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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Rainmaker
757,288
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Makes you want to scratch your head. This is a very sad tale of poor bank management and the impact of theives. Looks like everybody lost here.

Dec 14, 2009 04:14 PM #1
Rainmaker
502,098
Brian Burke
Kenna Real Estate - Highlands Ranch, CO
Broker & Advising Expert-Denver Luxury Real Estate

Oh nooooo. That's terrible. We have a REO listing coming up and with temperatures like these we keep checking it like crazy - and it's winterized. ~Rita

Dec 14, 2009 04:33 PM #2
Rainmaker
301,509
Dan Tabit
Northstone Real Estate Inc. - Sammamish, WA

Bank of America lost $95,000 on a short sale I finished earlier this year.  It took so long that the inital offers were rescinded and replaced with lower ones as the house deteriorated.  Mismanagement on their part to say the least.

Dec 14, 2009 04:35 PM #3
Ambassador
1,261,195
Paul Henderson
RE/MAX Professionals. - Tacoma, WA
I always put my clients first in any transaction!

In these cases, how many times does the word Mismanagement come up? I hope someone at the bank got a bonus for cutting cost...

Dec 14, 2009 04:43 PM #4
Rainer
30,329
Art Marine
Academy Mortgage - Portland, OR

What a nightmare...the good new; if the bank was impounding for insurance they would have paid the premium and there should be some coverage there.

Dec 14, 2009 08:01 PM #5
Rainmaker
1,292,129
Wanda Kubat-Nerdin
Prado & Kramer Real Estate, St. George, UT 84770 - Saint George, UT
Your Preferred St. George Area Real Estate Agent.

Todd, The bank also loses when they turn the water off and the $30K landscape dies and sends the offers into swift decline. So, either way, they lose. Those renting thieves should be found and prosecuted heavily for their detriment to the home as well. Sheesh!

Dec 14, 2009 08:28 PM #6
Rainmaker
487,151
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

The really sad thing is that this catastrophe should have and could have been prevented...by selling the house a long time ago!

Dec 14, 2009 08:49 PM #7
Ambassador
502,661
Donna Bigda
RE/MAX Alliance - Branford, CT
Greater New Haven CT Real Estate

Todd - I would like to think that this bank might have learned a lesson from all of this but what makes me think NOT?

Dec 14, 2009 09:33 PM #9
Ambassador
1,320,469
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

What a mess!!  I don't even know what to say.  These banks really need to get with it.

Dec 14, 2009 11:03 PM #11
Rainmaker
183,573
The Eastside Real Estate Team 425-200-4093
Keller Williams Realty - Bellevue - Bellevue, WA

That is an absolute horror story.  I wonder if we can round up all the stories like this one and send it to congress, so they can see how the banks are really effecting things.  BANK - DO YOUR JOB!

Dec 14, 2009 11:44 PM #12
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...

Dec 15, 2009 07:04 AM #14
Rainmaker
87,578
ERIC TRAUTMANN
Weichert Realtors - Roxbury Twp, NJ

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!

Dec 15, 2009 12:50 PM #15
Rainmaker
385,611
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

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.

Dec 15, 2009 01:47 PM #16
Rainmaker
170,443
Jim Allhiser
Perfection Inspection, Inc. - Salem, OR
Salem, Oregon Home Inspector

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

Dec 16, 2009 01:16 PM #17
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2,036,880
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

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.

Dec 19, 2009 08:14 AM #18
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