” Still asked, looking up and down the empty street. “Going once, going twice, sold!”

Shrugging It Off

As Fitch and Still moved up the street to fill out paperwork on the tailgate of Fitch’s SUV, a young man, Anthony Gore, emerged from the back door of the house.

Asked about the foreclosure, he shrugged and said, “It was gonna happen sometime.”

081608_foreclosure-1.jpg“Basically it started back when my mom was a manager at K-Mart,” Gore said, explaining his family’s path to foreclosure. His mom lost her job at K-Mart and then had trouble finding work. The Gore family fell behind on payments and never caught up. They lived in the house (pictured) for 18 years.

Gore is 20 years old and works at Radio Shack. He said that both his mom and dad are now working. He was confident that they would find another place to live.

“Something will work out,” he said.

Post-Auction Jitters

Finishing up her paperwork nearby, Fitch was still dealing with nerves.

“I feel bad” she said, unhappy that her gain had to come at the Gores’ loss. “This isn’t something that I go around doing,” she added. “I feel bad.”

“Maybe we’ll rent it to them,” Fitch said. “They could contact me. We could work something out.” She didn’t mention trying to contact the Gores herself.

Asked if she’d consider buying more houses through foreclosure auction, Fitch exclaimed, “No!”

“It’s very stressful,” she explained. She said that she had bought 360 Front St. only because it was so close to her other properties.

“I like this neighborhood,” Fitch said. “Little by little you make it better. It has a lot to offer.”

Completing the forms, Fitch and Still shook hands. “That wasn’t so bad, was it?” Still said. “You didn’t need to be nervous! See? I told you!”

“I’m still nervous,” Fitch said, laughing nervously.

Previous Independent coverage of New Haven’s foreclosure crisis:

Well, There’s Always Powerball
Neighbors Retrieve Home From Bank
Somebody Has Plans For Bassett Street
Foreclosed, the Khennavongs Leave the Santanas
Foreclosure Steal May Be Too Good
2nd Foreclosure in 3 Months Dims Bright St.
After Foreclosure, W’ville Owner Still Hopes To Sell
He’s Not Buying, Yet
Quiet Foreclosure on Porter Street
3 Minutes Too Late
Historic Gambardella Property Foreclosed
2 Homes Lost, 1 Gained
“Everybody’s Got To Eat”
More Foreclosures, More Signs
Foreclosure Sale Benefits Archie Moore’s
Rescue Squad Swings Into Action
A Bidder Shows Up
Bank Beats Tanya’s Bid
Westville Auction Draws A Crowd
DeStefano: Foreclosure Plan Ready
Can They Help?
“We Should Over-Regulate These Bastards”
Rosa Hears of Rescues
WPCA Grilled on Foreclosures
WPCA’s Targets Struggle To Dig Out
Sue The Subprimers?
WPCA Hearing Delayed
Megna’s “Blood Boils” at WPCA Tactics
Goldfield Wants WPCA Answers
2 Days, 8 Foreclosure Suits
WPCA Goes On Foreclosure Binge
A Guru Weighs In
WPCA Targets Church
Subprime Mess Targeted
Renters Caught In Foreclosure King’s Fall
She’s One Of 1,150 In The Foreclosure Mill
Foreclosures Threaten Perrotti’s Empire
“I’m Not Going To Lay Down And Let Them Take My House”
Struggling Couple Sues Over “Scam”

The following links are to various materials and brochures designed to help homeowners avoid foreclosure.

How to prepare a complaint to the Department of Banking; Department of Banking Online Assistance Form; Connecticut Department of Banking, Avoiding Foreclosure; FDIC Consumer News; Statewide Legal Services of Connecticut, Inc; Connecticut Bar Association Lawyer Referral Service.

For lawyer referral services in New Haven, call 562-5750 or visit this website. For the Department of Social Services (DSS) Eviction Foreclosure Prevention Program (EFPP), call 211 to see which community-based organization in the state serves your town.

Click here for information on foreclosure prevention efforts from Empower New Haven.







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Comments

Posted by: walt bradley | August 18, 2008 11:02 AM

Do the Fitchs live IN fair haven?
We've got plenty of absentee landlords in this city who care less about the tennants and neighbors and neighborhood then they do that monthly check. Plenty.

