We SOLD and Closed on a Property Today January 2nd, 2009 that was
Subject To Lenders Approval of a Short Sale.
The Purchase Agreement was received by us via Fax from the Buyers Agent and Jeff contacted the Sellers Lender's Loss Mitigation Department the next morning.
He listened to the usual "sch-peal" of how LONG an answer would take and the LIST of requirements that needed to be in place (pre-lim HUD, hardship letter, etc...) even BEFORE they would consider reviewing this offer.
I walked over to him while he was on the phone and handed him a highlighted portion of
A New Indiana Law passed to help Homeowners facing a Short Sale...
Indiana HOUSE BILL 1359 an excerpt which reads :
"Requires a creditor, a mortgage servicer, or an agent of a creditor to acknowledge a written offer made in connection with a proposed short sale of property that is subject to a mortgage transaction that is at least 60 days delinquent. Provides that the acknowledgment must be provided not later than 10 business days after the date of the offer. Requires the creditor, servicer, or agent to accept or reject the short sale offer not later than 30 business days after receipt of the offer."
I heard Jeff read this exerpt to the Representative on the phone and then ask to speak to a supervisor:)
ONE WEEK ( 7 Calendar Days ) later, the offer was accepted and 3 weeks (21 Calendar days) after that the Final HUD 1 Statement to Close was Approved! 28 DAYS TOTAL - now that's a Short SALE!!!
Even the Buyers Agent was surprised..LOL
It will be a great NEW Year in Indiana, if other Lenders follow this example and heed THE NEW LAW affecting Short Sales :) 
There are monetary fines to the lending institution for failure to adhere, if the new TIME guidelines to keep Short sales SHORT is not upheld!
As PROFESSIONAL REALTORS....We'd rather work collaboratively WITH BANKS and LENDING Institutions to facilitate Successful Short Sales & help PREVENT the CLOGGING UP OF OUR PUBLIC Court Systems and Honorable JUDGES time. Not to mention the waste of Indiana TAX PAYERS MONEY when a home forecloses ( who pays court system employees & sheriffs? we do ;)
There are ready, willing, and able buyers shopping NOW with Interest Rates LOW.......WAY BEFORE a house deteriorates and depreciates a neighborhood by standing empty for a year!
YOU NEED REALTORS to help SAVE this Housing MARKET.
editorial opinions by Grace Safrin
Jeff & Grace Safrin - REAL Estate Brokers - F.C.Tucker Advantage Realty
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Disclaimer: The opinions expressed by those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided.
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