Getting down to the final stretch in a short sale means the beginning of escrow. Sure, escrow was opened who knows how many weeks or months ago when the buyer deposited earnest money funds, but during the initial stages, mostly the buyer is waiting for short sale approval from the bank. As a Sacramento short sale agent, I do twice the work as a regular real estate agent because of all the upfront negotiating with the bank, document collection from the seller, multiple BPO visits and sometimes having to replace buyers who keel over in the middle of the road along the way.
For that reason, it's generally delightful news when the buyer's appraiser calls to gain access for the appraisal. It means we're almost to the finish line.
An appraiser called to make arrangements to gain access to a home in Sacramento on Wednesday. No problem, it's now vacant with a lockbox. He trucked on over and couldn't find the lockbox. He called back on Thursday, asking where else I would have put the lockbox. Now, I am absolutely positive that the home has a lockbox. I suggested he look in the usual spots. Shoot -- how am I supposed to recall when I manage in inventory more than 30 short sale listings at any given time, and I had listed this Bank of America short sale last August (pre-Equator.com days)?
Think. Think. OK, I conjured up an image of me standing in the kitchen, talking to the tenant, removing the bottom of the lockbox and testing the key in the door. Plus, I verified that the lockbox number had been recorded and attached to this listing in MLS. I know I put a lockbox on that home.
Well, the buyer's agent had shown the home several times before writing an offer. Maybe she recalls where that lockbox is hidden? That idea led to a dead end. The agent said the tenant was always home and had let her in.
I tracked down the tenant who had since moved out. Oh, she forgot to tell me. The lockbox was on the front door, but the front door had been broken for some reason (man, I hope nobody kicked it in . . . like the police) so her husband had replaced the door. Well, criminy. The tenant returned the new key and the lockbox in time for the appraiser to finish his job.
The lesson learned here is next time an appraiser can't find the lockbox, I'll ask if the door looks new.
Photo: Big Stock Photo
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