Today, we received a new REO assignment in Dayton, Nevada. It's always nice to have a new listing so we were anxious to get to work on it.
I was already on my way out to the Dayton Valley to have utilities turned on at a property we put under contract, so I did the occupancy check at the new listing. I pulled up and the place looked empty, except for the large unmarked truck and trailer out front. I thought maybe the previous owners were moving out.
I approached the young man at the door and asked if he lived there. He said - No, he was completing the trash out. GREAT, I thought. Not only is the property vacant, it's already getting rekeyed and cleaned out. FABULOUS! That's two steps ahead in the pre-marketing process.
There was still a real estate sign in the yard and a blue Supra iBox on the front door. I went inside the home and spoke with the older gentleman in charge of the trash out. He had just received the assignment that morning.
I made a courtesy call to the agent with the sign in the yard and told her that the listing had become a foreclosure and I would be more than happy to remove her box and bring it to her office if she liked.
She was SHOCKED! She said she had an offer in to the bank for a short sale and JUST TWO DAYS PRIOR she was told it was approved by both the bank and the private mortgage insurance company. It was going to its final signature process for the short sale to be completed at the bank.
How did this happen? I am not sure. I would have thought that the Loss Mitigation Departments would have housed both the negotiators for short sales and those in charge of foreclosures. Now I am beginning to think that's not the case.
I felt most badly for the seller who was only inches away from avoiding a foreclosure. It was not a case of time running out. It was a miscommunication among departments at the bank, and all the misfortune rests with the seller.
I am curious if anyone else has heard of this happening. I would like to think it's an isolated incident but I know better. I would bet that it's happening a lot more than we all even care to admit.
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
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Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
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