Posts Tagged ‘loss mitigation’

Recently, we closed on some of our listed  homes in Northwest Indiana that were for sale subject to the Lenders approval of a Short Sale. Not all short sales are alike. Each has it’s own set of individual circumstances and obstacles to overcome in getting to the closing table.

These particular short sales closed sooner (less time) than some of our other pending listings that have offers with “traditional” lending involved, in which it is sometimes more common to have underwriting delays nowadays ;(

NW Indiana Short Sale SOLD-26 days from For Sale Sign Up to Signing Documents at the Closing Table.

Valparaiso, IN Short Sale SOLD -33 Days from Receipt of the Buyers Offer to Purchase to Closing the Short Sale Transaction.

We’ve blogged about short sales before, and in our opinion, they are here to stay while. They require much more time, energy, effort, and problem solving than traditional real estate transactions!!! (also our opinion:)

If you are behind on your mortgage payments and considering selling your home subject to your lender approving a short sale, consider giving us a call to discuss the possibility of using our professional services.

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It’s been several years now since we have taken and sold listings of homes for sale that are

” Subject to Lenders Approval of a Short Sale” .

The process of getting these to close successfully has been, for the most part, becoming easier.

Perhaps it is from lessons learned along the way & doing the footwork and homework upfront before even agreeing to accept the listing and put a ’short sale’ home on the market.

Lately, however, articles in major publications i.e ‘Fewer Short Sales Come Up Short’, point out that the part of the short sale process we do not control – the loss mitigation departments of lenders - are being more cooperative and responsive about getting short sales done.

In Indiana this year, a new law…HB1359 has helped bring answers to short sale offers within a 30 day time frame.

Since we’ve noticed this change in NW Indiana short sales….we are even accepting short sale referrals in our market area now from other Real Estate Brokers as a result. Just last week we closed on a short sale that was a referral from another REALTOR.

The lender complied with the new state law and the home closed 29 days after the offer was accepted by the lender! (59 days total from day of written offer).

Total Market Time on this Home = From For Sale Sign Up to signing the closing documents = 81 days in all. This is a relatively short market time for any home in NW Indiana, let alone a short sale property (where 3rd party negotiations, communications and many requirements above and beyond the usual and customary offer to purchase can lengthen the process of getting the deal closed

With cooperative sellers, saleable property and reasonable lenders, short sales in NW Indiana are closing easier & quicker than in years past

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

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