I was lucky enough to get two great listing assignments this week from one of my best clients. This client is a bank, with a steady supply of REO / foreclosures in the Clark County, WA area. The majority of their assets were once owned by another bank, and have sat empty for a long time.... some as long as 2 years! Upon checking occupancy, I was pleasantly surprised to pull up to this lovely custom home in the Hazel Dell neighborhood of Vancouver, WA.
When I opened the door I was shocked! The inside is destroyed by mold and water damage. All of which could have been avoided in one phone call by the homeowner to the bank that goes like this:
"Hello Bank. My name is Mr. Brown and my property located at 123 NE Fir Street in Vancouver, WA is nearing foreclosure. My family plans on moving out this weekend and having the utilities turned off. Because it gets very cold here in the winter months, you may want to consider taking having the house winterized to avoid the pipes freezing and causing damage to the property. Goodbye."
Guess what? They usually do! I call the bank of record on all my short sale listings in October/November and ask... they happily oblige by asking for the seller's permission, and sending a crew out to complete the process ASAP. It's also the first thing the bank does once the acquire a property through foreclosure. Winterizing is a simple, $100 to $200 dollar process, that involves removing the water from the plumbing lines and replacing with anti-freeze. By doing so, the bank avoids getting an REO that looks like this...
This home incurred such extensive damage (estimated at over 40k to repair), the market value is half what it normally would be. So not only does the home you once loved suffer, but your neighbors value declines terribly due to the low price, and in some states your insurance policy may be held responsible for the damage... resulting in possible termination of your insurance.
And my other listing? SAME ISSUE, but caught early! When the water was turned on at the street, it came pouring out of the ceiling and on to the hardwood floors, spewing from BOTH water heaters and all over the garage. Luckily, I have the foresight to have a plumber with me every time on homes that have been empty during a winter season. It had been winterized by the bank during the short sale process, but after a 2 week long snow storm.... it was 2 weeks too late and still a few thousand dollars to correct.
So no matter how mad you are at the bank, or how anxious you are to get out of your home in foreclosure or short sale, do the responsible thing and make that phone call. At least you can say you tried?
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