An industry service from the Real Estate CyberSpace Society!
Last May, 2011 Sellers had their houses listed for sale with several pending offers for a short sale consideration by the bank. The bank told the Sellers to price it at 83K then the offers came pouring in and the bank tells the Sellers to counter all offers at 87,5K which upset some of the buyers. One buyer agreed to the terms, Seller and Buyer believe they are under contract. The bank then calls the Sellers and says you are now in foreclosure and we have re-keyed your property. The Buyers end up not qualifying, Sellers are distraught and give up on the property. In the meantime, the Bank contacts the Seller's Broker and informs the Broker that they have re-keyed of the property as well and Broker can get lock boxes from the property. Well needless to say, the boxes were not there.
Dec. 29, 2011 the Bank contacts the Sellers stating they did not foreclose and they should get insurance on the property and try to sell it again. (The bank said they did not preserve the property, however, they did send the Sellers two bright new shiny keys within a couple days). The Sellers contact their Broker to meet at the property to take photos of the Bank Preservation, proof to show the bank that they had locked the Sellers out of the property and to make sure they were not looking at any possible winterization issues.
What they found was a house that had been rekeyed, boarded up broken windows, major damaged to the interior, destroyed walls, graffiti, garbage etc. from obvious gang related activity. Their Broker advises them to call the police and report this. When the police arrive, the officer tells the Seller that this was reported back in October by the Bank Preservation Company when they were there to winterize the property, also they removed a motorcycle, and the officer told the Property Owner maybe he could get a copy of the report from the police dept. even though it is not public record.
All I can say is WOW! Who does this? With over 10K in damage, unmarketable property, no insurance... Mr. Owner: Call your Attorney!