Posts Tagged ‘REO’

 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!

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.

_____________

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.

On Facebook ?…… be-friend us – look up Jeff Safrin : )

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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