The REO Bank Owned Property that was there One Day and Then Disappeared into Thin Air in less than 12 Hours!

The REO Bank Owned Property that was there One Day and Then Disappeared into Thin Air in less than 12 Hours!

Hello DG Members,

I was driving home from work today and I decided to take the other road home. I almost forgot about a very interesting story that I want to share with you. I recalled this story as I drove by an empty commercial lot.

Several weeks ago, I had a Bank Owned REO home on a commercial lot near other large commericial businesses on my radar. Based on the price I thought the home had potential, as well as, the commerical lot it sat on was in a great location. Thus, I contacted the listing broker and he stated tha the listing was no longer his listing.

Thus, the next day I drove by the home and it was listed with another real estate broker. I called the agent to inquire about a few questions and to scheule an appointment to see the home. The agent answered my questions and then stated they did not have keys yet but would call me back in a few days. I drove by the home the next day and took an outside walk around the home. Later in the day the agent stated they could show me the property within the next 2 days because they had the keys.

It was less than 12 hours later, that I decided to ride by the home on my way home from work. Believe it or not the entire home (Yes, the entire home) was gone! I thought are my eyes playing tricks on me? Did someone steal the home? There was not even a piece of wood remaining on the lot. The lot was so clean and the grass did not even have any tire marks. The home must have disappeared into thin air. It appeared as though the home was lifted straight up and moved off the lot! I could not believe it. I did not know whether to laugh or cry over a deal I missed. The only thing that remained was the square dirt patch where the home was 12 hours earlier!

Thus, I called the agent and they thought I had the wrong address. I told them the home was here this morning but now it was completely gone. The agent still did not believe me. Thus, I stated I can meet you here tomorrow to view the home, but I can assure you it is not here.

The agent called me back the next day to inform me the local town had knocked down the home because it was vacant and becoming an eyesore in the community. The agent apologized for my inconvenience. I could not believe it.

Thus, the moral of the story is make sure you always go for that final walk through on each property acquisition or drive-by the home before you close on the deal. Believe and Achieve! Smiling - Joe

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Freak out

I would be totally freaked out in that senario. Think if someone where to place a house on a lot and unsuspecting buyer comes along buys it thinking they just landed the deal of lifetime and come back a view weeks later or days even to find out the house and seller along with their money is all gone. I'm sure glad you hadn't bid on it. That's just ludicrous!

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"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Crazy

That is crazy. Thanks for sharing, just shows you need to be extra safe when investing and always know all the facts and research, do your homework so mistakes like this and senarios like this don't happen.

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As much as it really stinks

As much as it really stinks that you missed the deal, I find it hilarious that the agent had no idea what you were talking about.

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Atlcamel,

Thanks for the comments. Yes, it was pretty strange when I came back less than 12 hours later to find no home. Sometimes you have to expect the unexpected. At least I did not have an accepted offer on the home because I really would have been upset if the house disappeared. Good luck on all your deals! Believe and Achieve! Smiling - Joe

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Jeremy,

Thanks for the comments. It is so true you need to check all your numbers, keep on top of when the deal will close and make sure the property has not materially changed or even disappeared! Good luck on all your deals. Believe and Achieve! Smiling - Joe

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lkward13,

I know what you mean. The agent thought I could not find the home and then I stated I am right in the lot where the home was located at. It would have been funny if the agent had another showing that day and actually came to the property and could not find the home. This has to be one of the most surprising things that has happened so far in the real estate adventures! Good luck on all your deals! Believe and Achieve! Smiling - Joe

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Good Lesson

This is a great lesson on checking with cities and towns on a property that is perhaps a foreclosure, abandoned, or a REO not only for leins with regard to fines or utlities but is it on their list to tear down. Sometimes things are in the process and you end up buying something that has been tagged to be tore down and you go to see your house and you get an empty lot and bill from the city for tear down and clean up. With this market it is always best to check check and triple check every place you can think of. Or buy Title Insurance.


granny4010

That is so true, all that you said about checking for liens and possible demolition but title insurance wouldn't cover the tear down & clean up bill that you would be getting from city or county if that had already happen lol

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


LOL

Funny story! Smiling It's amazing how fast those houses can come down. There are a couple of blocks in town where the city has bought all of the houses and is expanding a business/and parking lot. Each of the owners has a different agreement as to when they have to be out (all soon). It's really weird watching the giant backhoe come in and neatly take down a house newly vacated right between 2 still-occupied homes. I think I would be scared the operator might be off by just one house number that morning. I'm sure it creates a feeling of urgency to get packed up and out of there.
Like you said, Joe, they sure are fast. Can take just a few hours to completely disappear. Very strange that yours was still listed. Yikes! Perhaps they were just selling the lot?

Thanks for sharing.

Rina

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granny4010,

Thanks for your comments and insight regarding this property. The advice you provided is very good and buyers should always have a checklist of their due diligence items to run through before closing on a deal. I was truly surprised at how quickly the home had "disappeared" and the realtor was probably more shocked than anyone. Good luck on all your deals! Believe and Achieve! Smiling - Joe

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Rina,

Thanks for the comments and information on your area. I see a lot of construction in the Chicago Loop and I am amazed at how quickly the large skyscrapes go up, but I have never seen a home "disappear" so quickly. The funny thing is this home was listed for several months on the MLS and bounced to several different realtors. The home was listed under "single family homes" on the MLS and they even had the exterior photo of the home on the web.

