What happens if you miss the Indymac Approval Deadline
What happens if we miss the Indymac approval deadline....Indymac has approved a short sale for a property I have listed...However, the property has 2 liens. The purchase offer for $305,000 was submitted in November and accepted 2/5/2010. The remaining Balance on the loans are $338,000-Indymac & $62,000-Bank of America. Indymac Approved the short sale on 2/5/2010 and the max amount offered to Bank of America is $4,000. The seller must be sign the approval by 2/22/2010...What happens if Bank of America has not responded to the offer?
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Jennifer, First - take a deep breath :-) This happens ALL THE TIME. Second - You'll simply ask the IndyMac negotiator to issue an extension letter for - typically - another 30 days. They'll usually do this at least once without any pushback at all. They issue a second extension too (been there and done that) if they absolutely have to and you have a good relationship with the negotiator. So, keep your head up, keep banging on your B of A negotiator, and good luck!
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