Appraising occupied REO for Re-Sale

[Zoe]

Foreclosure is not easy for lenders and very expensive. By the time you get there, the sheriff will likely be there soon if owners don't move out. The sheriff could meet you.

 

[Zoe]

I have asked law enforcement to meet me on an abandoned property. It took them a while to get there. They were good. They walked me through and made sure no squatters were in there. It was dark. They had good lights and armed.

They said you okay now? I said I'm fine now. I showed them I was armed.

Big building. The building was demolished.

 

[sputnam]

FNMA has a Cash for Keys program just for these situations. Where did I say its hostile tenants? Maybe you think that tenants with a enforceable lease are hostile in a legal sense or just stubborn.

I've got a jar full of keys if anyone wants to give me cash for them.

 

[J Grant]

I have asked law enforcement to meet me on an abandoned property. It took them a while to get there. They were good. They walked me through and made sure no squatters were in there. It was dark. They had good lights and armed.

They said you okay now? I said I'm fine now. I showed them I was armed.

Big building. The building was demolished.

It is not practical for appraisers to demand law enforcement meet then at vacant/REO properties. What I do now is insist the RE agent meet me (since they are usually listed.) That way we can both be shot together ( sarcasm)

I also insist now a RE agent meet me at any tenant occupied property, since I have had so many bad experiences with them. The problem is some RE agents are cowards or lazy, and do not want to go out to their own listings to let us in. I had a RE agent pull a fast one on me several months ago and I had to once again learn a lesson not to fall for it. The RE agent had promised to meet me in inspecting four units of a fourplex tenant occupied property. I drive up the property and do not see the agent. I call them , they say "something came up" and they could not make it, but they let all the tenants know I was coming and the tenants will let me in.

Like an idiot, I went ahead with the inspections. Things were fine until the fourth unit. The man who opened the door, idk but I got a strange vibe from him. His apartment unit looked normal except for the black plastic garbage bags taped up to cover the windows. I inspected it as fast as possible , with Mr Weirdo following me around, and got out of there. After I got home, I looked up an online sex offender search ( most areas have one ), and even if you do not know a name, you can search an area for registered sex offenders ( they show up as pins on the map, open a pin and it shows the address and name ). I searched the subject area and sure enough a pin shows up right at the subject building and his unit address and name. So either the agent was cowardly or they were lazy, either way I was angry at myself for believing their excuse and I should have rescheduled the appointment for when they could come out again and meet me.

 

[Carnivore]

I've got a jar full of keys if anyone wants to give me cash for them.

I know you were just injecting some humor

Cash for Keys and Foreclosure | Bills.com

Cash for keys is a program that can help the resident and the bank. The resident gets money and the bank gets the house vacated sooner

www.bills.com

 

[residentialguy]

Hmmm... I would clarify and ask the client if they truly want market value, because that sale won't reflect the players in a market value sale. If this is bank owned, the outcome of that sale will probably reflect more of a as-is liquidation value.