Tim Bradford - AMMCorp.net



Any buyers or Realtors looking at Bank Owned properties should read this post.   When the Bank Cleans out the house, they clean out everything.  



cash for keys for bank owned home reo in gilbert az




I completed a Cash for Keys on an REO where the owners were still in occupancy. It was an immaculate upscale home in Gilbert AZ near Val Vista Lakes where I live. The owners were appreciative of getting $2,000 for keys and leaving the house clean. They left it in immaculate condition.

My wife and I had some staging material for bathrooms and kitchen, and since this was a nice home, I felt it would help to sell fast with some staging. The material cost around $500.

A week later I went to check the house and found all the staging material missing, but the home had not been broken into. They did not take my flyer stand and flyers.


The Police came to make a report and he agreed that the house was not broken into; that someone entered with a key.Police report for reo theft

I didn't suspect the former owners, nor her mother who lived across the street, so at first it was a mystery. Finally I noticed the lawn had been mowed. That was my clue.


What happened is the bank had sent their "preservation crew" to do their "trash out", "clean the house" and  "gardening".

There was no work needed inside the house -- it was partially staged -- and they did a sloppy job on the yard.

I had my MLS lockbox, plus a lender required vendor lockbox with the lender specified code. That's how the preservation people got the key. 

They went in legitimately. However, it was obvious  the house needed no cleaning. It was on the maket with my sign outside, and my flyers were in the flyer stand with my phone number. It was also obvious that the staging items in the house were not trash, they were decorations, all brand new.lender owned home reo staged in gilbert az

Yet they took everything, except my flyer's stand.

I don't belive for a minute that the staging material went to the "trash". It went to their homes. Also, they would have sent the bank an invoice for cleaning the house.

They didn't "clean the house". They "cleaned it out".


I reported this to my asset manager and requested the name of the preservation company. He said he would check but I was never able to get the name.

Nor was I able to be at the property at the same time they were. I didn't want to alienate the AM by pressing him so I gave up.

I chalked the loss up to an important lesson. Next time I  won't use the lenders specified code. 

I'll use my own code. Then when the lender sends someone out, they can't get in without contacting me. This way I know who is going in.

Contact Captain Bill for information on homes for sale in Val Vista Lakes Gilbert AZ

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"Captain Bill Travis", ePRO, GRI, CDPE
Certified Distressed Property Expert

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Tim Bradford
Ohio Mortgage Banker LO.007173.000/ NMLS 250013
Cell: 216.324.8113 Anytime
www.GetAMortgageNow.com or www.Go2Apply.com
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Serving the Ohio Realtors and Home Buyers and Home Owners
Comment balloon 3 commentsTim Bradford • July 24 2010 10:05AM


Tim, that is exactly what I would do... use my own code.  In a case like this where the agent lost all their staging materials, I would rather use my code, and apologize for it if they ever complained, than take the chance, and lose my staging materials again.  Good re-blog.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Tim, thanks for the reblog. I hope it saves other agents from having the same issue. Comment # 39 by Michael Cuna on the original post has some excellent suggestions on how to deal with this pro-actively.

Posted by Bill Travis, Broker/Owner (Captain Bill Realty, LLC) about 7 years ago

Tim, I notice you're right at the 100,000 point mark. Congratulations

Posted by Bill Travis, Broker/Owner (Captain Bill Realty, LLC) about 7 years ago

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