The Key ain’t Working on Your Vacant Short Sale?

We get a lot of complaints from frustrated buyers and sellers on how banks work with short sales. Here’s one example…

We submitted an offer on this short sale listing in Everett back in October. After some negotiations, the bank agreed to our offer. Their short sale department sent the necessary paperwork and required that we close by February 11.

There was less than a months of time given, so the buyers immediately started working on their inspections and financing. I proudly put up my “SOLD” sign and was helping buyers to move along.

Last Tuesday we had the home appraisal scheduled. The appraiser called me and told me that he would use the lockbox. Guess what?

When the appraiser got to the home on Tuesday, there were no lockbox! How come? I was there just a few days earlier and everything was OK!

It turns out that while one department was negotiating the short sale of the home, the other one initiated the process of foreclosure.  They’ve just sent the paperwork to the trustee, and the foreclosure sale was scheduled to happen some time in April. However, the sent someone to check on the property.

Since the home was vacant, they’ve decided to “secure” it.  They’ve removed the realtor’s lockbox and replaced the lock. Neither the fact that it was an already approved shortsale, nor my “SOLD” sign helped…

Oh, and  by the way, nobody bothered to call me or the listing agent (our numbers were right there on the signs). So the appraiser’s call about the missing lockbox was a bit of surprise… and the appraisal on the home had to be rescheduled.

We’ll try to make it by the 11th, though.

P.S. This is not an isolated insident, so if you have a vacant short sale listing or submitted an offer on one, watch for that key (or keep a spare key to the backdoor/garage :) )

Latest Everett Listings from the MLS:

Showing properties 1 - 2 of 107. See more city of Everett real estate.
(all data current as of 5/20/2012)

1. $290,000 : 4702 113th Place SE, Everett
   
   4 beds, 2 full, 1 part baths

   Home size: 2,237 sq ft

   Lot size: 7,263 sqft

   Year built: 2000

   Parking spots: 3

   Days on market: 1
   
2. $249,900 : 13022 23rd Ave SE, Everett
   
   4 beds, 2 full, 1 part baths

   Home size: 2,228 sq ft

   Year built: 2000

   Parking spots: 2

   Days on market: 3
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.