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Buyers DON'T DO IT!!! A short Sale is not and REO.

By Pam Crawford

Real Estate Agent with RE/MAX Professional Associates

October 28, 2011 01:37 AM

DO NOT ENTER

I got a call from a very freaked out seller last night. Through a series of unfortunate circumstances she has decided to try to sell her house as a short sale. We have been trying for over a year to sell it as a conventional resale, but as market conditions declined, and her private septic failed, she is attempting to sell it short. That is where this story begins.

Last week we dropped the price of this house to be competetive with short sales and REO(Real Estate Owned) properties in the area. I believe many of the consumers are not aware that a short sale is not an REO~or foreclosed house. Many of us know that bank owned properties are not occupied, and so the buyers have felt it is okay for them to not only drive by the properties, but to get out and look in windows, and even in some cases try doors to see if they are open. Some times the buyers are even instructed by their agents to do this, or worse yet given the lock box codes. This is totally unacceptable behavior on both buyer and agents. DO NOT ENTER

However, in many cases, SHORT SALE homes are occupied. Infact some of the incentive programs for the sellers require they stay and maintain the house until closing. A buyer doing a drive by and getting out of their car, walking around the property and peeking in windows is a total invasion of privacy, and trespassing!!!

This happened to my seller yesterday, and her young teenage daughter was home when a lady looked in the windows, and then opened the door. I instructed my seller to call the police the next time!!!

Her daughter was very scared after the incident.

BUYERS DO NOT ENTER ANY PROPERTY WITHOUT PERMISSION!!! AGENTS DO NOT ENCOURAGE YOUR BUYERS TO WALK AROUND THE PROPERTIES WITH OUT PERMISSION!!!

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Thomas McCombs

Century 21 HomeStar - Akron, OH

Giving out a lockbox code to anyone not licensed is a very serious offense in my area of Ohio.

Any Realtor who does this must be reported to the local board.

Oct 28, 2011 01:43 AM

Anonymous

Crystal Pina

A home buyer recently told me a story where he was almost arrested because of this. He thought a property was empty so he and his wife got out of his car to peek in the windows. A teenage girl was inside. She dialed 911. He was put in handcuffs and taken to the police station. They let him go because they believed his story. I'm thinking they only believed him because his wife was with him. This could have turned out very badly for him.

Oct 28, 2011 01:51 AM

Oct 28, 2011 01:52 AM

Pam Crawford

RE/MAX Professional Associates - Auburn, MA

Owner-RE/MAX Prof. Assoc.,MBA, CDPE, CRS, ABR

In our area it is a violation of the Realtor code of ethics as well

Oct 28, 2011 01:59 AM

Jim Gatos

There is NO code to give out if you use the "Supra" lockboxes.. That's what I use. I've had agents call me who tell me they are not part of MLSPin because they use their owner broker's keypad. Immediately I report them to MLSpin, and then sit back and watch as their owner brokers get a stiff $1,000 fine.

Anything to protect my clients.. There are a lot of loon bags out there, and sadly, some of them are "Realtors"...

Oct 28, 2011 02:02 AM

Jim if someone is home and usually feels safe enough to not lock there door when they are home no lock box in the world would keep them from opening the door. The lock box also doesn't keep them from walking around the property and looking in the windows. And by the way, I do use mapass and I do use supra.

Oct 28, 2011 02:13 AM

Carol Babington

Carol Babington Associates - Las Cruces, NM

CRB, CRS, CIPS

Buyers should not be looking at homes on their own. But when they do, they should expend the same courtesy they expect from someone else visiting their home. Agents providing codes are violating their fidiciary duties.

Oct 28, 2011 02:25 AM

Candy Miles-Crocker

Online Real Estate Agent Training - Chevy Chase, DC

Realtor - Real-Life Real Estate Training

Pam, I think it's just rude anyway to walk around a property...you never know who is in the property. I'm sure they wouldn't like it if someone did the same thing to them.

Oct 28, 2011 02:34 AM

Daniel H. Fisher

www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC

MCRP - Charlotte Real Estate, NC or SC

Potential buyers should make appointments if they wish to view a home. We use electronic supra keys and an appointment service to protect our clients selling a home in the Charlotte NC or SC areas.

Oct 28, 2011 04:35 AM

Buyers DON'T DO IT!!! A short Sale is not and REO.

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