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