I believe the realtor was more shocked then anyone about the home "disappearing". I believe when I first told them that they did not believe I had the correct address. I did hear a certain degree of surprise in their voice when they called me back to inform me what they found out after they recieved the keys to the home.

It almost felt like an episode from the Twilight Zone when Rod Serling was in front of the home one minute and the next minute the home vanished and Mr. Serling states "You enter a neighborhood and approach a home for sale, but as you approach the home it disappears and you now opened the door to....the Twilight Zone!" Smiling I am sure glad real estate is a "bricks and mortar" type of business. Continued success on all your deals! Believe and Achieve! Smiling - Joe

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What the!!!!

Joe that really would trip me out and it's funny how you put it as the show twilight cause when i was little that was all we watch at my mom house and just raise the hair in your arms when something crazy would just happen out of no where but makes me wounder how many realtors really keep a eye on the properties they got in there hands but you just have to becarefull who you deal whit or what properties you whant to get of hold of. Thanks for sharing that interesting story.


lucio,

Thanks for the comments. I really enjoy the real estate business. It is not only profitable but it can be very fun and different situations can bring you joy and laughter all in one. Thus, follow each deal until the very end and beware of any detours....into the "Twilight Zone"! Good luck on all your deals! Believe and Achieve! Smiling - Joe

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dude

I would freak! I'm sorry you lost the deal but I'm glad it turnded out to be some logical and not something weird to make think your crazy lol.... Good luck with your deals,

Stephen Robasciotti.

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Missing house

What an experience!!!!Thanks for sharing. Good luck on your next deals.


That is one good cautionary tale!

Wow. That's a great story that you shared and worth it's weight in gold. It's a perfect example of "you never know what can happen!" I can only imagine the look on your face when you drove by! I do find it interesting that the new agent didn't know anything about the property being torn down. Seems to me the city would have notified someone -- the Bank or the former real estate agent who I would think should have an ethical obligation to share that information? To me the scary part is the possibility that either nobody knew it was happening or decided not to share that information. Yikes!

Nancy D.

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Stephen,

Thanks for the comments and good luck. I feel like a fisherman that had one get away! However, it was not meant to be. Good luck on all your deals! Believe and Achieve! Smiling - Joe

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Greywolf,

Thanks for the comments. It was a very unusual experience and I can laugh about it now. This business can be fun with surprises around every corner! Good luck on all your deals! Believe and Achieve! Smiling - Joe

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Nancy,

Thanks for the comments and yes it was very amazing how quickly this home disappeared. I am glad they had the correct address and removed the correct home. I can't believe how often and quickly cities want to knock down older homes rather than restore them. I continue to learn new things every day is this business. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Joe,

Hahah that is unbelievable! I am glad to hear that you did not have a contract in place, that would of been HORRIBLE! I can't believe this can happen! Well, I can, but I'm shocked lol.

Thanks for the helpful information as always Joe! Smiling
-Mike Hutchins


great info

Hi,
contingency; No structure, No deal!

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Indiana Joe

As investors, we all have to be careful when we hear the words "Site Unseen", that is purchasing a property that you or your agent have never seen. Believe me they are out there, individuals who will try to sell you something that is not there. To my DG family, always be careful. Joe your story is perfect for our learning. Thanks so much for sharing. God Bless.

Sandra

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"If in MLS & still active submit offer...."

Take caution with MLS listings worded like subject caption. Have your REA find out from LA if the property is in fact, actually, still available. I have come across too many ghost MLS listings on Realtor.com and property listings that REA emails to me stating their "Active" when in fact they've either been Sold or they're "already under contract" and the Listing Agent is too darn lazy to update the status in the local MLS and notify Realtor.com IDX that the MLS ID associate with particular property, status has change or to take it down MLS ID# entirely, after the property has been sold.

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Mike,

Thanks for the comments. It is funny how fast things can change in the current real estate market. One day there is a house on a lot and the next day just a lot with no house! Continued success on all your deals. Believe and Achieve! Smiling - Joe

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Rosefield,

Thanks for the comments. Yes, this is a great point to include as a contiungency in each and every offer on REO or abandoned proeprties. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Sandra,

Thanks for the comments and information. It is so true that as we want to move quickly to capture the deal we have to perform our due diligence and ensure we know what we are buying or in this case not buying. Continued success on all your deals! Believe and Achieve! Smiling - Joe

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Atlcamel,

Thanks for the comments and information. It is so true that often these great deals that are listed on the MLS stay out there long past the sale of the proeprty. I believe the agents are either too busy to remove the listing or it helps build their prospective buyers list when people call on a good deal.

Usually whenever I see a potential great deal on an REO, I usually contact the listing agent first and I drive by the property to get a first hand exterior look at the building. The Listing Agent usually has a little more insight and control over the property. Continued success on all your deals! Believe and Achieve! Smiling - Joe

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