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The Case of the Missing Lockbox on This Short Sale Has Finally Been Solved

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

sacramento short sale lockbox puzzleGetting 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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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (7)

Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Oh no.  These are the important things they don't teach you in real estate class.  I didn't see this question on the CA real estate exam, did you?

Apr 16, 2010 01:24 AM
Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner

That's  a funny story. Frustrating for you I know, but in the end you just have to laugh about it.

Apr 16, 2010 01:29 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I could see how that could happen. Long, long time frames and multiple listings. I would not have expected that the seller would have removed it, but "it's always something; if it is not one thing it's another."

Apr 16, 2010 04:59 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Awesome that you could actually reach the tenant and she returned those things.  I recently had a "stuck" lockbox.  The shackle would not release (the home had been on the market for a LONG time).  A quick call to supra and they told me to turn it upside down and tap on it with a rubber hammer.  Worked like magic and then the thing released with the code.  The supra tech told me the weight of the lockbox can freeze the pin in place when it's been hanging on a door for a long time.  Another agent had recently NOT called supra and just cut the lockbox off with bolt cutters.  Since they cost $80, that did not seem like the best course of action to me.

Apr 16, 2010 06:58 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hi Cynthia: Well, in all my years, I've never had a seller replace a door that had a lockbox attached to it.

Hi Bill: I posted this because it was funny. If we can't find humor throughout our days in real estate, it hardly makes being in the profession worth it.

Hi Melissa: I had actually been wondering if I had attached it to a gate or fence that had been removed.

Hi Tammy: What I want to know is where in the world are you buying your SUPRA lockboxes? They cost about $100 each in California! Sometimes they sell refurbished lockboxes at 50% off, and I go crazy with those sales prices. Maybe they figure California agents will pay more for a lockbox than Georgia agents. Maybe it's our outrageous sales tax. I dunno.

sacramento short sale agent

Apr 16, 2010 07:16 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Elizabeth - I hate to tell you this because it may be depressing!  But these memory problems don't get better with age. . .LOL  To your credit however, this incident wasn't entirely the fault of your memory!  Darned tenants:-)

Apr 16, 2010 02:24 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Elizabeth,
hahaha ! you are always funny with your comments and some of your blogs ! but that is true ! what a story. Thanks for sharing it!

 

Apr 16, 2010 04:51 PM