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Should I Add Burglar to My Business Card?

Burglar After the crazy loan issue earlier in the week recounted in my post
"The Devil is in the Details" there were high hopes that my second closing for this week, a foreclosure, would make it to the settlement table on time. Despite some last minute concerns about my buyer's loan we were set to go....or were we?

Foreclosures are always full of surprises. Some that you can predict, such as unreleased liens and then there are those issues that you don't quite know how to handle.

In this case it is a broken combo lockbox. Despite both my clients and my attempts we can't get the box to open. My best guess is that either the key or the chain that holds the key is jammed up against the lock mechanism. Alright we will just call the listing agent and schedule a time for them to meet us with a spare key so we can do our walk-through.

I should have known that would be too easy. In the twists and turns of foreclosures there isn't another key to the property. The only keys to the place are in the lockbox. A few accusations are tossed out about who broke the lockbox and that if we want access to the property we need to get a locksmith over to let us in.

Is there a way to begin to explain the concept of ‘breaking and entering'? The buyer is not the legal owner of the property until we go to settlement. We have no authorization from the bank to change the locks and oh by the way the contract does say that we have the right to inspect the property prior to settlement to determine if there has been any damages to the property post contract.
Hacksaw and Lockpick

I'm back to the dog chasing the tail again. I'm more than willing to pay to have a locksmith come over to unlock the door but I can't do that. As much as solitary confinement might be a welcome relief right now, jail it isn't where I would prefer to spend my weekend. So if you have a spare lock pick kit and a hacksaw just send them my way. Apparently I need to add them to my foreclosure toolkit.

Can't wait to see what I run into next week!

Posted by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services on 05/01/2008 06:06 PM

Comments (31)

foreclosures, northern virginia foreclosures, prince william county foreclosures, fairfax county foreclosures

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31 Comments on Should I Add Burglar to My Business Card?

MAY

2008

I think I will send you a very large sledge hammer - those lock boxes are no match for those - I speak from experiance :)

That must have been a fun situation. Did you ever get access to the property?

Jo-Thought about a hammer but can't afford a new door.

Shuan-we are still working on access. We are on round 27 of who is supposed to get the door open.

My hubby is my burgular. His handy battery operated saw does the job in just minutes. He actually averages about 4 a month. When the bank orders the locks changed.....he's the first on my list! However, I've never had to use his expertise to unlock other agents listings!

MAY

2008

Cindy, a large rock through the back window always seems to work for me. Once I'm in, I just unlock the front door and invite my buyers inside.

Brian-funny! I used to have to break into my own house when I was a kid and forgot my key. I was very competent at breaking the pane of one of the lower level windows and getting in. The thought crossed my mind do that here but....it is a third floor condo:-)

Kay-I may be using my rotozip to try and cut the lockbox off the door. The agent has suggested that we just delay settlement until the bank gives her the okay to spend money to get the door re-keyed. I won't tell you my (in my head) response to that suggestion. We have already delayed settlement because the bank hasn't released the liens on the property yet.

You can buy pick kits at www.bargainlocks.com. It is pretty easy to learn.....or so I hear.

I once locked myself out of my apartment and ended up shoving my fiance through a window in my living room that was about 9 feet off the ground...As we were entering, a patrol cop came over and said that someone had called it in as a burglary. That was a fun day...lol

It is alway good to have a spare key back in the listing office on all properties, as this sort of thing does happen. I have had the exact thing happen when using a dial combo lockbox. Once the combination is dialed, then take a screw driver, and pry off the lid or cover of the box. It worked for me.

Rich-is this a don't ask don't tell story? I'm not sure I'm ready to start picking locks on listings yet. At least this one is "secure". I went to two listings yesterday where the combo lockboxes were wide open with the keys exposed for anyone who opened the door.

Clint-wish I had the option with this property to go in a window. Perhaps I could scale down from the roof like they do in the James Bond movies. It is a third floor condo.

Mary-I always have a backup key for my listings. Apparently the agent doesn't have another key. It is a dial lockbox and I refuse to break the box open since it isn't my listing or my lockbox.

