When the banks take forever on offers who really loses? This time it will be the bank!

By
Real Estate Agent with Keller Williams Realty

By Todd Clark (Broker/Sales Coach) 503-524-9494

rainingI've had this home listed for over a year now, we have had 8 really good offers and one that was even cash and wanted to close in 5 days, but the bank decided they wanted to think about it. Everyone of those buyers walked, but not this last one, he stuck it out for over 4 months. But, the bank once again took their sweet time.

This home had a renter that really made it difficult to show and I would say we lost at least 100 showings because of the renter not letting agents in. But, this buyer stuck it out and after two weeks of trying finally got in and loved the home, offered full price with no closing costs. (It has been long enough that I'm not even sure the home will appraise anymore.)

Well last week the renter moved out and surprise, surprise they stole all the appliances and we now can't find them. (But this is the least of our problems) This last week it has been anywhere between 9 degrees and 31 degrees and yesterday was the first day it got above freezing. Well, the renter was nice enough when they left they took all the appliances and didn't turn off the water.

So, when I went to do my weekly check on the home because the owner lives in another state, I found about 2,000 gallons of water falling from the ceiling, water flowing out of the siding all the way around the house and the electricity shorted out by the high amounts of water flowing over it. Why, because the mail water line going down the middle of the house between floors one and two had froze and burst when it thawed. It seems the renters when they moved out didn't leave the heat on or turn off the water and when the rental management company did their check, they didn't bother to check the appliances or anything else.

So, now the bank instead of getting $290,000 in a short sale, they will be getting a $150,000 in a foreclosure. I'm hoping the owner has insurance, but from the sounds of things, that may not be the case. Right now I'm not sure I would want to be the rental management company either since they clearly didn't do a final walk through or the appliances would still be there.



Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

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©2009 Todd Clark - Originally posted at When the banks take forever on offers who really loses? This time it will be the bank!

Posted by


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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Topic:
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Tags:
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Comments 15 New Comment

Anonymous #14
Anonymous
Anonymous

Todd,

I'm sweating a final walk through over this concern - and no bank is involved. My fear is we'll find damage from freezing. Seller's side has not eased our concerns one iota on winterization or heating...

December 15, 2009 07:04 AM
Rainmaker
86,966
ERIC TRAUTMANN
Weichert Realtors

I love when landlords are absentee ones it makes my job so much harder. this is commonplace for me. I have had renters take doors and even floors up!

December 15, 2009 12:50 PM
Rainmaker
383,895
John Walters
Licensed in Louisiana
Frank Rubi Real Estate

Todd easy to see who lost in this one.  I guess it was in the hands of lawyers who were charging by the hour to look at the offer.

December 15, 2009 01:47 PM
Rainmaker
153,743
Jim Allhiser
Salem, Oregon Home Inspector
Perfection Inspection, Inc.

Sheesh,  that is a bummer.  From what I can tell, common sense does not have anything to do with bank involvement in a transaction.

December 16, 2009 01:16 PM
Ambassador
2,030,419
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

Well unless the bank steps up and pays this owners deductible for her, this home will be going in to foreclosure and won't even being able to be financed by the time it is over.

December 19, 2009 08:14 AM
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Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
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Helping Families Home is a blog set up to help families find that perfect home for them. I have a family and I understand how hard it can be to find a home that everyone is happy with. Let me help you find that home and help your family home.


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