Wow...we had secured a short sale listing with IndyMac and we were told from the get go...90 days minimum before we receive our short sale approval. Pretty typical...but 90 days seemed like a lifetime.
We would check in every day or every other day...just as Tim Harris of Harris University told us...and low and behold, we received approval in 37 days! No counter offers...not even a call from a short sale negotiator. IndyMac held a $580,000 lien and we were approved for a $248,000 offer.
This may seem unreasonable to some, however, in the world of real estate short sales...this time passage was a blip on the proverbial radar...no time at all.
Well, this was our first tell tale sign of IndyMac's demise. IndyMac accepted...not even a telephone call...$0.47 on the dollar.
Of course, Kim and I would like to accept all the credit...hey...we do put together a mean Short Sale package...but wow...over 50% off...Macy's After Christmas sale?
Unfortunately...we are also saddened by the news that the 7th largest bank and a derivative of Countrywide now "sleeps with the fishes."
by Kris
Anonymous
I have been dealing with Indy mac for over 90 days on a short sale with a 80,000 loss to the lender and things were fine until I started being lied to and avioded by the lender. One agent says the case is closed without any comments or disclosure of reasons another agent says no the file is missing documents. Its amazing that with the Feds all crying about transperancy why lenders and investors do not have to publish there guidlines for the Short Sale process maybe it would explain why there are so many foreclousres!!
I think Indymac is doing there best but why do the Real Estate agents and buyers have to pay for the mistakes and inaccuracte information from these lenders? I would not advise anyone to consider buying a short Sale in this market. Buyers are losing the best rates ever and thier dreams are being shattered and we in the business lose clients.
Jan 08, 2009 08:06 AM
#2
Rainmaker
191,183
191,183
Kris & Kimberly Darney
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