Posted by: David Streever | August 18, 2008 11:41 AM

Hi Walt,

it looks like she raised 5k in a fundraiser, representing New Haven:
http://www.northbranfordrelay.org/

Posted by: walt bradley | August 18, 2008 2:44 PM

David, that is good - not really - in any way shape or form - related to my statement - but good, the world needs more good deeds.
My issues is that New Haven, and more so in fair haven, has many many landlords who live in other cities, and only come around to buy the house, maybe show the house and collect their rent. Often these landlords (and i am not suggesting these folks will follow suit) let the house fall into disrepair, don't cut the grass, don't hear the loud tennants at 3am like the neighbors do, and aren't emotionally vested in the neighborhood. Hell the city of new havne owns properties on my street - Central Ave., and those houses, well, suck.
So you see, although Ms. Fitch is good at fundraising, my concern is - Is she good at improving the neighborhoods where she owns property? Does it bother her if a tennant keeps up a working man until sunrise? Is she concerned if a unit has a big garbage pile in the back where rats live, and then go into neighbors yards and basements?
I do not think for a moment this woman is evil or that the bank would care more about the neighborhood, or it's effect on my neighborhood or car taxes (i rent). I'm simply stating that this town has many many land owners who use their new haven properties as income and nothing more. And the neighborhoods with more absentee landlords tend to be not as good (good meaning safe, attractive or in MY opinion livable) as those with landlords who either live on the property (as mine does - love you Drew!) or at least in the same zip code.
But, yes David, i'm glad she was able to raise money, and if she lives in the neighborhood and makes sure her properties contribute to new haven's well being - or does so without living there - then she rocks.
by the way, were you able to find my charitable contributions? i couldn't locate my recipts and needed them for my taxes - if you find them i'd appreciate some info.

Posted by: Fair Haven Res | August 18, 2008 3:15 PM

I think if you'll search the Independent for the term "marina," you'll find that the Fitchs are well invested in the Fair Haven area, not just landlords.

Posted by: cedarhillresident | August 18, 2008 4:07 PM

OMG I know this family!! They are the kindest people. Now I am really sad :(

Posted by: DEZ | August 18, 2008 5:53 PM

I am always suspect and a little worried when one person owns too much of any neighborhood. In Fair Haven, on the waterfront, that suspicion gets cranked 10 fold. Although Lisa Fitch and her husband Bob do not live in Fair Haven, their roots here are deep. Lisa's father, Herman Dostie, did raise the family for many years in the neighborhood. The business he started is still located on Front Street adjacent to their many properties. Although I will always defer to an owner occupied home, The Dostie/Fitch team has done wonders for the properties they own. Not taking the easy way out, they have tastefully renovated many homes and have been great neighbors while doing so. Of course, business is business and the name of the game is to turn a profit. Lisa and her family have been giving back to the community while doing that. I have seen them at many charity fundraisers and they more than do their share. The Gore family who lost their house to foreclosure, were as well, a wonderful neighborhood asset. Hardworking and always willing to lend a hand. I worked with Anthony Sr. in greenspace along Front St. with URI. Our thoughts are with them too as they transition to a new home. They will be missed!

Posted by: David Streever | August 18, 2008 8:05 PM

Hi Walt,

I apologize that I wasn't clear.

I don't know where they live. I found that she represented New Haven in a fund-raiser: this makes me suspect that she does live in New Haven. That's why I posted it, not to say she is a good/bad/neutral person. You know? I'm not trying to comment on any of the issues you raise in your second post.

I share your concern, as well, for the community we all live in. Let's hope that we can continue to attract sustainable development & locals who care about this community.

Posted by: dede | August 19, 2008 8:22 PM

God will guide the Gore family.....be good and good will come amen

Posted by: cedarhillresident | August 20, 2008 10:00 AM

Dede I hope.
One of my sons childhood friends is the gores child. They were always good people. there property cared for. Although this is the fitches gain, lets not forget this is a family that lived here at least a decade and life has ended this being their home. This is sad. At the time that I lived there they were the watchdogs for that end of the street. Good people

Posted by: dede | August 20, 2008 6:26 PM

Cedarhillresident..
I agree i know the mother off the family...and they are good folks....one door closes another opens....the hardship is terible this lady is working two jobs...her husband just got a job....i'm sure the city could have done something....i know the feeling i lost my home to foreclosure also.....

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