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The Lender Has Locked me Out of My Listing !!!

Reblogger Pam Faulkner
Home Stager with Faulkner House Interior Redesign

I just read this post by Realtor Michael Perry that should make stagers sit up and take notice.  If you stage unoccupied rentals, this could possibly happen to you.  It's something to discuss with your attorney and determine how you can protect yourself if you supply furnishings as part of your staging services.

Original content by Michael J. Perry

     I just had to write about a first time experience that happened yesterday. It has been very cold in PA this week ! And a national lender has had a contract vendor scoping out a number of delinquent mortgage accounts to determine if they are still owner occupied. Well my sellers moved out of my listing several months ago and when the bank vendor inspected the property he determined it was abandoned(unoccupied). He went in and winterized the property(thank you), but also changed all of the locks !

     This brings me to my current dilemma. We just had a Short Sale buyer withdraw from a possible sale on this property and I now want to relaunch the listing in the MLS. But I'm locked out ! I immediately informed the sellers that I'm locked out and so are they ! They have authorized me to regain entry for me and for all future MLS activity. My next step is to enlist a locksmith to yet again change the locks so I can regain entry.

     My purpose in writing this is to inquire if any of our AR members have had similar experiences. Additionally I'm very open to any advice you would have for me (in this circumstance). It is crucial for the sellers to end their house problem in a SS as opposed to REO/Foreclosure ! I eagerly await your wisdom !

Michael J. Perry

Keller Williams Realty Lancaster

www.LancasterRealEstateValues.com

1630 Manheim Pike

Lancaster, PA 17601

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David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Pam, I've experienced this in the past and when you are not expecting it, it will come as a shock. You are giving good advice to stagers.

Jan 07, 2012 09:36 AM
Greg Gillespie
GumTree Realty / Genesis Realty Services,Inc - Tupelo, MS
CRS / Broker Owner

That is a first.

I don't think that the bank would have gone thru the expense and spent money on the property unless it has been forclosed on, and the bank has taken it back.


Will be interesting to find out

 

Good luck

Jan 07, 2012 09:36 AM
Pam Faulkner
Faulkner House Interior Redesign - Herndon, VA
Room Transformations Fairfax & Loudoun Counties VA

Thanks, David, we are all in the same boat and I think it only helps the industry to be as informed as possible.

Greg, fortunately this hasn't happened to me or anyone I know-yet.  It was a shock to read about this but in this economic climate there are a lot of strange things happening.  I've been staging for 10 years and this was a new one.  I love AR for the information exchange.  It's been a real education to read what is happening across the country.

Jan 07, 2012 03:00 PM