Our Listings of REO or Bank Owned Properties For Sale are selling Quickly in NW Indiana once Priced right and ready for Market!

By
Real Estate Broker/Owner with F.C.Tucker 1st Team Real Estate

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!

Jeff & Grace Safrin List and Sell REO Bank Owned Properties in Northwest Indiana 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 Look no More-Call Jeff & Grace Safrin of F.C.Tucker 1st Team Real Estate to List and Sell your REO Inventory in NW Indiana  move them quickly, please call us for a confidential consultation.  References available on request.

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

 F.C.Tucker Indiana's largest Real Estate Company Sincerely,

Jeff & Grace Safrin,  Broker / Owners                              Sign Up For Our Real Estate Newsletter

F.C.Tucker 1st Team Real Estate

13 Lincolnway Suite # 203 

Valparaiso, IN 46383         

Office # 219-309-9930

serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana

 Independently Owned & Operated

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Topic:
Real Estate Market Trends
Location:
Indiana
Groups:
Indiana Real Estate Professionals
REO
Posts to Localism
Foreclosures & Short Sales
Real Estate Trends
Tags:
reo
just sold
bank owned
northwest indiana real estate
lake county in
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Rainer
233,998
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

We have been practically WRESTLING with our short sales/foreclosures... even with proper attorney representation... getting to the RIGHT contact person is like going through a maze!  We are planning to get more training to get better at it.... since this has become the trend now.  

Nov 21, 2009 07:54 AM #1
Ambassador
1,553,031
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

It is very clear you thoroughly understand the steps necessary to bring a foreclosure to the settlement table - too many agents do not

Nov 23, 2009 09:34 PM #2
Rainmaker
542,051
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Agree- Diane ...Good adjective to describe the current state of home sales ! We wrestle with getting deals to close more and more unless they are CASH or Land Contracts - I do believe the re- emergence of private banking is happening slowly :)

Hi Karen - Jeff is good at both REO and Short Sales and he is very selective on which ones he takes on nowadays- I think that is key to a succesful transacton as well :))

thanks to you both for taking time to comment.

Sincerely,

Grace

Nov 24, 2009 09:01 AM #3
Rainmaker
509,681
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Lately i have been successful in dealing with bank properties. It takes TOTAL cooperation on both agents parts to make this happen.

Nov 25, 2009 09:50 AM #4
Rainmaker
542,051
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Yes it does Robert - but I believe it is getting easier since this type of sale is here to stay awhile :)

thanks for stopping by,

Sincerley,

Grace

Nov 28, 2009 08:10 AM #5
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