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IndyMac

Posted by Ben Balsbaugh on December 9, 2011 at 10:06am in Short Sale Discussions

Anyone have any quick tips on IndyMac? Going on 90 days since they have had the file, they have the 1st and the 2nd. They seem to keep losing things and requesting items we have sent them in the past. Just need to figure out how to get their attention and get to the front of the line. Still no negotiator assigned.

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  • Thom Colby CA Brkr 888-391-5245 December 9, 2011 at 1:21pm

    Ben,

    Here's a few tips about Indy / OWB. 

    • Make absolutely sure everything is PERFECT on your contracts, Addenda, Seller's bank statements, tax returns, etc. 
    • Indy outsources all short sales to ServiceLink and they do not call you if you are missing anything.  You need to call them and ask if they have everything they need to proceed - ask 2 or 3 times during the call....  I had one that was "ready to go" nothing missing from the file and WHAM, the "#" sign was missing on one page of the Purchase Agreement and we had to get a new one written.
    • They will not accept ANY handwritten items / corrections. 
    • They will not accept any digital signatures. 
    • Make sure the Indy / OWB package is 100% completed. 
    • Make sure everyone's signature is notarized. 
    • It's ok to sign and notarize their docs in "counterpart" but make sure they are clear and legible with a current / active notary in the proper jurisdiction / state.

    Best of luck,


    Thom Colby

    Broker

    Newport Beach / Palm Desert CA

    • Bryant Tutas > Thom Colby CA Brkr 888-391-5245 December 10, 2011 at 4:58am

      Thom. Funny how things can be so different depending on who is working the file. I'm closing an IndyMac next week where IndyMac has the 1st and the 2nd. The entire transaction was handled vie docusign with electronic signatures!!

      And my deal was not outsourced. I dealt directly with IndyMac throughout the entire process.

      I do agree though that the package has to be complete. No missing items. Other than that I found IndyMac very easy to work with. I have a great negotiator who granted us an extension when needed with no issues. In fact the buyer is using a FHA 203K rehab loan without about $30,00 in repairs added to their mtg.

      It was an easy short sale. I never saw the property and never met the buyer or the seller. It was true virtual real estate transaction. And I'm on both ends of the transaction even though they only allowed me to be paid 3%

      • Thom Colby CA Brkr 888-391-5245 > Bryant Tutas December 10, 2011 at 5:44am

        Bryant -

        Great for YOU !!!  I've done 4 with IndyMac this year and all have been less than pleasant - literally, if a "t" wasn't crossed, they rejected it.  I've been working on one for months - only one lender - it's with ServiceLink and they are the worst.....  Whenever they tell me they are doing something (like sending to FNMA or to the "Investor") and to check back in 2 weeks, I wait 2 weeks and call back to find out they never did anything with it.  I keep good notes in Top Producer with names, dates and times - typing the entire time I'm speaking with them and on occassion have sent my notes to them :-)

         

        Again, you've been lucky and that's terrific !

         

        Much success in 2012 !

         

        Thom

         

        • Bryant Tutas > Thom Colby CA Brkr 888-391-5245 December 10, 2011 at 9:05am

          Believe me....I felt lucky!! Your ordeal sounds like mine with Flagstar. By far the worse lender I have ever worked with.

      • Ben Balsbaugh > Bryant Tutas December 10, 2011 at 5:38am

        Thank you both for your insights. Do either of you have any contact information to any supervisors, trying to get a negotiator assigned after 75 days.

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