Cindy, a colleague and I got stopped crawling through the window of one of her new listings - she left the key at the office. Of course, Officer Friendly pulled up and we had a bit of explaining to do.

If the bank is a MAJOR bank-- there are 2 keys that are typically used. If you email me and tell me the bank -- I might be able to help.

If not-- the listing agent can usually authorize a rekey to the property. If common sense ins an indicator-- the bank will be EXTREMELY upset at the agent if he let that small issue delay closing. So let the Listing Agent either rekey the property-- or break open their lockbox.

-Jason

My husband gets to do the initial break-in for all of our office foreclosures. He is the only realtor I know with some pretty interesting hand tools in the drawer of his filing cabinet!

MAY

2008

Unfortunately, foreclosures are not that easy to complete - something usually pops up and this is the perfect example -

It is a slippery slope my friend! Things don't always work like they should.

MAY

2008

Ah, yes, my "burgler kit" contains an 18v cordless drill, titanium drill bits, locks, deadbolts, a hammer, screw driver, lock boxes and much more. It is even in an attractive tool bag! Although my largest client has a national property preservation do re-keys for them, I have to do them myself for a few of my clients. If my car was ever stopped and searched (unlikely), I'd probably have to explain why I have all of the tools to break into houses in my car. Luckily, I always have my business cards on me. Hey, at least you only had to deal with a non-functioning lockbox and not with one that keeps getting stolen because another agent wants to keep prospective buyers out of the house.

The funny thing about my stolen lockboxes is that I never end up getting an offer from one of the few agents that must have stolen it. Go figure.

If I understand your post correctly, it sounds like the listing agent gave you authorization to rekey ao I don't think jail time is a serious consideration.

I don't know what rekeys cost in your area. I can get a basic one done here for $50.

If this was going to jeopardize the closing, I think I would 1) remind the listing agent that if my buyer walked she would have to rekey anyway so why doesn't she just go ahead and do it now. When that didn't work I'd try 2) taking her up on her offer to have me rekey the property and suggest that we split the cost. When she refused to do that I'd 3) Go ahead and have it rekeyed. Eat the $50 and get the deal closed.

Good luck!

if it's a condo and being sold "as-is" anyway, why not just go ahead and submit a walk-thru report stating access to property not available, schedule closing and then let the attorney/bank deal with it? In our area, a walk-thru can survive closing.

MAY

2008

Jesse-they steal the lockbox to keep someone out of the property? Seems like something that should be reported to their broker and then your local board.

Frank-it was the principal of the issue that was the problem. The agent said she didn't have authorization to have the property re-keyed yet she told me I could. As the representative for the bank if she didn't have the authorization to have the property re-keyed then I didn't either. The deal did close but it turned ugly before it was over :-(

Tina-we eventually got access to the unit prior to closing. It wasn't pretty at all as there was a part II to the story. In the end the buyer got their property and that is all that counts.

Sounds like the listing agent was treading on dangerous territory, Cindy.

Telling you that you can go ahead and rekey but she doesn't have the bank's authorization seems a lot like telling a buyer "No, I'm not authorized by the bank to give you the combination to the lock box but it is SPI".

Combo lockboxes are such a joke. On many of them you can just look at them and know the combo is xxx as they have been around since the dark ages.

JUN

2008

Cindy, do a google search for bump key and read the info, This will blow your mind.

JUN

2008

Cindy, Years ago, before I was a Realtor, a friend of mine was house hunting and he would take me and my son along so I could evaluate the properties. There was this tiny waterfront cottage he wanted very much to see. The listing agent met us there. The key to the door did not work. The house was vacant. We walked all around the house to find somplace we might be able to enter. There was a tiny window that was unlatched. We lifted my 6 year old son up to the window because he was small enough to crawl through the window. He crawled into the house, jumped to the floor and walked around to the front door and let us all in the houset. My friend eventually bought the house.

Sometimes we just have to be inventive!! ;)

JUL

Cindy - Makes me wonder what is going to happen in my closings this week and next because they are with banks. There seem to always be new surprises these days.

Breaking into REOs with no keys is not a fun thing to do. Fortunately there is an open window or door somewhere, usually.

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