I recently tried to negotiate a short sale with Indy Mac Bank. We had a very competitive offer with comps to support the offer and they would not accept it.
We had an offer for $300,000 the most recent sold in the area was $290,000 with $10,000 seller help. The bank countered at $335,000. The client did not want to pay more for the property.
We had a foreclosure date looming but they would not cancel the sale. My rep told me to get him an offer for $335,000 that is all they will look at.
So of course we did not get an offer for $335,000 and the property went to foreclosure auction. At Public Auction the property SOLD for $254,500.
I have done a quite a few short sales but none as non-negotiable as this one with Indy Mac. Even if you add Realtor fees at 5% and 3% seller assistance the offer for $300,000 was still better than what they accepted at Auction.
Has anyone else had a similar experience?
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