Lenders rekeying vacant homes? This is a first for me!

I have done several short sales and have never had the lender put a note on the door that said home may be rekeyed due to being vacant. I work with someone that has had that happen to his short sale listing and it has been 4 months they have promised him the new key and he has several offers in the file and no key as of yet.

I do not understand why you would keep the Realtor from showing the home and trying to get it sold so that you can at least recoop some of your money out of the home.

Please send me feedback and or comments on what I can do to keep them from rekeying the home. I am curious to why they would do this. I am sure it has something to do with the home owners insurance. You would think they would want these homes occupied and not just sitting there to fall apart when there are

people willing to buy them. This hurts not only the people trying to buy the home and the seller but the whole

neighborhood as well.

I am going to call Citibank today and see what I can do to stop them from doing this. The house is getting shown almost on a daily basis and like I mentioned earlier it has two offers submitted on it. I just listed it

March 12th of this year.

Thanks,

Deana Smedlund

Century 21 Exclamation Realty

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Comment by Lura Bailey on May 27, 2010 at 1:30pm
BOA did the same thing to me. All you can do is get ahold of the asset management company that rekeyed the house and get a key from them. Also if the house is vacant you need to have the short sale dept put a note in the file you are taking care of the property. Then the asset manager will contact you before they rekey the house.
Comment by Deana Smedlund on May 26, 2010 at 6:48pm
Thank you for all the comments. You have all been very helpful. I did get a call from the preservation company and when they found out it was being taken care of by me and had a lockbox on it and it was
a good listing they didn't rekey the door, they told me they always check with the Realtor first to make sure home was being taken care of or secure as they would say. Also to answer last question I did get a sticker on the home stating that they might rekey it within 3 days but they called me first and now they are going to leave it like it is, thank goodness.
Comment by Vanessa Calhoun on May 26, 2010 at 9:48am
The part that really confuses me is that they will remove your lockbox, deadbolt, and doorlock to replace it with a coded box and a substandard doorlock that anyone with a driver's license and a special skill can easily manuever in the hopes of "securing" the property.
Comment by Ethel Phelan on May 25, 2010 at 10:47am
When my listing becomes vacant, I call the lender to have it secured. The preservation company comes to re-key the property, put a lock box on the door. I call the lender and they give me the code. After closing, the lender tells me I could keep the lockbox or I could throw it away. I keep it and just change the code! win-win.
Comment by Obed Montez on May 22, 2010 at 10:55am
Deana if you know some REO reators that work for that same bank/asset manager just try one of their keys/combo. normally each bank/asset company use the same key/ combo for all their properties. Only do this if you are working with the Owner on Title and you have permission from them to enter.
Comment by Dan Louis on May 21, 2010 at 4:52pm
Very simple. Just get a locksmith and change the locks. Period. I had done this many times and on one property, a couple times. They change them, I immediately change them. No problem.
Comment by Deana Smedlund on May 20, 2010 at 12:22pm
Thank you all for your comments, you have helped me tremendously!!!!!
Comment by Ruben A. Pizarro on May 20, 2010 at 12:20pm
I run into this problem every month. The bank consider it protecting their assets, and legally have the right to do so. What ticks me off is they do it, even when the property is completely secured, and their is a LOCKBOX in the front of the door. Crazy; You can call the loss mitigator's and ask for the number to the "Property Preservation Department", usually a 3rd party, and they'll mail you a key

Ruben Pizarro
Plantation Realty
863-409-1734
Comment by Debbie Parkans, CDPE, CSSG, CRS on May 19, 2010 at 7:06pm
I have had that happen several times. Twice the company doing the re-key called to advise me and left me a key. One company took my lockbox off and it disappeared - of course no one owned up to it. I have had a couple where we couldn't get hold of someone so I paid to have it re-keyed back. The home is still owned by the seller - they have every right for access. You would think that if is is locked up - a for sale sign in the yard and it being in MLS that they would just leave it alone. I had one where they took the deadbolt off, put on a new door handle and it keeps coming open. No security there.
Comment by Clay Kime on May 19, 2010 at 3:34pm
Sara is correct. The lender's right to do this is contained in the deed of trust.

Contact the lender's property preservation department. They should have no problem in either giving you the key code (so you can have one made) or overnighting a key to you so you can have access to sell, inspect etc. I doubt that the property preservation vendor they sent to drill the lock and replace it will give you a key since the bank is their customer. There is probably an extra set of keys inside the house near the replaced lock. If you have some other way to get in and retrieve them, this would be easiest and fastest. If you have the lock drilled and replaced, they will do it again and again as they make regular property checks for the lender.

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