Short Sales| “abandoned” properties only because they are not occupied?
St Petersburg Short Sales, who determines that a property is abandoned? We got so mad the other day. We had a Short Sale listing in St Petersburg with the lender being Bank of America.
After years of doing Short Sales here in St Petersburg we have to say that Bank of America is usually the slowest lender to complete a Short Sale process.
We were very happy to see that this particular file was moving along nicely and faster than we thought. The Short Sale seller was also very cooperative in producing all necessary paperwork and it looked like this one was a walk in the park.
We keep telling our Short Sale buyers and seller that it is not “sold” until the actual closing date and to not get to excited just because we are making good progress. There are all kinds of last minute things that can happen in a Short Sale situation and it is not closed till we all sign the HUD 1.
Well in this particular case we must have forgotten our own good advice. We were really excited how smooth and fast everything was going until we got a phone call from the buyer’s agent 3 days before closing, telling us there is a note on the door saying “That XYZ property management company working on behalf on Bank of America has determined that the property is vacant and abandoned and therefore the locks will be changed within 3 days of this notice” Unbelievable!!!
Yes, the property was vacant since it was supposed to close 3 days later BUT the property was not abandoned. The grass was cut; the property looked great, there was a real estate sign in front of the house and our realtor lockbox on the door.
How on earth can you come to the conclusion that the house is abandoned??? We do not know how many calls we made to Bank of America but as always, nobody was in charge, it was out of their hands etc. We placed a not so friendly phone call to the property management company XYZ and were told that they have instruction from the Bank and they will change the locks but it would not be a big deal, they could send the keys to the buyer a few days after we prove that this Short Sale was actually closed.
No Big deal? When the buyer shows up with a moving truck full of furniture and wants to move in the day of closing? Long story short, we went to the property and replaced their note saying “Don’t you dare change the locks, we are closing on Friday and if the closing falls apart because the buyer can’t do a walk thru YOU will be held responsible” Well, guess this helped. We checked the locks everyday till we closed and it was ok. Things like this just do not show up in a Realtors job description.
St Petersburg Short Sales| “abandoned” properties only because they are not occupied?