When a property is bank-owned, most likely than not, the house is winterized. If it is a HUD property and broken or frozen pipes are noted on the Property Condition Report (PCR), the buyer can't get a mortgage unless he gets approved for a 203K loan because the water will not be turned on.
Some banks are very good at getting the property dewinterized for home inspection. But one should never assume that it will be ready for inspection even if you get confirmation that the water had already been activated. As a good practice, in general, don't make any assumption at all.
Having a very responsive and nice REO agent to work with makes the whole dynamics of the transaction less stressful. Hence, bestowing him the respect of another agent is in order, so far.
We were supposed to get a home inspection tomorrow for a Fannie Mae-owned home. I was already informed by the listing agent he got a notification from the property manager that the property was already dewinterized and the water was turned on.
Even though I was given this confirmation, I told the listing agent on Saturday that I would go to the property to check. I would like to be sure because if the water is not on, then the plumbing and mechanical can't be tested. This means that my buyer will pay the whole cost of home inspection without getting the benefit of obtaining a complete report.
To make the long story short, the water was not on. The listing agent got a phone call from me right away last Saturday morning. Being one of the most responsive agents, he picked up the call. He said that he would follow up with the supervisor on that same day. Then on a hurried tone, he told me he had to go because there was an urgent personal matter he had to attend to.
Today , at 9AM sharp, before I followed up with the agent, I called the home inspection company to cancel my buyer's appointment. Otherwise, she will be charged a cancellation fee as the home inspection is scheduled for 9:30 AM the next day.
When I spoke to the listing agent today, he said in a very somber voice that he found out that the water was shut off by the town. He was not too happy with the property management because had he known this last week, he could have called the town and made an arrangement.
He apologized but then I sensed that something was bothering him. I did not want to intrude but I asked anyway.
I learned that on that same day, Saturday, in the midst of our conversation, he was preparing to take his father to the hospital. His father died on that day due to heart attack.
Losing a loved one is heartbreaking. There are no words in this world that can possibly describe the pain and sorrow.
So I offered to call the town and order the reactivation. He knew that there must be an outstanding balance on the account. He told me to just have the town mail the bill to his office. Then his company will pay it off.
I found out that there was a balance of $24.28. I told him that instead of having the town's water department send the bill, I will pay it off and then his company can just reimburse me. It was too little of an amount to be concerned about. This way, the activation can be expedited.
It was paid off and I am meeting the town's employee to let them in tomorrow. Why bother the agent with this simple task? He has so much to cope with.
Would I willfully extend this extra effort to get things done if the listing agent has not been superbly professional in dealing with another agent?
Respect and professionalism... these two attributes can beget the same attributes from your peers. Let us be nice and work together.
These are the ultimate keys to successful results.
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