With more and more banks acting as the primary owner of homes I am starting to see more and more ridiculous decisions. Issues that would never come up for a home owner are now manifesting due to the utter lack of common sense displayed by most banks when home ownership is their new responsibility.
Recently I got the chance to inspect a bank owned property here in Salem, Oregon. It was cool the morning of the inspection but not unusual (the high 20’s). The bank in their infinite wisdom turned the water to the home on, for the inspection. But……some one forgot about the heating system…… The agent, client and I walked into the home and discovered a large pool of water on the floor of the kitchen and dining room and rain falling from the kitchen ceiling!
Although the leakage was awful, it was still manageable. The water had not been there for very long and the wood flooring was not even warped, yet….. I turned off the water and grabbed some towels to try to sop up the majority of the water. We rescheduled the inspection and hoped that the bank’s reps would properly dry the home before serious damage occurred.
Three weeks later….the bank just got the heat on!!!! During the subsequent home inspection I find typical water damage issues and ceilings, walls and flooring that is still wet! A good general rule of thumb is: if water is uncontrolled in a home for as little as 24 hours, mold can start to rock and roll. I did not do any mold testing in this home but I just can’t help but wonder what the second floor joist bays look like. Hmmm…wet wood and paper for 3 weeks, I think it is probably very fuzzy with fungal growth.
As many of you may know, when dealing
with short sales and banks you have to leave
common sense at the door. Even with this premise it is still disappointing that over
and over again it seems that banks
are so ill suited to be primary owners of homes that they spend dollars to save pennies.