- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Experienced repo home buyers
Posted on 7/17/18 at 9:14 pm
Posted on 7/17/18 at 9:14 pm
Bought a repo home closed on the 9th, bank sold as vacant. Checked out the property at that time, vacant sign still on there. Went out today,locks changed by someone, landscaping done by same person I'm guessing, and storage building missing (vacant sign still there). Is this something the bank could/would have done, or did I open up a mess?
This post was edited on 7/17/18 at 9:20 pm
3
Posted on 7/17/18 at 10:44 pm to lsus99
I suggest you call the bank first thing in the morning. Maybe they had a service company that was scheduled to change the locks and cut the grass, but was not notified of the conveyance. Hope it wasn't a nice storage building.
Nobody has moved in have they? Power on? Whose name?
I would put my own locks on immediately. Especialy if the bank doesn't know anything about it. Is there a realtor type lock box on the door?
I would be really concerned that someone may try to move in. Hopefully that's a remote chance.
Nobody has moved in have they? Power on? Whose name?
I would put my own locks on immediately. Especialy if the bank doesn't know anything about it. Is there a realtor type lock box on the door?
I would be really concerned that someone may try to move in. Hopefully that's a remote chance.
This post was edited on 7/17/18 at 10:49 pm
Posted on 7/17/18 at 10:57 pm to ItzMe1972
Nobody has moved in that I can see, all vacant inside it appears. I had the power put in my name, and let them know nobody should be changing it. Unfortunately it was a nice storage building. I was going to change the locks today until all this stuff. Will probably head there tomorrow and do it after talking with the bank.
Posted on 7/18/18 at 7:01 am to lsus99
Not super experienced, but banks absolutely have contractors that change locks and keep the landscaping done. Since the landscaping was done it was most likely a contractor through the bank.
Given that, if you can get into the house I'd change those locks to your own ASAP and get that house innaccessible to anyone else. Last thing you want is a squatter that moved in.
Given that, if you can get into the house I'd change those locks to your own ASAP and get that house innaccessible to anyone else. Last thing you want is a squatter that moved in.
Posted on 7/18/18 at 8:53 am to baldona
quote:
Not super experienced, but banks absolutely have contractors that change locks and keep the landscaping done. Since the landscaping was done it was most likely a contractor through the bank.
Correct. This is what I do. I have a ton of guys in many states that I sub the work to I get from the major banks. I do a few thousand work orders per month and we manage everything from pre foreclosure, acquisition/eviction, up to the sale of the property. We do stuff as small as lock changes to orders as complicated as complete rehabs for banks.
Unfortunately some people in the industry steal things like outbuildings. Not saying that may have been the case here because the banks will also demo structures that are conveyance issues. HUD, FHA, etc have a conveyance checklists that has to be met for the banks to be reimbursed but if the property was REO then the conveyance checklist wouldn't matter. Now if you bought from HUD, FHA, USDA, etc then it would make sense they knocked the building down if it was in bad shape but you're saying it wasn't. I would call and complain today.
Was it by chance one of those easy to assemble plastic or metal buildings?
quote:
Given that, if you can get into the house I'd change those locks to your own ASAP and get that house innaccessible to anyone else. Last thing you want is a squatter that moved in.
It probably has common HUD lock codes on it. There are only like 5 key codes that are really common and a squatter isn't going to have access to them and if he wants to get in it won't matter what lockcodes are on there but obviously the OP needs to change to his own locks and let anyone know they are trespassing. We sometimes get orders from banks to cut grass 2 or 3 months after the property sold because there is confusion somewhere along the chain of command in the banks REO departments.
Posted on 7/19/18 at 12:05 am to stout
Went by today, there was a sign on it from a company called safeguard that must do the kind of work you were saying. I removed the sign, put no trespassing signs, and changed the locks. It was one of those bigger, easy to assemble type buildings. Title company was claiming I have every right to break in and change the locks, but that I may not have rights to the shed.
Posted on 7/19/18 at 12:55 am to lsus99
quote:
safeguard
They are the largest default management company in the industry but a complete clusterfrick. So much so that they have probably some of the worst, shadiest subs because no one smart and honest will work for them.
quote:
It was one of those bigger, easy to assemble type buildings
Chances are the subs stole it because it sounds like it wasn't a conveyance issue so no reason to demo it.
quote:
Title company was claiming I have every right to break in and change the locks, but that I may not have rights to the shed.
Sounds like BS to me. Once you closed on it you owned all improvements including outbuildings unless stated otherwise in the purchase agreement.
I have been not only in the REO industry but also was once a realtor and have been a flipper for 17 years now. I know how As-Is works and how the REO industry works. You had a right to that shed if it was there when you signed the PA but sadly you will probably never get anywhere fighting for it.
Safeguard has a legal department you can call and try to file a claim. If they approve your claim they will hit the GL insurance of the sub that did the work. They will be able to tell if there were existing bids/HUD approval to demo the shed or if it was removed without permission.
This post was edited on 7/19/18 at 12:58 am
Posted on 7/23/18 at 7:42 pm to stout
Called Safeguard, they are a shady company. Said no one had been there for months, and they weren't sending anyone else out. I have a paper that was in the house showing a contractors signature on it. Friend says I should let the contractors fix the place free since they keep coming by! Also got internet hooked up and installed a ring, caught this guy today, can't quite make the company out he works for:
LINK
LINK
This post was edited on 7/23/18 at 7:47 pm
Posted on 7/23/18 at 8:11 pm to lsus99
The No Trespassing sign screams that the house is vacant.
I wouldn't have it up unless you find it absolutely necessary.
I wouldn't have it up unless you find it absolutely necessary.
Posted on 7/23/18 at 8:22 pm to lsus99
quote:
they had a service company that was scheduled to change the locks and cut the grass, but was not notified of the conveyance.
Almost guarantee this is what happened. This exact thing happened to me about a year ago.
Posted on 7/23/18 at 8:46 pm to ItzMe1972
Yeah I posted it in the hopes they would stay off, it didn't have that before. Plus people from the area were telling horror stories about people who didn't post those getting sued over injuries.
Posted on 7/23/18 at 10:05 pm to lsus99
Whenever I have a vacant house, I always leave a radio on and tuned to talk radio. Also a hall light stays lit.
My flooring guy called me one day to ask if he had the right address because he heard people in the house...
My flooring guy called me one day to ask if he had the right address because he heard people in the house...
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News