Hello...
What a changing climate we have to try to conduct business in. I have worked several short sales with banks such as Countrywide, Huntington, HSBC, and others. I have a client with a short sale with OneWest/IndyMac. The condo has been on the market for almost a year and is now listed at under $80k. The seller owes over $101k and we have had no activity on the property. We now have an offer also under $80k and have submitted the packet to OneWest. The sheriff's sale happened in March and we have a 6 month redemption period here in MI. I am not sure that OneWest/IMB knows this because they have made a back HOA fee payment already. The seller called the bank and was informed that the packet had not gone to review because the "sell" had already happened. The rep on the phone was not terribly helpful and said to call back next weeke and that she would request a review. Seems very strange that if a property was on the market under $80k with no activity that the bank would think that they would have a chance to collect their $100k+ on the market after going through the time and cost of the foreclosure. It seems as though these irrational decisions have become par for the course. Anyone have any experience or thoughts here?
Steven Terry- Mark Hagan and Associates
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