Vandalism to Foreclosed Properties Tip from BEST ASSETS

Help I've Been Robbed!

VANDALISM TO FORECLOSED PROPERTIES

As a BestAssets listing agent you may find yourself faced with a vandalized property, saying “I just did an inspection two days ago!” In certain cases there will be no sign of forced entry and the perp may have only damaged the toilets and sinks or you may find graffiti on all of the walls.

The most damaging situations you may find are: all the electrical wires have been cut and all wires have been pulled or cut from the electrical panel; HVAC has been stolen—which is made up of the Furnace and AC unit; or copper pipes were cut. These situations are even more damaging when the property is under contract.

When this property was assigned there was a very nice refrigerator and stove; in the basement were matching front loaders (washing machine and dryer), all of which are now missing. And the back door has been kicked in.

I could go on and on, but I think you get the idea of vandalism and some of what could occur on your watch. The point is what to do once vandalism is discovered and who you should report the incident to.

Protocol:

  1. Call your local police dept to get an incident report and case number.
  2. Take a complete set of inspection photos
  3. Make sure to get a close up photo of the sign in sheet
  4. Submit the report with details to the Asset Manager or Marketing Coordinator
  5. Disclose who informed you of the incident if you were not the one to find it.
  6. Tell us if you find signs of forced entry.


Property is under contract and you have completed steps 1-6 above

  1. Contact the selling agent advise them of the vandalism and find out if the purchaser(s) are still interested in the property
  2. Let the AM or MC know of the purchaser(s) decision
  3. Be sure to note the state of the property prior to the signed contract
  4. Do not tell the buyer they will get a credit; advise them of a possible credit for damages if approved by HUD.
  5. We will do a complete write-up to our management to get as much of a credit as possible
  6. We will submit a WON to our FSM team to re-secure the property and get a cost estimate of all damages as reported by you.
  7. When or if a credit is approved you and the seller will be notified.
  8. The credit will appear on the buyer side of the HUD-1 at closing.


FINALLY, IT IS OUR GOAL TO PROVIDE YOU WITH AS MUCH ASSISTANCE AS YOU NEED TO GET THE PROPERTY CLOSED IN A TIMELY MANNER.

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