Chase and Property Preservation

A couple of my short sale properties are boarded up and locked.  Chase is demanding that I go cut the locks and replace them with mine. They said even if the city has boarded the properties up, that they (the bank) own the properties and can cut the locks to gain access. BUT they won't send property preservation out to do this, they are demanding that I do it. Anyone have any loopholes I can go through? On another property, they have replaced the lock and lockbox 3 times due to vandalism.

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Replies to This Discussion

Permalink Reply by Alan Remigio on June 16, 2011 at 8:08am

This is tricky, Brenda. If this is a short sale, the seller, not the bank still owns it. I don't know what state or city you are in, but were there notices posted by the city regarding possession, condemnation and/or directions for entry? If not, have a written authorization to enter the property signed by the seller and on your person. You should have legal guidance here. 

It's obvious Chase does not want the liability of cutting the locks placed by the city. Pretty much they will say," you did this on your own". I've taken  seller(s) to a property quite a few times and have them open it for me and  entered it. That's the best course of action. Good luck!

Permalink Reply by John A Brassner on June 16, 2011 at 1:38pm

This is up to the owner (seller) to take care of. I know your seller probably doesn't have any money but if he can't help you get the homes in saleable condition, I think you should be cutting your losses instead of the locks.

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