Another NW Indiana Home Sold by F.C.Tucker 1st Team Real Estate Subject to Lenders Approval of a Short Sale.
Thanks to past Blog posts and their Google rankings, our seller found us to list his property by doing a search online. The seller interviewed several agents found this way and chose to work with us based on the interview.
Not all short sales are the same. IMHO they take even longer for some reason than they did 1 or 2 years ago? This is our longest short sale to date = 4 months from receipt of offer from buyer to closing day. (2 months to get short sale approval and another 2 months to close due to buyers lender).
In this case, for reasons unknown, a new short sale negotiator was re-assigned midstream by the sellers lender (day 30) so it was like starting all over again resubmitting docs, BPO, etc...and therefore a 30 day delay resulted. The new processor however was wonderful and returned calls/emails in a timely manner!
The lending approval time for the buyer to purchase the property was another story.
An email letter came with conditional approval of the buyers loan and several closings were scheduled and then canceled in the month and a half that followed the short sale approval.
The short sale approval letter expired twice (this required more re-submissions and re-approval by investors each time....it's not as simple as just getting a buyer and seller to agree to an extension to the purchase agreement). Plus the sellers lender had many other files to deal with so they informed all parties that there was to be a $100 fine for any further short sale approval letters or changes in HUD statement closing date due to the numerous buyers lender delays.
The process of lending approval for the buyer took just as long as the short sale approval process!
Nowadays, the REAL work is in getting real estate transactions just to close even weeks and weeks after both sides have issued written approvals?
Related posts : Some Short Sale Buyers are Missing the boat.
Photos/Blogs of more NW Indiana Short Sales SOLD & Closed when listed by F.C.Tucker 1st Team
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more.
Sincerely,
Jeff & Grace Safrin, Broker / Owners
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
Visit our various Social Media Sites: 
