Indianapolis Short Sale Tip
Our team work on numerous Indianapolis IN Short Sales. If there is a tough Short Sale, our office comes to ask our thoughts or what would we would do. We help our broker out when one of his assistants occasionally gets stuck on a Short Sale.
There is a lot to Indianapolis Short Sales and it changes constantly, and we have to roll with it and push forward on behalf of our clients.
Last week one of our broker's Short Sales got hung up again.
It had been hung up once because the file kept being reassigned to negotiators. In short, the file fell thru the cracks. Our broker's assistant Lisa and I pushed and pushed and finally got an approval.
Now, we are a couple of days before closing and it turns out that the buyers agent forgot to turn in to us a name change in the contract on the buyer's behalf.
Now this might not seem like a big deal, but with Short Sales it can be an incredible deal to the seller's Short Sale bank.
There have been cases of fraud where the seller would sell to a family member and the bank would feel taken advantage of. Sometimes they were taken advantage of. To keep this at a stand still, many banks have Arms Length Transaction Forms signed prior to closing to ensure that buyers, sellers and their agents are not related.
Some banks will not allow buyers to be substituted at the last minute specifically due to this. In my broker's case, there was a need for the buyer to have a cosigner, so they were adding a buyer, but that is still not good to do right before closing.
Lesson from this: Buyer's Agents get those changes to listing agents asap, and listing agents make negotiator's aware of this asap, so that if this is one of those banks that puts the buyer's name on the approval letter, that you and all parties are covered by having the correct names on the Short Sale approval letter.
About the Author: The above info regarding Indianapolis Short Sales was provided by: Heather Fitzgerald & Pam Smith, who have over 24 years of experience in real estate, title insurance, and lending that can be put to work for you. We can be reached by phone at 317-885-8858. Thinking of selling your home or buying your next home? We can help you with this. We service the following areas: Greenwood IN Real Estate, Indianapolis IN Real Estate, Franklin IN Real Estate, Whiteland IN Real Estate, Mooresville IN Real Estate, Martinsville IN Real Estate, Avon IN Real Estate, Carmel IN Real Estate, Westfield IN and surrounding areas.
We have closed numerous Short Sales: Indianapolis IN Short Sale, Greenwood IN Short Sales, Avon IN Short Sales, Mooresville IN Short Sales, Carmel IN Short Sales, Westfield IN Shortsales. Check more properties at no obligation: www.SmithFitzgeraldTeam.com
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Heather Fitzgerald & Pam Smith-Indianapolis Short Sales. All Rights Reserved.