SOLD!! 11064 Schoolhouse Road, Fishers

SchoolhouseWendi’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.

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FINALLY SOLD – 123 Anywhere Street, Indianapolis

For the purpose of protecting the privacy of the parties involved in this transaction, Jennifer will not disclose the address of this property, and the names of the characters involved have been changed. The story behind “123 Anywhere St” has to be told, because it is not merely a story, but a novel– a series of sales, in fact, that FINALLY found a conclusion with a closing in late August that Jennifer, honestly, thought would never come. This closing was a testament to Jennifer’s stubborn persistence in getting a property sold NO MATTER WHAT happens along the way, and this story will never fit on a postcard!  

Jennifer listed this property in April 2009.  It was beautiful at that time; professionally decorated, priced well, and she was confident that it would be sold in a matter of weeks at the list price of $425,000.  Very shortly after it was listed, both Mr and Mrs Seller lost their jobs unexpectedly.  The spring of ’09 was the height of the recession and probably the peak of unemployment in our market.  Job loss is hard on families, and it was not long before they filed for divorce.  He moved to California, she tried to maintain the house, but inevitably, a short sale application with two lenders commenced, and the troubles began.  The first offer received that summer was at $349,000.  Bank of America (BOA) was not shorted, and Wells Fargo (WF) was offered 60% of the outstanding balance on the 2nd, which they declined to accept.  The two banks’ fighting caused that sale to fall apart.  Some months later, a second offer was received for less money, which now shorted BOA, and WF was offered about $6,000 as a settlement (because first mortgages are always in control in a short sale situation), which was declined.  Three months were wasted with WF fighting for more money, so buyer #2 grew impatient and moved on to an easier purchase.  

Buyer #3 was happy to fund a larger settlement to WF in their purchase terms, but BOA wouldn’t allow it.  Any money over and above the $6000 belonged to BOA, and something like that just can’t be hidden in a purchase loan these days, so that sale in the $280,000s fell apart, too.  Meanwhile, the house was vacated, and it began to deteriorate from neglect.  The pool cover collapsed, the roof started leaking, the cedar siding began to rot out, the furnace failed and vandals partied in the house.  To complicate matters, at some point, WF sold the bad second mortgage to a loan shark, who now demanded $13,150 as his settlement to release the lien.  What?  

Enter buyer #4 – a cash buyer who was willing to pay the higher settlement to the second lien holder, in exchange for a lower purchase price to BOA.  No loan was involved, so that could be finagled.  After a few months, BOA approved the terms of the sale in the mid $200s, and a closing was set for September, 2011.  It was almost over, Jennifer thought.  WRONG.  Buyer #4 flaked out and never showed up to closing!  Really?  Yes!  Good grief.  Enter buyer #5 in January, 2012.  Purchase price was to be $210,000.  With the second lien resolved, Jennifer got to start over with BOA for a new approval, which she got, a couple months later and they were, once again, ready to set a closing date for mid June, as soon as the buyer’s lender was ready to close the loan.  Fifth times a charm?  NO!  That deal failed in the appraisal because it was rejected as collateral due to the condition of the house at that point. Now Jennifer needed another cash buyer to close quickly.  At a couple points along the way, she nearly gave up.  But after a mental rest between fall-throughs, she’d muster the energy to go again.  

By the time buyer #6 came along in early July, it was a matter of sheer stubbornness that made her resubmit that offer to BOA and go through it all over again.  This time it worked, and the deal was closed on August 29th.  The closing was actually comical for a variety of reasons.  It lasted over two hours.  One of the parties came to the table with alcohol on the breath.  The other was a first-class piece of work.  But nobody was leaving that table until that deal was done.  Period.  

In the end, Mr Seller sent Jennifer a purple feather boa as a thank you gift.  At first, the irony was lost on her, though she is well-known for her love of purple, but a few hours with it in hand, Jennifer realized the boa stood for BANK OF AMERICA. It was an award for taking on BOA and winning! HA! That is a gift she will always treasure, and heavenknows she has a story in this one for all-time’s sake.  The lesson here is never give up, and enter into short sales with multiple liens very, very carefully! 

JUST SOLD – 2650 Old Vines Drive, Westfield

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.