IMB claiming they will not review any offers because it is better for them to REO
Is there anything I can do to stop or postpone this sale? We had a previous lower offer in a few months ago and have since relisted and sent in not only a much higher offer but it is all cash. The short sale department will not even review or consider the offer stating it is better for them to REO. They of course didn't respond to any of my emails or phone calls for the last 2 weeks and now our sale date is Tuesday.
I am trying to connect my client with an attorney but feel it's too close for them to see if they can do anything. A postponement may help atleast get the sellers a chance to see if there are other options for them other than foreclosure. This is their primary residence. IMB foreclosed on it once and had to reverse it. My gut is telling me there may be some legal liability here.
I received all the normal responses that they needed 15 days for modification or short sale etc...
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Who is IMB? I am not familiar with them. Looks like you need to escalate this file to someone with a brain, call the CEO and let him know what is happening and if that does not work, call the Board of Directors.
One thing to consider, maybe it is better for them to foreclose based on your offer -
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Duh, sorry I had one of those moments, If you are talking about Indy Mac, they are now One West Bank.
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Permalink Reply by Smitty on
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I've had my difficulties with Indy Mac. Both BPOs on two properties were WAY off. I think at this late date there is not much you can do except try to explain WHY it's better for them to consider the short sale, i.e. they will net more $$$$$$, because in reality, that's all it boils down too. Does the property need work? Can you show what other houses are selling for that are the same?
I prefer the above, but if that doesn't work then the only other thing I've seen homeowners do is file bankrupcty. I can't advise that as I'm not an attorney, but I do present it as an option. That usually buys about 60 days and in the situation I did, the bank took LESS money after the bankruptcy...it costs the lender a lot if a homeowner files.
Good luck! -
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