When I heard IndyMac had failed and was seized by the FDIC, I was stunned. It did not even hit me until a few days later how it would affect me in a personal way.

That was Friday when the government announced they had taken control of the troubled bank. On the following Monday, I realized that it was that bank, IndyMac, that owned a foreclosure house in my area that I have under contract with buyer clients. It had already been a very difficult transacation as far as receiving communication from the bank to the listing agent, and then also actually receiving a signature from them on the contract to purchase. Knowing now that this bank was crashing down, it sheds some light on that problem.

All of the hurdles were overcome, and then the news that the bank had failed. My buyers and I, and their lender, all wondered "Now What?" Will they be able to close on this house? Will it take some time to sort it out, and if so how long? or will it sit in limbo for so long, my buyers will have no choice but to move on?

We still have not heard anything in this regard, and can only continue to probe and pry, trying to get answers. A very frustrating experience for my clients and all of us involved. The listing agent cannot get any communication from those now in control of IndyMac. Never saw this one coming?

Anyone have any experience in this matter, or insight? would be appreciated

Matt Stahl