First of all I want to say that every time I call IndyMac Federal Bank - they have been very professional, and helpful. That's tough in this market, and with all the calls they are receiving.

But this process is wearing thin - I have closed other short sales in lot less time - just had one close with Option 1 yesterday- where the response time was much faster. So today when I made my calls to IndyMac, I asked for a supervisor, and was given one within a 5 minute time frame - far better than my calls last month - before they became a Federal Bank. I was on hold at one point - their  recording said I had a 19 minute wait time - I timed it - 76 minutes later they answered my call. And lets not forget the week after the take over - the machine just said they were too busy - and hung up on me. Anyway back to my current situation, the supervisor that assisted me was very professional, and very knowledgeable. During our conversation he was explaining the process (which I knew by heart now), but one piece of information I had not heard before, was that - they are processing over 8,000 short sales at this time - 8,000!!! He also informed me that they were now using personnel that were once loan officers - as short sale processors - not that - that is any surprise - but the 8,000 number was. So our conversation ended on a good note - as always they are trying to get someone to look at it. I have expressed urgency because this is a cash offer - a very fair cash offer - with no contingencies.

So where is this article headed - I don't know - just blowing off some steam - and wondering if anybody else has figured out a faster way to deal with IndyMac?

I fell better now

Aloha, and have a great day

 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

Aloha Kona Realty Inc.

78-6740 Alii Drive

 Lets depart with this beautiful sunset picture from camping on the 4th of July 

Kona Sunset

 

12 Comments on IndyMac Federal Bank - Short Sale Process - Over 8,000 in proccess !!!

AUG
06
2008
529,703 Points 52 Featured Posts Localism Sponsor Outside Blog

Funny because when Indy imploded last month another realtor and I were discussing "have you ever heard of a closed short sale with Indy?"

The answer was a resounding NO ~BUT~ I don't want to discourage you.  Just keep on keeping on with those phone calls!  I want to read that you are an Indy success!

2:06pm • #1

Lance,

I think we are in for some short sale relief in the near future. I believe the funding is now there for servicing companies to be incentified enough to hire appropriate staff to do the transactions and legwork.

Not to be a contrarian, but 8000 short sales doesn't sound that imposing. Doing a short sale is no different than doing a loan, it's just the process in reverse. If Indymac said that they had 8000 new loans in the pipeline, no one would be impressed.

By the way, are you trying to make everyone jealous with that sunset?...because it's working.

take care,

Dave

2:08pm • #2

Aloha Renee - Thanks - I hope to be a success story - no - I WILL BE A SUCCESS STORY. How are things in Vegas these days, I grew up there - graduated from Western High School.

Thanks Dave - your right - I just needed to vent after talking with them - and yes  I was trying to make you jealous :) Glad it worked

Aloha, and have a great day

 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

Aloha Kona Realty Inc.

78-6740 Alii Drive

 

2:35pm • #3
529,703 Points 52 Featured Posts Localism Sponsor Outside Blog

Lance:  It is nutty here right now.  Don't know my head from my bum.  Pretty busy :)

7:14pm • #4

I have a contract in with IndyMac to purchase a short sale in Florida...the listing agent is being a pain in the rear and keeps giving us a different story...we are now told that it may be 2 more weeks - already been 1 week and that there is a "back-up" offer - has IndyMac come back with counter-offers? if so have they been much higher? what percentage of the listing price are the short sales that have been successful? Any info/input/advice would be greatly appreciated - we really feel like we are getting the run-around...

Lisa
9:22pm • #5
AUG
07
2008

I hope your not the buyer on the other end of my deal ? Just kidding.

Time - Mine has been in since mid May - and at least a month away from anything.

A lot of it depends on what the BPO comes in at (Brokers Price Opinion). If they come back and give it a value close to your offer - you have a chance. Another thing is the amount of contingencies you have. I always have my clients make an offer - without contingencies - except for things like Home Inspection. Just base your price on a figure that you can live with paying for the some of the things the seller would normally pay. 

2 of my successful short sales figures have been -

1: Client Owed $525,000 - bank accepted $397,500 - I sold for $433,000 and had to pay buyers closing cost.

2: Client owed $430,000 - Bank accepted $270,000 + paid 6% commission.

Neither of these were with IndyMac - but - they work similar.

Down side - lost one today with Chase Manhattan - client owed $490,000 - we offered $375,000 expecting to come up some more, they came back at $449,000 - absolute final offer - we passed.

Hope this helps - do try and find out what the other offer is and make sure your are at your best offer.

Aloha, and have a great day

 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

Aloha Kona Realty Inc.

78-6740 Alii Drive

 

12:34am • #6
5 Featured Posts

Sorry to hear that!  The sunset should make you feel better though! 

12:58am • #7

I see you like to look up people that comment uon your blogs also :)

Aloha, and have a great day

 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

Aloha Kona Realty Inc.

78-6740 Alii Drive

 

1:10am • #8

Thanks, Lance

The seller's balance on the mortgage is $402k but the total judgement is around $460k - they haven't made a payment in over a year...it was listed at $360k and I put in an offer of $301k with no contingencies...

I felt that the price was listed high - i did some research on the property appraiser site of recent sales and our realtor's CMA came in really high - it was ridiculous...there are a lot of short sales and foreclosures in this neighborhood so I felt like the number was fair

It's just killing me how unresponsive the listing agent is...

-Lisa

Lisa
9:05am • #9
SEP
03
2008

I just found your blog.  Very interesting stuff!  I love the picture of the beach where you are camping.  What beach is that? 

Keep up the information.  Thanks

Bob
4:00pm • #10

Thanks Bob - that is an area out by the airport - Pine Trees . Funny thing is I camped again this weekend. It only opens up on holidays - labor day was a holiday - had a great weekend.

By the way - I have gotten a long way with Indymac since this article - they have given me a firm price they will sell at - but I lost the buyer - took to long!

Pine Trees

4:43pm • #11
AUG
03

I hope a year latter the process is quicker I'm just searching AR for any info on Indy Mac/One West short sales.

8:25pm • #12

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Lance Owens

Kailua Kona, HI

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Aloha Kona Realty Inc.

Cell Phone: (808) 936-8383

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Hawaii, Real Estate information, Kailua Kona Realtor, Kailua Kona, Real Estate, West Hawaii, Classifieds, Keauhou, Blog, HOVE blog, Home values, Condo value, real estate market, MLS, Statistics, Buyers agent, Sellers agent, Kona Real Estate


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