Posts Tagged ‘BPO’

Earlier this week, Jeff got a call to do another Broker Price Opinion on a deserted Home Facing Foreclosure in Northwest Indiana.

It’s sad to note, that some of these properties have been neglected for a long time, with water damage and mold growing as a result.

Surprising that people wait so long and finally abandon their homes. I often wonder when looking at the damages shown by photos…. if the homeowner tried calling a Real Estate Broker experienced in negotiating short sales early in the game….before it’s too late….or even talked to the lender about loan modification programs to get a lower interest rate before their 1, 3, or 5 year ARM (adjustable rate mortgage) came due?

The bright spot in the trip came when he stopped along the way back home and took this picture of a Swan carefully guarding her NEST….there is no doubt she would fuss and fight if anyone threatened to take it away.

An old Proverb came to mind when I saw this photo :

Proverbs 27:8
⁸Like a bird that wanders from her nest,
So is a man who wanders from his home.

If you are behind or unable to make your mortgage payments – call us to discuss possible options.

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Jeff& GraceSafrin “ Spouses Selling Houses” TM

Real Estate Broker / Owners of F.C. Tucker – 1st Team Real Estate one of 32 offices Independently owned and operated affiliated with F.C.Tucker- Indiana’s Largest Real Estate Company (established1918).

If we can help you find a home or land in NW Indiana, give us a call @ 219-405-1232 – we are Full Time Full Service Real Estate Brokers serving Lake, Porter, La Porte Counties.

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Our Listings of REO or Bank Owned Properties For Sale are selling quickly in Northwest Indiana.

Recently we had a listing which was under contract in only 14 days on the market, and closed 27 days later.

However – there was much time, energy and effort by us behind the scenes working collaboratively with the REO specialist at the bank which took months PRIOR to this happening!

This included:

Doing Broker Price Opinion’s in both an “as-is” condition AND another BPO with repair estimates included.

This required meeting multiple licensed contractors at the property in order to provide detailed written quotes on any Repairs or Mold remediation.

Submitting these to the REO Manager (on Bank Forms) and awaiting the file to be returned from committee for decision on what work will actually be doneand the decision on listing price, takes persistent follow up skills.

Detailed Photos (before and after) and invoicingmust be kept & shared with the bank contact.

Also, the REO department has specific Bank Contracts and Addendum’s that differ from our State or Local Board Real Estate agreements and these must be reviewed carefully.

Sometimes, customary fee’s like Title Insurance, are NOT customary , but negotiable!

Financing REO Properties is another topic in and of itself these days

Mortgage departments familiar with this ever growing trend of Real Estate sales are sharing their specific requirements for internal financing of REO properties which may or may not differ from their Local lending branches for conventional home sales.

All in all, in our opinion here are the keys to a quick REO sale ->

• Competitive Market Price- a Real Estate Broker experienced in BPO’s can help set this!
• Decent Property Condition – a home in which health or safety concerns have been addressed & corrected sells quicker!
• Mass Marketing efforts / Internet sydication of the listing from day one of going on the market- multiple showings and competition among qualified buyers yields better offers (a Certified Residential Specialist can help with this
• Excellent communication,attention to details, and meticulous follow through by the Listing Agent (s) of Record are needed in this current market to get deals to the closing table!

If you are a Bank or Lender who has Inventory of Foreclosed Homes in NW Indiana and are looking? to move them quickly, please call us for a confidential consultation. References available on request.

Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more @ NorthWestIndianaRealEstateBlog.com

 Sincerely,

Jeff & Grace Safrin,  Broker / Owners

F.C.Tucker 1st Team Real Estate – Independently Owned & Operated

13 Lincolnway Suite # 203,  Valparaiso, IN 46383          Office # 219-309-9930