Will Indymac Bank honor dual agency?

I have short sale approval from Indymac Bank. I also have a buyer who called on the property when I first listed it. Has anyone represented the seller and buyer in an Indymac short sale transaction and successfully received the full commission?

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Permalink Reply by Grace Hart on August 26, 2011 at 3:34am

Jennifer,

I don't want to highjack your thread because I am a seller and my agent also represents the buyer so I am definitely interested in the answers you get.

 

My question is about your approval: 

Is Indymac requiring that your seller be at least 30 days late on their payment? They told me that is one of their requirements so I just want to validate that with someone who has an approval already.

 

Thanks so much!

Permalink Reply by Jeff Payne on August 26, 2011 at 3:39am

Grace, A requirement to be late may be something that the investor requires.  Who is the investor on your loan?

Jennifer, Indy Mac will pay you if you have both sides but you will have to fight for it.  I have done it and got paid the commission that was on the listing agreement

Grace Hart said:

Jennifer,

I don't want to highjack your thread because I am a seller and my agent also represents the buyer so I am definitely interested in the answers you get.

 

My question is about your approval: 

Is Indymac requiring that your seller be at least 30 days late on their payment? They told me that is one of their requirements so I just want to validate that with someone who has an approval already.

 

Thanks so much!

Permalink Reply by Grace Hart on August 28, 2011 at 8:10am


Jeff,

You are absolutely correct...it is the investor, which I believe is Duetsche.  I am pre-approved for an FHA loan to buy right after I sell but this blows that idea now that I'll have a late pay.

 

Thanks much!


Jeff Payne said:

Grace, A requirement to be late may be something that the investor requires.  Who is the investor on your loan?

Jennifer, Indy Mac will pay you if you have both sides but you will have to fight for it.  I have done it and got paid the commission that was on the listing agreement

Permalink Reply by Jeff Payne on August 29, 2011 at 9:00am
Grace, I closed several Indy Mac/Duetsche Bank short sales last year and being 30 days late was not required on these. The sellers were current and they were investment properties. The seller did pay a small contribution to DB

Grace Hart said:


Jeff,

You are absolutely correct...it is the investor, which I believe is Duetsche.  I am pre-approved for an FHA loan to buy right after I sell but this blows that idea now that I'll have a late pay.

 

Thanks much!


Jeff Payne said:

Grace, A requirement to be late may be something that the investor requires.  Who is the investor on your loan?

Jennifer, Indy Mac will pay you if you have both sides but you will have to fight for it.  I have done it and got paid the commission that was on the listing agreement

Permalink Reply by Grace Hart on September 8, 2011 at 3:46am

Jeff,

Any suggestions on what to do with this since they are telling my negotiator that I must be 31 days late for them to consider it now?  I haven't paid my September payment yet and am getting really nervous!

 

Thanks Jeff!

Permalink Reply by Jeff Payne on September 8, 2011 at 3:54am
Grace, you have to get to the investor to make your case. 
Permalink Reply by Jeff Payne on September 8, 2011 at 4:27am
Grace, you post got me thinking.   It could very well be that you don't have a true hardship since you say that you are going to buy as soon as you close on this house.
Permalink Reply by Smitty on August 29, 2011 at 2:12pm
I dual agent'ed and got 5%

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