Special offer

You Want Me To Do WHAT???

By
Real Estate Broker/Owner with Killian Properties (Oklahoma & Texas)

I've addressed the issues I have with companies calling and wanting me to jump through hoops and give them a "simple drive by" BPO that is anything but a simple drive by, but just this last week I faced a new issue with a foreclosed property.  I'll try to keep this as brief as possible but keep in mind it spans the course of at least 4 weeks.

I was contacted by a third party business that apparently "handles" foreclosures for financial institutions.  I was told where the property was and that I had to offer "cash for keys" and it had to be done December 31, 2010 at 5 p.m.  Also, the cash I was to give for the keys had to come out of my pocket and they would reimburse me in 45 to 60 days.  Immediately I told them I was not going to hand over $500.00 of my money and wait 45 to 60 days to be reimbursed and I was not going to change my New Year's Eve plans to deal with the situation so they might as well get another agency to handle this transaction. 

A couple of weeks later I get a call and I'm informed "it's a funny story but....." apparently the owners had already vacated before the Dec. 31st deadline and the house was now ready for me to secure the property, provide a BPO and start the marketing process. Well, in that case I decided I'd accept the assignment.

Have you ever seen the show "Hoarders"?  This property was something straight out of that show.  It was nasty and piled high with trash and there was water/mold all over the floor and up the walls.  The stench was horrible and there were two bedrooms I couldn't get past the door because trash and stuff was piled 3 foot high.  Literally.   

I took photos and sent them in and told them what I believed it would cost to "trash out" this property in order for it to be marketable.  The response was "No, we aren't going to do a trash out.  Just sell it as is."  Wait.  What? 

My response was not just "no" but "NO WAY I'M GOING TO PUT MYSELF IN THAT KIND OF LIABLE SITUATION FOR THIS AMOUNT OF COMMISSION!"

I turned the listing back and wished them good luck. 

There comes a time when the money just isn't worth the risks you take.  Just having potential buyers try to walk through that house could be a health hazard and then who is responsible?  Me for taking them there, opening the door and letting them inside?  The "go between" foreclosure company for not authorizing that mess to be cleaned and cleared?  The bank, because they are the owners? 

Doesn't matter to me because I'm not risking my license or my reputation to try to sell something like THIS!!

What do you think?  Would you have taken the listing under those conditions?

Posted by

HAPPY TRAILS, Y'ALL.........

 

 

Susan Emo
Kingston, ON
Kingston and the 1000 Islands Area

Good for you Janie!!!  Sadly though, I'm sure someone else will take it on.   I had buyer clients call last week asking to see a property and for the first time in my career I came across this in the showing instructions:

BUYER AND THEIR AGENT ARE REQUIRED TO SIGN A NO LIABILITY CLAIM FORM PRIOR TO SCHEDULING A SHOWING.

Now just how bad does a property have to be for this to be included?  Needless to say, we passed on it!

Jan 17, 2011 05:15 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Janie,

I've been surprised by some assett managers/lenders in our area. They are cleaning, repairing and repainting to recapture a better sale result.  These are Fannie Mae...

Steve

Jan 17, 2011 05:46 AM
Anonymous
Anonymous

Absolutely disgusting!  You did the right thing.

Jan 17, 2011 11:35 AM
#3
Kylee Hines
Highland Village, TX

That's amazing and yes, I would have done the same thing. 

Jan 18, 2011 02:33 AM