Jimmy was ready to buy his first house. Not just any house… he wanted an investment; a great price on a good property in a smart location that needed some sweat equity and could be the first in his well-developed and well-funded plan to upgrade and improve his way to financial stability. Hmmm. The market was quickly recovering. Distress sales were getting scarce. Jimmy needed help to locate and secure the right deal so he could get to work. Time was of the essence whenever a good candidate hit the market, and he got beat out on a few possibilities as the market was in an unexpected frenzy at that time, but Jennifer kept on the hunt. Within a few weeks, the perfect opportunity presented itself and they did not hesitate to submit the offer. The inspections revealed the house was structurally sound and a face lift is all it needed. Properties around it were selling at record prices. Jimmy closed his purchase in April, and the project is moving right along. It’ll be fun for Jennifer to see (and sell) the finished project!
Gerry and Nancy had a desire to take on a rehab project if they could find something with a little land that could be made into a fantastic home…perhaps a foreclosure or abandoned farmhouse? They started the hunt together with plenty of options for distressed properties, but nothing with just the right setting got them excited until the little cabin on 2 acres north of Zionsville popped into Jennifer’s email. She was familiar with it, as she’d seen it before it went through foreclosure, but now that the bank had repossessed it, there had been a significant price reduction. She knew it was dirty, but that it could be rehabbed to sparkle and that it’s creek-side location was just exactly what they’d been seeking. On July 4th, they submitted an offer, which the bank rejected. So they waited a bit, and when that same bank reduced the price again two months later to below that initial offer, they pounced for an even better deal! The ride to the closing table wasn’t easy with that short-sighted bank, but Jennifer got them through it and closed at the end of October. Rehab is under way, and it will be a stunning home AND setting when it’s finished, and Jennifer can’t wait to see it!
A mandatory job relocation in 2010 to sunny Florida left Michael’s lovely home in Westfield vacant with a sizeable mortgage to maintain. The market at that time was abysmal, and his attempts to keep it leased were no more successful. So he called Jennifer after the last tenant moved out abruptly, because the house simply had to go. Left vacant, it would devastate him financially, and his combined mortgage balance was considerably higher than the current value of the home. Selling it at fair market value was not a pretty picture either. Fortunately, Jennifer is a Certified Short Sale Specialist and knows the ins & outs of how the banks work to allow responsible sellers in his position to sell in order to avoid foreclosure. She made the calls to not one, but to the two banks holding first and second mortgages on the property. Their option was simple: cooperate for a short sale, or take it into bank inventory after a lengthy and expensive legal process. They agreed almost immediately to review offers that would facilitate a short-sale, and within a month, Jennifer had an offer to present. She was shocked that the first bank approved such a loss, and held her breath while the second bank reviewed the settlement that was offered to them. They, too, accepted it; and a closing date was set. All in all, the process took about four months from start to finish, but the stars aligned, and the closing commenced on September 22nd. And while Michael has a ding on his credit, his debt has been forgiven in a responsible manner, and he is free to rebuild without the burden of over $500,000 in debt languishing up in Westfield.
Almost two years ago, Jennifer’s client turned her eyes to a pre-civil war house right on Jennifer’s own block. It was just the perfect fit for Susan, but the house was tied up in a grueling short sale quagmire with two banks holding insurmountable liens on it. An offer was submitted, but it languished indefinitely while the banks fought about who got what out of the sale. Ultimately, it went through the foreclosure process and to sheriff’s sale. No buyer claimed it, so the first mortgagor took possession of it. Then it sat and sat and sat until it popped up on the market as a foreclosure six months later. Conveniently and oddly, it had new carpet and paint and a new furnace, and priced almost $40,000 more than Susan had offered the year before. So, she sat,watched, waited, and wondered if she was meant to own it at all. They watched the price reductions tick down over and again until it was listed right at the offer she had submitted previously with the improvements completed. She pounced, submitting a new offer for even less than before. It was accepted, and she closed this month! While that was not the easiest sale, for a variety of reasons, it is by far Jennifer’s favorite sale to date because of the way it worked out in the end. And since Susan is surely Jennifer’s most favored clients EVER, she is thrilled to have her moving in across the street…someday!
Jamie and Jennifer wanted to claim a gigantic country estate in Zionsville and make it their own. It was bank-owned and a mess, but they had the vision. They also had a problem, because they had a house to unload before they could buy again. Banks won’t accept contingent offers, so the horse HAD to come before the cart (or the egg before the chicken). Panic was mounting as price reductions on the dream house ticked down nearly every week, which obviously increased activity on it. They were going to have to step out on a limb and do a bit of gambling on this one. Jennifer wrote an offer for a delayed closing, not contingent on the sale of their existing house, knowing full well that if she didn’t get the current house sold QUICKLY, they would not be able to close on their purchase, and their earnest money would be forfeited to the bank. Yikes. Losing is never an acceptable option for Jennifer, but moving in faith is, so it HAD to work! The current house was prepared and priced to sell! She got it sold and closed a month earlier than necessary, and the bank owning the estate was none the wiser. Jamie and Jennifer were free to move forward with the rehab financing for their dream house, and they got to close on their purchase last week. Jennifer had held their breath for three months while it all fell into place, but this will go down as one of her greatest accomplishments. Now to the contractor responsible for that rehab…it’s in your hands, and Jennifer cannot wait to see the finished product!