Short Sales Who Gets the Key or to Re-key??
This RE-Key by banks are getting a lot more common. I think we need to assure the banks that when a home has been vacant by the home owner that a caretaker will be place there to secure and maintain the home. Once re-keyed sometimes it is hard to find the key and it gets expensive to keep re-keying.
So my advise, let the banks know you are securing and maintaining the homes!
Good information!
Earlier this week I was showing a client short sale properties in Surprise listed on Arizona Multiple Listing Service. At a specific property the key in the combination lockbox did not open the front door and there was a new deadbolt lock. I called the listing agent to tell him that the home was obviously re-keyed.
According to the listing agent, banks are re-keying vacant short-sale properties to winterize them. Evidently this is a procedure banks are doing in order to protect the property. Within
a few hours, the listing agent had the locks re-keyed a second time.
The trustee sale on this property is scheduled for February. Although the judicial system has not given the bank the title to the property yet, does the bank have a right to exclude the homeowner from re-entering the property once it is vacated?
Do homeowners relinquish their rights to access their home once it appears vacant and the mortgage is delinquent?
Do agents have a right to change locks on a short sale property that has not yet been foreclosed upon?
What do you leagal eagle agents think about the legality of these practices?
Leolinda Bowers
Associate Broker
Ken Meade Realty
Cell (602) 403-6865
Business (623) 937-5701
http://LEOLINDA.comSun City Grand ~ I live here, I work here, I know this community!
© 2007 Leolinda Bowers
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