OneWest/IndyMac Bank Short Sale During Redemption Period

By
Real Estate Agent with Coldwell Banker Schmidt Realtors

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

Comments (12)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Just stay on all parties.

In most short sale cases, the left doesn't know what the right is doing.

Jul 16, 2009 04:00 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

I would suggest you keep following up and let the bank know what is happening with the market. I wish you luck.

Jul 16, 2009 04:07 AM
MARK HAGAN
Coldwell Banker Schmidt Realtors - Traverse City, MI

Hello...

Out of the blue the client was contacted by OneWest and was told that she was the point of contact and that a short sale could be completed anytime during redemption. It sure would be nice to get consistent answers! Oh well, I hope this one leads to a sale for this seller!

Steven Terry- Mark Hagan and Associates

Jul 30, 2009 01:38 PM
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

I'm searching AR for any insights to a IndyMAC/One West short sale. I have a listing that's sure to be one. Update your blog comments of any activity. Thanks. Julie

Aug 03, 2009 01:21 PM
Anonymous
Kelly

I have had a great offer on a property I have listed sitting at IndyMac/One West for 4 months.  Nobody will respond to messages or emails.  I have even sent emails to the supervisors.  Nothing.  Our buyers are getting ready to walk.  I feel like I have done everything possible.  It was assinged to a negoiator who went on maternity leave and the file sat on her desk.  I finally got them to reassign it but still no luck.  I have been able to close short sales with every other bank I have worked with and this bank has been the worst so far.  

Aug 14, 2009 01:31 PM
#5
Anonymous
Mick

I have been trying to get IndyMac/OneWest Bank to look at my file for almost four months. They are very slow, and apparently I have a good negotiator! I have lost an offer and then received a new one. I found out the hard way that the bank re-sets their internal 30-day deadline every time you send them a new offer. So don't re-submit offers unless you absolutely have to. They are completely swamped over there, and the negotiators have some 100 files on their desks at any one time. It is a nighmare even trying go get them to review your file. :(

Aug 19, 2009 04:34 AM
#6
Anonymous
Shelia

I am writing to the CEO of One West Bank tonight after 4.5 months of NO word on a very good net to seller short sale.  I have also had several successful closings with other major banks and large mortgage companies but this file is the ONLY one with no word, no communication, no action and very low skill people working their files (my experience that I hope is not the case in all situations).  A negotiator asked me what a "septic inspection" was???  They are required in Florida and I assume in most states to ensure that the septic tank system and fields are in good working order...wouldn't you think someone in banking would know that?

My seller submitted a loan mod package in Feb to Indy Mac..no word...then I submiteed a new loan mod via Hope for Homes program...no word...then we lowered the price to insure a buyer...submitted short sale package on July 19 with 92% net to seller on HUD, seller is way beyond "hardship" situation and the BPO came in within $2000 of the sales price.  The payoff ratio is 79.5%...SO, what is their problem.  After Indy Mac had it for 40 days, it went to Loan Care Services which has not returned one phone call (out of 87 messages left), one email (out of 42 sent to negotiators and supervisors).  We have submitted 5 revised HUD statements and all info requested within 24 hours of request.  The only constant with 2 negotiators so far has been that they are submitting the file for "MI" approval??? Never heard that one before but that statement has been made 12 times in 4.5 months and just yesterday the 'negotiator' replied to my question of "is there any progress"...I need to submit this for MI approval!!!  I have given up except to escalate to the CEO of OWB, Chairman of FDIC, state Senators to find out why the billions of dollars we as taxpayers are backing are sitting with these banks who waste our time, our sellers and buyers time when they could be out looking for properties that will close...like I have had with Wells Fargo, Bank of America, Aurora Loans, Countrywide, etc.  Sad, sad state of affairs with One West Bank!!

Nov 17, 2009 09:42 AM
#7
Anonymous
Joe

My OWB/IndyMac short sale just closed.  The original offer was submitted in April.  The property was apraised 4 times, burned through three buyer (two walked because of the wait) and finally got assigned in August.  We got an approval letter in October and closed December 16.  I don't know what the property appraised for this year but it was $300k in November 2007.  It sold for $139k.

The call center never knows what is going on.  They told me stuff that never happened.  Once it's assigned, get a name and try to contact them directy.  They may not have a phone but they have secure email.  Good luck.

Dec 22, 2009 02:59 AM
#8
Anonymous
ScaryTimes

Original offer 225k and bank countered 265k.  Deal collapsed.

I enter with just under bank counter and they get back to me at 340k!!!  It would be so much easier just to talk to someone to show local figures.  Heck, I'd pay for a realtor market estimate.  I can buy a brand new one for 340k on the street. 

 

Jan 20, 2010 07:05 AM
#9
Jerry Dou
Century 21 Exclamation Realty - Bentonville, AR

Does anyone have management level contact (email address) for OneWest Bank?  I have a short sale and unfortunately a very incompetent negotiator.  I would like to escalate this file.  Any email address to CEO, supervisor, manager, FDIC Charmian, would be greatly appreciated.  Thank you.  I can be emailed at jerry@jerrydou.com.

Feb 24, 2010 08:26 AM
Anonymous
Elizabeth

Very frustrating experience with IndyMac/OneWest.  I listed my home as a short sale in Nov. 2009 for $75,000 and within a week had an offer for $85,000.  The mortgage balance was $110,000 and there weren't any additional mortgages or liens.  The house was left in perfect condition and any requested paperwork has been submitted within 24 hours. On a personal level, it makes me physically ill to think about letting go of this house at this price especially because I paid ahead on that mortgage for all the years I was in the house, but then again, I've witnessed worse cases.  Here we are now  -April of 2010 and there is no word on how much longer this will take.  If they don't make some indication the sale will be done in the next 2 months it's likely the buyer will walk. The case has been assigned but it doesn't seem to make any difference.  And frankly, I am wondering why I shouldn't just tell them to foreclose as I don't really want to buy another house ever again and from what I can tell, the impact to my credit rating has been the same as a foreclosure after this many months.  I should have read the reading on the walls better years ago when I changed careers and went into a commission-based job.  At the time I already had 10+ years of being a homeowner and having had a credit score that was over 750.  As soon as I made this career change I was told by multiple banks that they would not consider me for any type of mortgage until I had 3 years worth of documentation to verify my income- even though I was planning on making a 30% down-payment. I will never be concerned about my credit rating again- it's never done me any good.

Apr 06, 2010 06:31 AM
#11
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

The Short Sale Listing Agents list to close ratio is the most important metric when deciding who to retain to list a short sale for a consumer.  Which is better - a 4 out of 10 chance - or a 9 out of 10 chance?

Aug 14, 2010 01:37 AM