Last Wednesday I got in a new REO assignment. It was for a condo located in building 2 of the complex. I went to the complex to check for occupancy. I located building 1 and building 3. Sitting in between these buildings was a slab with a chain link fence around it. Building 2 had burned to the ground.
I noticed a sign on building 1 for a management office. Went to the office and discovered it was closed permanently. A sign in the door gave the management company contact information. There was also a 2 page letter taped to the door addressed to the owners of the units in the former building 2. The short of it was that soil tests had been conducted and that the soil would not support a 3 story building like the one that burned down. The management company and the architect were trying to figure out what to do about the situation. At this time they has no solution.
I took pictures of the slab and returned to my office. I sent an email explaining what I had found along with the pictures and a synopsis of the letter on the door and ask how they wanted to handle the situation.
I got a reply telling me that they would look into the situation and get back to me later in the afternoon.
2 days later I got an email telling me they were still trying to figure out what to do but to go ahead and report the property vacant which I did.
Their system then triggered a property condition report.
I waited for additional instructions.
Yesterday I sent an email explaining that the PCC was due and that if I did not act on it the system would penalize me and again asked how they wanted me to proceed.
Well, today I get an email instructing me to fill out the PCC as if were vacant land and then complete the BPO as if it were vacant land!
I've done a lot of BPO's on all kinds of properties but I've never been asked to do one on the value of the percentage ownership of the land on a condo that does not exist.