Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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Banks will RE-Key your Short Sale without notice

Just a bit of a rant about things that can happen when you work with short sales.....

Now, I have heard this from other agents that this is happening, but had never had it happen to one of my listings,,,,,until now.

You won't get a notice from the bank, the foreclosure dept, property preservation company, nothing. Which is interesting because this is one of the banks that typically has great communitcation.

Tthere is not foreclosure sale date on the property, and you can have it in an active short sale offer mode and it can still happen.  Yes, it is in foreclosure process, but still no sale date.

The property is vacant and has been since I took the listing and the bank was well aware of it too.

I guess this is an indication that maybe they aren't that willing to do a short sale afterall.

According to the bank they feel it is no big deal and they have the right and I should be getting a call from the property preservation company and we will be able to have access. 

Will be interesting to see what happens

 

 

Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

s.0065708

 
 
 
 
                  

 

 

 

 

 

 

 

 

  

 

   

 

 

 

 

 

 

 

Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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HOMESMART ENCORE Las Vegas Dawn Barrier

(702) 812-4550

s.0065708

Comments

Hi, Dawn, I've had that happen to me.  The lender does have a right to secure the property if they discover it is vacant.  As long as you have a sign on the property and a lockbox, they will not break locks.  When it happened to one of mine the property did not have a sign due to the sellers' wishes.  We were able to short sale the property, so I shouldn't think it will be an issue for you, as long as you have a rock solid offer from a qualified buyer.  Best of luck,

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) about 10 years ago

I have seen it happen too - I think the bank is afraid the Seller will strip the property and sell everything on Ebay.

Posted by Laurie C. Bailey-Gates, ABR, SFR (Robert Paul Properties) about 10 years ago

Wow!  I can see their point.  Lock out before the place gets stripped.  But, I wonder if the tenants/owners/whoever, gets any sort of notice.  Sure, I know they are behind, but if they are trying to affect a short sale, they should be told something.

Posted by Jean Hanley, Specializing in Folks Who Want To Buy/Sell Homes (Coldwell Banker Kivett Teeters) about 10 years ago

Pam, no sign on property, but they knew from when I first took the listing and the hardship letter states it too.

I'm just waiting to hear about new key and access.

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) about 10 years ago

Laurie, Funny, sad and so true that could happen, but not in this case.  The seller is so hoping to avoid foreclosure and has even kept the utilities on for showings and inspection purposes.

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) about 10 years ago

I had this happen but the guy who changed the lock actually called and told me!

Posted by LaNita Cates (REMAX of Joliet) about 10 years ago

Jean, no notice to seller either.  That was my problem with it.  Why not make a call....they have my info when they pulled it up in the mls before they went out there.

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) about 10 years ago

LaNita,

So did you have access after it was changed, did they put another lockbox on it so you could still proceed with the short sale?

 

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) about 10 years ago

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