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.


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!