Replies to This Discussion

Permalink Reply by Steele V. Propp on May 1, 2010 at 3:44am

If an REO property there is insurance. Just notify the asset manager immediately. If owned by a private party there still may be insurance. This is the first thing we check on.

And yes, if something has happened to a property that changes the value, we do a new BPO immediately.

Permalink Reply by Sharon Horne-Ellstrom on May 4, 2010 at 9:24am

I had one property that all the copper pipes and furnace were stolen out of...because the tenant moved out without letting us know. Bank just laughed at me when I asked them about it. The only buyer who offered on it, prior to the sheriff sale needed the repairs to secure financing. I know it's a little mean, but I chuckled a little when the lender took the trashed property back at the sheriff sale and it sold 6 months later for 35000 less than my buyer had offered...Would have been a lot cheaper to get some pipes and a furnace. Go figure.

As Steele says below, you can ask for a new BPO and check to see if the property is insured (it should be, regardless of where it is in the foreclosure process).