Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 3, 2012 at 4:42am

Lisa,

You should contact Chase and inform them that the property is currently being cared for by the current owner, utilities are being maintained by the current owner, and marketed by the current owner.

 

I also expect what has happened is a BPO / Inspection was performed and the property has been reported as Vacant / with "some risk" of damage.  The lender has the right to protect the security of their loan and that's probably what they are doing.  I also expect Chase will be changing the locks / securing the property (boarding windows if necessary, etc.) very soon.

 

Does the sign on the property provide contact information?  If so, contact them and let them know the property is fully under the control of the current owner.

 

Best of luck,

 

Thom Colby

Broker

Palm Desert / Newport Beach CA

Permalink Reply by SE Davis on January 3, 2012 at 4:52am

Have your borrower/seller immediately write/sign/date a letter to the lender that they have moved out of the house and to disclose their new address and contact info. That the house is currently vacant but NOT abandoned that the utilities are on at 68+ degrees, routine house maintenance is being performed and that both their real estate agents and they are monitoring it from one street away.  

IN ADDITION, you may have your client call their hazard insurance company and ADD non-occupancy and vandalism rider to their policy and for them to pay it monthly. If they pay it annually, they may lose any unearned premium at closing.

then call the lender to confirm their reciept of both of those documents.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 3, 2012 at 5:04am

SEDavis --- Great point - to add to that, the seller might want to add a Home Warranty covering the property while it's for sale - it doesn't get paid until closing and only costs pennies a day while it's listed.  If anything goes wrong (like a heating system, etc.) , it's covered.

Permalink Reply by Victoria Frieberg on January 3, 2012 at 5:04am

in a similar situation, I called the preservation team that left the sticker on my clients door, told them I was the listing agent, gave them sellers number and that we were obviously maintaining home or would not have seen sticker so quickly!  the previous messages were right on also!  the preservation company apologized, said they would not rekey, and to please call them if circumstances changed.  

Permalink Reply by Pamela Ann Zyski on January 3, 2012 at 5:09am

Same here...they said they post it as they are protecting their client's interests & if you call them they will not rekey/winterize the property.  They will keep checking the property & may repost in the future but just call & they will back off.

 

Permalink Reply by Lisa Sarner on January 3, 2012 at 5:15am

Great!  Thank you all for the prompt responses.  I am going to have my clients send Chase a letter and if there is a phone number on the sticker, will call the number and let them know that the house is not abandoned.

Permalink Reply by Ben Racela on January 3, 2012 at 5:18am

Everyone's points are correct.  We also contact the lender and let them know that utilities are being maintained during the listing and there is no need to winterized but it if you need to secure the property please change the locks and give us a key so that the property can continue to be shown.  That has worked for us.