I had a Townhome in Kennesaw, Georgia that I had started marketing as a Short Sale. My clients were a nice family that had moved up into their dream home a few years ago. They decided to rent the townhome. Meanwhile, the townhome community fell into a lot of foreclosures and the value of the townhomes dropped about 60,000. The renters decided to move out because of the up keeping of the community. It turned into a situation where this hard working family could not afford to keep this townhome and it would not sell for what was owed on the loan. We had the home on the market to see if they were a chance of selling for a full payoff. The home owners decided to drop the price of the townhome and try to approach the bank with a reduction payoff (short sale). We were in process of hopefully getting an offer but with the home being empty the owners did not pay the mortgage one month (30 days) and the bank changed the locks on the door before we had that chance of getting an offer on the home. Well when the bank changed the lock on the door they also removed my supra lockbox. Since my lockbox was hanging on the access (door knob) to the home the bank had legal right to remove my lockbox. My advice to you is: do not hang our lockbox on your short sale listings.
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