Working on a short sale for a divorced young lady in Pembroke Pines, FL.. Soon after listing the property I placed a regular combo lock box on the property since it was vacant. Soon after I get a call from an agent stating there is no lock box on the property! I then found out that Chase had called my client and told her "we need the lockbox code so we can do a property condition report". Well of course my client gave them the code. Chase then proceeded to throw away my lockbox and change the locks! It took months and months of calling Chase to finally mail me a key so that we could have access to the property.
What's the takeaway? As a distressed seller always refer any questions about accessing the property back to your agent. Since this was the first time this had happened to me it is now knowledge that I pass onto every seller who is short saling a vacant property. Chase's response is that the property was "abandoned" and they were protecting their collateral. My take is they were successful in trying to get away with taking possession of a property they do not own!
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Wow Jeff and Harry I really learned something here. Banks are looking to re-key listed properties and take away lockboxes that are present. Another good reason to always have a spare key! In the South Florida market, keys are "lost" (read taken) all the time.
Steven I HATE It when they throw away my lock boxes. I never put them on the door on a short sale anymore, knock on wood I have only lost 2 supra boxes but a dozen or so combo boxes over the years
Hi Harry,
Well the answer to your questions are the first 3 are yes, the last is no. Chase and GreenTree already gave short sale approvals. The letters expired before it could close and GreenTree has already extended for 30 days. Chase is dragging their feet and still have not extended. They asked my seller for an updated ARASS form and have been dragging their feet with re-issuing the letter. When they do we can close right away.
So yes Harry you are right the property has been vacant for over a year. The couple divorced. Yes, utilities were shut off. Now they are back on. The city just gave the clients a code violation for not cutting the grass and she is now doing so. I'm ready for this one to close already before something else happens!
Hi Harry & Jeff,
Thanks for taking the time to give your feedback. I realize the bank can take steps to secure the property if there are broken windows/doors, however, I was a little surprised they would change the lock and throw away our lockboxes on listed properties. If a borrower is working with the bank to short sale the house, how is that abandonment?
I agree with Harry Clay, the bank still has to follow proper legal procedures to "take the property back" and they have every right to secure the property. My only issue is with the people that change the locks, as a common courtesy they could call us and let us know they are removing our lockboxes so we can get them back.