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
hello, I wonder if they are still taking such low offers now that the FED is involved?
well…. I was at least encouraged by reading your post. We owe indymac 902k on a construction roll-to-perm mortgage and have an offer for 600k we’re going to send it… I was starting to think there was no way they would write that much off…. your post gives me hope !