Replies to This Discussion

Permalink Reply by James Lockard on April 8, 2010 at 6:54am

I have had a couple of short slaes with IndyMac and the purchaser always had to sign this document. Never had it notarized. Where does it say it must be notarized?

Permalink Reply by Kent Dills on April 8, 2010 at 6:59am

Nope. Not an inexperienced person. OneWestBank/IndyMacBank requires that the PEC be signed and notarized by the buyer before the closing. I think it's one of the checkoffs they have that the file is complete before they issue the Approval Letter. It's probably part of their internal underwriting guidelines. It makes sense to me upon reading the doc. They want to make sure the buyer isn't an employee (or close relative) of OWB/IMB and is taking advantage of insider info in purchasing short sales that OWB/IMB is the servicer or investor on.

It' really no big deal. Send the form to the Buyer's Rep and get it signed and notarized and send it back to the negotiator. Easy day! ;-)

Permalink Reply by Juan Reyes on April 8, 2010 at 7:01am

I had a S/S with Indy Mac last year where the buyer had to fill it out. I have one currently in process and it is the same thing.

This form came out after the FDIC took over Indy Mac in '08. If you read the form carefully, unlike the paperwork that the buyer signs at settlement, this form states that pretty much the buyers are in no way affiliated with the FDIC.

I have not dealt with S/S where the lender has been taken over by FDIC besides Indy Mac, but I assume those institutions have the same paperwork for buyers to fill out.

Once I explain to the buyers agent why this form is necessary, the buyers don't have any issue signing it and notarizing.

Permalink Reply by Jennifer Klein on April 8, 2010 at 7:12am

Thanks guys! I actually spoke to another dept. who said it didn't need to be notarized. It has the space for the notary stamp at the bottom. I'm going to send it in and see what happens. Again I would like a verbal on value before I have the buyer's go have something notarized. It just seems premature and another way for them to prolong the process. Not too mention this was never mentioned in the first 30 phone calls to them! and now the 30 days for approval starts over...