Heat/AC unit added two months before sheriff sale - what is going on?
I have a short sale with BOA which is an FHA loan. When I took the listing the property did not have a furnace or AC unit. It has been a maddening experience.
Having said that. The property is slated for sheriff sale at the end of July. I am continuing to actively market it. Tonight I received a phone call from an agent who showed the property. He told me there was now a furnace and an exterior AC unit installed at the property. I had received a phone call from an appraiser last week inquiring about the utilities and informing me that since it was FHA they would need to be turned on. I said that would not be happening and asked, "Are they were preparing for the sheriff's sale." He replied, "Yes."
The sale is still two months away. Have any of you had similar experiences? I do not understand why they are doing this at this point in time.
Cal
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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That's incorrect that the utilities need to be on. He is doing an FHA As-is Appraisal.
"whether the utilities were on or off at the time of
the appraisal. If off, condition the appraisal on a satisfactory re-inspection
that the utility that was off at the time of the appraisal does not require
alteration, repair or further inspection."http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/41502...
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Permalink Reply by joe beauchamp on
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You have 2 separate things: FHA requires utilities to be on (and maintenance is being done) or they will not allow a short sale. The bank will need to ask for a variance if the utilities are not on. Yes, it sure does seem dumb in cases like this, abandoned places when you have a ready buyer, estates with no money, etc., but that is one of their rules. The second thing about the AC/furnace has nothing to do with the bank - they won't lift a finger to make repairs, let alone add AC, etc. Your agent either looked at the wrong place or someone got the wrong address and installed these or your seller installed these for no good reason. The bank would not do that.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Property Preservation installed it most likely.
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Permalink Reply by Ann Howard on
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I sold two short sales without utilities on, the Seller could not afford to keep the utilities on and had abandon the home. We had the Buyers pay to put the utilities on for their inspections. Very strange that the bank would put a furnace and A/C in when they did not own the property, never heard of that and since they don't own it yet seems odd. I did have a company come to one of my listings that was hired by the bank to do an assessment and they changed the locks on the property (gave me a key) They were taking notes on what needed to be done like the home was already foreclosed on, they mowed the lawn and did some clean up. Are you sure that the agent went to the right property, have you checked it out yourself?...I would be calling B of A about it after confirming the situation.
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Permalink Reply by Wendy Martin on
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Cal, I am SO not surprised. I have an FHA /BofA listing, prop preservation company is Safeguard. They have changed the locks 4 times and never send me a key even though they have auth to do so from BofA. I finally had to change the locks and put my lockbox back on....the next week they threw it in the backyard and changed the locks again. All while the home is listed with an offer submitted.
And...they trashed the house.
I am not taking on any more BofA/FHA. So not worth the nightmare.
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