Posts Tagged ‘loss mitigation’

 Recently we SOLD a home In Porter County, IN  that we listed subject to lenders approval of a short sale.

Short sales are not a game.

There were back up offers on the property.

The Buyers with the 1st offer submitted were savvy enough to do ALL of their due diligence according to the contract terms and conditions mutually agreed upon BEFORE the short sale was approved.

Short sales are bittersweet.

We have become much more select at which sellers we will work with to list an Indiana  short sale property and which buyers we will work with to show a Northwest Indiana short sale property.

Extensive interviewing goes into the decision process so we have the best chances of getting deals done! 

Uncooperative sellers or fickle buyers only make for experiences which will be passed along to friends and relatives who become “experts” in their own mind, because of “stories”  they have heard

Hasty and sweeping generalizations about short sales are, by definition, illogical.

We glady accept back-up offers on our Short sale listings -> Sale pending does not mean SOLD.

If you are considering buying a short sale, give us a call to discuss at lenght the risks of this non traditional type of Real estae transaction. Some Short sale Buyers are Missing the Boat so to speak. Or,  if you are behind on your mortgage payments give us a call to see if selling your home with your lenders approval of a short sale is an option to consider?

 SFR certified and have closed short sale listings in NW IndianaHAFA or not, EQUATOR system or not.

Here are some Northwest Indiana Short sale properties we have SOLD as well as some of our insights to working to get short sale deals done:

please click on the link to read the story behind each of these successes.

 http://activerain.com/blogsview/206925/sold-by-the-safrin-s-successful-short-sale-2262-vermillion-st-lake-station-in-46405-northwest-in-priced-to-sell-with-alittle-tlc-spacious-corner-home-big-fenced-yard

 http://activerain.com/blogsview/1420474/lake-county-indiana-short-sale-sold-in-26-days-from-for-sale-sign-up-to-signing-the-closing-documents

 http://activerain.com/blogsview/1296437/some-short-sales-in-northwest-indiana-real-estate-are-getting-done-quicker-easier

 http://activerain.com/blogsview/1722094/just-sold-la-pore-county-in-short-sale-closed-before-the-june-3oth-1st-time-home-buyer-tax-credit-deadline-whew-

  http://activerain.com/blogsview/239193/Short-Sale-Tips-that-Helped-Us

 http://activerain.com/blogsview/1504566/some-nw-indiana-short-sales-are-closing-sooner-than-traditional-real-estate-transactions-

 http://activerain.com/blogsview/861999/happy-new-year-for-indiana-homeowners-facing-short-sale-new-law-that-may-help

  http://activerain.com/blogsview/588362/13-weeks-to-Complete

 http://activerain.com/blogsview/475656/Valparaiso-IN-Opportunity-Knock

 http://activerain.com/blogsview/1593093/back-up-offer-closed-in-this-real-estate-market-anything-can-happen-we-encourage-our-sellers-to-keep-showing-their-property-

 http://activerain.com/blogsview/520985/indiana-realtors-take-note-2008-legislation-you-should-be-aware-of-

  http://activerain.com/blogsview/1349045/our-listings-of-reo-or-bank-owned-properties-for-sale-are-selling-quickly-in-nw-indiana-once-priced-right-and-ready-for-ma

Some Short Sale Buyers Are Missing The Boat…so to speak

Lately, we’ve come across some short sale buyers that have miss-conceptions about this specific type of real estate transaction that differs from a traditional property purchase and would like to share these…

• Short Sales are not Fire sales….the banks have a bottom line.

Sometimes buyers have miss-conceptions that they can bid very,very low and ask for even more ( i.e. seller concessions) on a listing that is already priced less than what is owed on the note. This is not so.

• Lenders wait around a long time for the best short sale offer to come in before they’ll decide which one to choose.

Not so nowadays. It has been our experience recently that the time frame for some of these transactions is decreasing and if one reasonable offer comes in, they accept it and proceed to close. 

…..one client insisted they had plenty of time to wait to write an offer ….just an hour later that very home was under contract with an excellent offer with hard to beat terms :0 

• As a Buyer of a short sale you can wait to do your inspections until after the lender has approved the short sale…

THERE IS RISK involved with writing offers subject to lenders approval of a short sale.

 Spending money up front on inspections or appraisals without even knowing if the short sale will be approved is part of the gamble.

Short sale properties are many times SOLD AS IS. The inspection is more of an FYI for the buyer, rather than a negotiating tool to get more $$ from the lender.

We recommend our buyers bring an inspector or contractor to the 2nd showing and do their due diligence up front… to check out the property thoroughly BEFORE WRITING an offer on a short sale or REO (foreclosed property), that way they have an idea of what they are getting into.

• The bank will be ready to close on the date the buyer puts in the contract.

IF YOU are a buyer with ANY type of time constraint for housing – maybe a short sale is NOT FOR YOU.

There could be delays in closing a short sale. That’s why when we list short sales we take back up offers, in case the 1st buyer walks, there is a back up ready to move forward.

• Short Sales are not a game. 

If you are a buyer looking to purchase a short sale or foreclosed property, using a REALTOR with a designation & experience in this specific type of Real Estate Transaction is vital to getting deals done!

Crown Point, Indiana 46307 Home For Sale – Subject To Short Sale Approval

We listed this spacious Cape Cod Style home for sale, perched on a 1/4 acre Corner lot in the Wirtz Crown Heights Neighborhood of the City of Crown Point - Northwest Indiana.

Conveniently Located close to to major roads for commute, shopping, schools, and businesses, this affordable updated home with a full basement (finished) In Ross Township is worth your careful consideration.

xxx

Spacious Home, Corner Lot,Subject To Short Sale

Overview Maps Photos Features Description Neighborhood Market Stats

$161,000 Single Family Home For Sale Main Features 4 Bedrooms 2 Bathrooms 1 Unit Interior: 3360 sqft Lot: 0.24 acre(s) Location 2240 W. 94th Place Crown Point, IN 46307 To get updates on open home dates and other property events, please click the “Like” button below:

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Jeff & Grace Safrin F.C.Tucker 1st Team Real Estate (219) 309-9930 safrin@jorsm.com http://www.safrin.net Listed by: Jeff Safrin of F.C.Tucker 1st Team Real Estate

Our recent listings Spacious Home, Corner Lot,Subject To Short Sale Fixer Upper Sold As Is Look No More – This Bungalow will surprise you! Best Value in Gated Community Subject To Short Sale Approval Subscribe to our listing feed

See more Crown Point, IN real estate for sale

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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