Waste rears it's ugly head :)

CBS news had a story this AM about a C21 agent that is being gone after because of a home they sold.

It appears that the C21 agent was representing a bank on one of their foreclosures.

This is not unusual.  Some real estate agents have specific banks that allow them to attend the court proceedings on their foreclosures all the way through eviction and to the sale and closing.

Banks are exempt from disclosure

However, when Paris and I started back in the day, representing one of the big 5 banks, we found out quickly our need for an "REO EXEMPT" stamp.

You see, the bank does not know anything about the listing.  In fact, what they know will come from the agent, appraiser and any inspection documentation the buyer or seller(bank) are obligated or agree to pay for.

The "human component", the one that was foreclosed against, is not anywhere or wanting to answer questions about the home they lost to foreclosure..

I remember we had a Foreclosure Property in the City of Los Angeles - not in the sticks where septic tanks are common, but in the middle of the city on La Tuna Canyon.

If you drive up the street, it does not "appear" to have some "connected and non-connected" homes.  Here is what I found out by chance, "those on the east side of the street connected to sewers and those on the other side(west side) of the street were on septic tanks."

A-S-S-U-M-E - If I did and would have been wrong.  We were representing the bank, and during the time I was turning on utilities, it was then I discovered that this property was not connected to the sewer.

BTW - most of the big banks that handled a majority of the Foreclosure Assets, did not have an issue with getting the properties up and running for the buyers.  There were some issues they would not fix - but others, the ones that were "loan dependent", they did without arguing.

However, my discovery was not without me arguing with DWP, if you must know. :)

But if I had not wanted, or was not mandated, to turn on utilities for the applicable inspections that were going to be performed by the buyer and buyers agent, I would have never known.

Let's not forget the importance of a home inspection.  A verified, certified and proven home inspector would have found that the home is connected to septic, where were they in this middle?

While everyone wants to point the fingers at the Century 21 agent, and while you may be thinking I'm saying "Same Team, Same Team", there is more to this case for sure.

Be safe - talk soon and thanks for reading, sharing and having an open mind...