Elkhart, Indiana, When is a Short Sale Offer Accepted?

By
Real Estate Broker/Owner with Friends & Neighbors Real Estate RB14036506

According to the State of Indiana, a short sale offer is accepted when the Home Owner accepts it.  Legally the Home Owner is the Owner of Record, the third party approval is a contingency of the sale.

Does it take long to get the third party approval?  Yes and No.  Some banks are quick to recognize when they have a fair market offer and make the decision quickly.  I have had some approved in as little as 20 minutes after submission and others have taken as long as 5 months. 

Why does it take so long for some banks?  Most banks have so many offers that are for less than their borrowers current mortgage balances that they are overwhelmed with work.  Some have anticipated the extra work and took measures to hire and train employees.  Others did not prepare for the rush...

Is it still a good deal to buy a short sale?  I would have to say yes, in most cases it is.  Most of the homes are still being lived in and are taken care of as opposed to a vacant home that is owned by the bank and where vandalism is common. 

Whether you are a potential Buyer of a Short Sale Property or a Seller of a Home that isn't worth what you owe on it in today's market, give Evelyn Johnston with Prudential One Realty a call at 574-304-7148.  She is an Elkhart County, Indiana certified short sale specialist!

 

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Rainmaker
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Michele Reneau
Certified Staging Professional (CSP) Elite Instructor - Summerville, SC
Realtor, GRI ~ Charleston, SC Relocation Experts Team

Yes, I agree, the contract is ratified when the home owner and buyer agree to terms. It drives me nuts when MLS is not updated b/c some agents insist they are waiting on bank approval.  The bank approval is a contingency just like a home for sale contingency.

Jul 14, 2009 10:29 AM #1
Rainmaker
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Training Agents sometimes a very difficult task.  They think they know the answer...already!

Jul 14, 2009 10:58 AM #2
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Rainmaker
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Evelyn Johnston

The People You Know, Like and Trust!
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