By Todd Clark (Broker/Sales Coach) 503-524-9494
I've had this home listed for over a year now, we have had 8 really good offers and one that was even cash and wanted to close in 5 days, but the bank decided they wanted to think about it. Everyone of those buyers walked, but not this last one, he stuck it out for over 4 months. But, the bank once again took their sweet time.
This home had a renter that really made it difficult to show and I would say we lost at least 100 showings because of the renter not letting agents in. But, this buyer stuck it out and after two weeks of trying finally got in and loved the home, offered full price with no closing costs. (It has been long enough that I'm not even sure the home will appraise anymore.)
Well last week the renter moved out and surprise, surprise they stole all the appliances and we now can't find them. (But this is the least of our problems) This last week it has been anywhere between 9 degrees and 31 degrees and yesterday was the first day it got above freezing. Well, the renter was nice enough when they left they took all the appliances and didn't turn off the water.
So, when I went to do my weekly check on the home because the owner lives in another state, I found about 2,000 gallons of water falling from the ceiling, water flowing out of the siding all the way around the house and the electricity shorted out by the high amounts of water flowing over it. Why, because the mail water line going down the middle of the house between floors one and two had froze and burst when it thawed. It seems the renters when they moved out didn't leave the heat on or turn off the water and when the rental management company did their check, they didn't bother to check the appliances or anything else.
So, now the bank instead of getting $290,000 in a short sale, they will be getting a $150,000 in a foreclosure. I'm hoping the owner has insurance, but from the sounds of things, that may not be the case. Right now I'm not sure I would want to be the rental management company either since they clearly didn't do a final walk through or the appliances would still be there.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
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©2009 Todd Clark - Originally posted at When the banks take forever on offers who really loses? This time it will be the bank!