Don told his friend Rick to call Jennifer when he learned Rick was in the market. (Friends give the best advice sometimes!) Rick wanted a property he could apply vision and effort toward to make his home. And he wanted to keep his budget low. Distressed properties are plentiful today, but the delicate balance of price vs condition (to use as collateral on a loan) is a tight-rope walk. Fortunately, Jennifer knew where to point him for financing,
whether he bought a yet-uninhabitable property or something that just needed a
little freshening up. He ended up buying a house that would be considered
somewhere in the middle, and he got the sweetest deal on both the house and the
loan terms. The National Bank of Indianapolis has a loan for buyers that is
just amazing. (Call Jennifer for more details on that!) Jennifer
talked to Rick the other day and it sounds like he’s tearing into that place
without a moment wasted and having a ball doing it. It’s going to be
fabulous when it’s done, and he’s promised to invite her to the unveiling in
Wendi’d had a run of bad luck and needed to relocate for work. What could she do with the house in Fishers? The neighborhood had been hit hard during the
recession, and there was no way to sell it high enough to pay off two mortgages.
One brisk October morning, Jennifer laid out Wendi’s options: 1)
find the cash to pay off the mortgage balance, 2) let it go to foreclosure, or
3) compromise and apply for a short sale with both mortgage lenders.
Jennifer knew it wouldn’t be easy when she chose the latter, but they
dove into it. By January, the ladies were looking at three offers.
The highest was chosen and the ride began. The first lender
approved the offer in short order, but the second was not as cooperative.
Jennifer sparred with that lender while the buyers hung in there for
EIGHT months! The bank’s delay tactics frustrated everyone to the point
that the buyers chose to move on in August. So, Jennifer put it back on the
market – still fighting with the second lender – and found a couple more
offers! The highest was submitted in September. BOTH loans now had
to be re-approved because the first approval had expired. It was
maddening! At times, there was a desire by all to just give up. but
patience prevailed, the approvals moved more quickly in the second round, and
they closed in late October – 366 days after the process began. Jennifer
was reminded that persistence pays off, even after patience runs out, and that
there is a solution to hardship. It’s not always easy, but it’s always
the lesser of three evils.
Jerry and Sarah were thinking about their future when they spotted a little ranch for sale across the field from their son’s home. They’d come to the realization that,
perhaps, their family homestead of 50+ years might become more than they could
manage in future years. It might be wise to pick up an easy-to-live-in
home close to family, while home prices were still favorable, that they could
rent out for a few years and eventually move into when the time came.
They called Jennifer to schedule a showing and promptly decided it would
be a good fit. The location just couldn’t be beat, and it
was a very manageable home! So, Jennifer began the negotiations and a
closing date was set. While they were waiting to close, Jennifer found a
tenant for them. Within 24 hours of their ownership, the new house became
occupied by an exceptional renter without a moment wasted! While Jennifer
hopes Jerry and Sarah don’t find it necessary to move in the eminent future,
she is happy to know that one part of their plan is in place for that
So many details had to fall into place for Jennifer to get this one to closing. It was a foreclosure, so the bank would not accept her clients’ offer with a contingency on the sale of her homestead. Yikes. Gambling would be required, because this was the BEST deal on the west side for her client, and it simply had to be secured. They decided to remove the contingency and resubmit the offer, holding their breath that the pending sale of her existing house would be settled. The new offer was accepted, and while she worked through her inspections and appraisal, Jennifer babysat the details of her sale to make sure it closed first. What a challenge! But that is a story for another time. It was finished, her client got her condo, and all is well. What’s next, Jennifer wonders?