Another Short Sale SOLD NW Indiana by F.C.Tucker 1st Team Real Estate

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

The Local GNIAR MLS is one reliable source for Real Estate Sales STATS For Northwest Indiana According to our local MLS GNIAR Stats, in 2012 there were only 155. short sales that closed escrow

(Residential units sold, all property types, in Lake, Porter & La Porte Counties in NW Indiana).

This is not many compared to 1,684. REO or bank owned properties that closed escrow in 2012! 

(For the same tri-county area -residential units sold, all property types).

 

Perhaps the difference in numbers is due to Northwest Indiana Home Owners waiting till it's too late to contact a

Real Estate Broker, SFR experienced in short sales.

 

Not all short sales are the same. Each brings a unique set of circumstances and obstacles to overcome to get to a successful closing of escrow and sale.

A short sale we listed that closed escrow yesterday was referred to us by a Lake County Indiana Attorney

who referred a client to us that was seeking to sell their

NW Indiana property subject to lenders approval of a short sale. Another Short Sale Sold NW Indiana by F.C.Tucker 1st Team Real Estate

Not all banks in a short sale offer situation cooperate with the

Indiana Law - IN HB 1359.


This bank did!

We were fortunate to have a short sale approval letter from the banks attorney within 28 days after the seller conditionally accepted the offer!


This short sale negotiation was streamlined in that there was direct phone and email communication with a high level VP of the banking institution who gave verbal approval of the sale with in 2 1/2 weeks of required documment submission and  written approval came within the time frame of the IN HB 1359.

41 days later (on the last day the approval letter stipulated the closing needed to occur on or before), we closed escrow.

Some short sale buyers lenders are missing the boat so to speak. If due diligence was not performed in a timely manner (i.e. home inspections, appraisal, underwriting conditions and re- submissions that come up during the loan process prior to "clear to close"), the short sale bank does not care and may not grant an extension to close.

We were fortunate this was a non Equator short sale negotiation.

To miss a closing deadline on that system usually means starting the short sale approval process all over again -> uploading a multitude of documents to their site and dealing with changing negotiators or sometimes even with a different loan serving company all together!

Jeff Safrin Real Estate Broker/ Owner/ Short Sales and Foreclosure Resource certified by the National Association of REALTORS

 

 

 If you are thinking about selling your Northwest Indiana property subject to lenders approval of a short sale, give us a call today to discuss.

 

 

 

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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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Rainmaker
1,902,863
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Jeff & Grace,  congratulations on your recent sale...Hoping that you  have many more in  2013

Feb 01, 2013 04:41 AM #1
Rainer
100,079
Jim Brooks
The Brooks Team- Realty One Group - Henderson, NV

Jeff & Grace,

 Congratulations on your Short Sale! Here's to wishing you many more in 2013 :).

Feb 01, 2013 05:06 AM #2
Rainmaker
541,139
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Hello Ronald  and thanks for taking time to stop by and comment.

Feb 02, 2013 04:13 AM #3
Rainmaker
541,139
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Thanks Jim, hopefully for sellers and our market - we will continue to see a decline in short sales and foreclosures!

Feb 02, 2013 04:14 AM #4
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Rainmaker
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Jeff&Grace Safrin

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