Marie Ippolito, Indianapolis Realtor, F. C. Tucker

Keys to success:  knowledge, patience and fortitude!

When a homeowner is unable to pay back the mortgage in a timely fashion, the bank becomes involved in the sale of the property.  A short-sale means more money is owed on the home that what it can be sold for.  Therefore, the homeowner will be "short" of what cash he needs to fully pay the bank what is owed.  When this occurs, the bank, not the homeowner, is the ultimate decision-making insofar as negotiating and accepting offers on the property.

There can be great values available to buyers in this type of situation; however, it is a complex legal process.  The knowledge and experience I bring to the process will be an invaluable asset to you.

Usually, when you have an accepted purchase agreement between a buyer and seller, a home will close and title transfer to the new owner in 30 days or less.  This is not always the case with short-sales.  Sometimes multiple liens are placed on the property.  When this is the case, all lenders will need to agree to a sale.  Situations like this can cause a buyer to wait an indefinite period of time to acquire the property. 

With a foreclosure, the home is now fully bank-owned.  Procedures can be timely and complex.  Contact me and we can certainly discuss all aspects of this type of purchase in complete detail.