Comment

Comment by Keji Ogunleye on May 14, 2010 at 1:32am

Sue- I have to agree with Kent.. Most of the time the bank does not send anything in writing.. Sometimes the negotiator calls you and let you know this is what they are countering with.. In this new market of short sales , some buyer's agent do not really understand how the process works. I had a listing in which a buyer's agent sent an offer without pre-approval letter stating the buyers will be doing cash offer , but they don't have the money in bank yet. They are going to refinance their house to get the money out- This is an approved short sale with 3% closing, but they wanted 6% . I informed the agent that the bank is only giving 3% ,but she wanted something in writing from the bank stating is only 3%... in this case I don't have anything in writing, but the HUD-1 that was submitted. So really you just need to communicate with the listing agent ...

Comment by Kent Dills on May 13, 2010 at 3:35am

Sue, yes - it does suck when you have to get your info through someone that you don't trust. And like the aswwer on the counter, the bank may or may not put their revaluation in writing. Sorry, but that's just the way it is! ;-)

Comment by Sue Fitzhugh on May 13, 2010 at 3:06am

Kent, thanks for the info. I just talked to an agent who recently closed another short sale deal with this listing agent and got an ear full. She said that even if he had the last listing available, she would not deal with him again. So, I don't trust him. I sent him a spreadsheet of the comps three weeks ago to go with our original counter offer to the bank and asked that they be forwarded to the bank with our counter. If he asked to contest the BPO would that result come back in writing so that we can see it? I hate only getting my info thru someone I don't trust.

Comment by James Lockard on May 13, 2010 at 2:44am

Has anyone ever had the situation where the bank negotiator has limited the seller's attorney fees? IndyMac is capping the attorneys fee at $1,500. This short sale has been going on for 16 months, and 5 contracts. The attorney had to go to court to evict a tenant. He stated on the HUD-1 $3500 in fees and $2000 fee for tenant eviction. My past thiree short sales the seller's attorney got $3500. In any of these cases the attorneys did not participate in negotiation which I know the banks will not pay for.

Comment by Kent Dills on May 13, 2010 at 2:38am

Sue,
Sometimes the banks will put their counters in writing - sometimes they won't. At this point you have to decide whether you believe the agent or not. I chose to believe my fellow Realtors!
If the counter isn't supported by comps, you can contest the value by sharing your comps with the listing agent and ask him or her to "contest the BPO" with Indymac.

Comment by Sue Fitzhugh on May 13, 2010 at 2:14am

I'm the buyers agent on an IndyMac shortsale. The listing agent left me a voicemail saying IndyMac wants $10k than our offer price. I told him I wanted something in writing from IndyMac that I could present to my buyer. He sent me a one sentence email saying IndyMac wants $10k more than our offer price and that this is final. How does IndyMac send counter offers? Can I ask for a copy of the BPO? Their price is not supposed by the local comps. Thanks for your help.

Comment by Jeanine Whitehead on May 12, 2010 at 11:44am

Hello All, Is there any way to find out who the negotiator is assisgned to my case? I submitted my full packet on 4/6 and everything has been reviewed, the BPO is complete and came back less then the contract price. Freddie Mac is the investor on this account and reserves the right to review the packet. I've been told that the negotiator will contact me when they have everything they need which was confirmed. Also I've been told that the investor approved the postponing of the Foreclosure sale. Should I attempt to reach the investor also? And is there anyway to get the negotiators information? Please advise.

Comment by Dee Garcia on May 3, 2010 at 7:28am

I sent a FMV offer to Indymac on April 14. I called today to ask them to postpone the foreclosure sale of May 6th. I was told by 2 different supervisors that they needed to have received the short sale package 15 days prior to the sale date. They said that even though I sent it to them on April 14th, the short sale was not imaged in to their system until April 21st. They said they needed to have received it 15 days (not 14 days) prior to the sale date. I was shocked that over 1 day they will let the property go to foreclosure. Does anyone know if this is an actual guideline that they have. Again, I sent them the full short sale package almost 20 days ago. I tried to advise on the huge loss the Investor would have if this was to go to foreclosure but they are not listening!!! Any suggestions, please!!!

Comment by Juan Reyes on April 16, 2010 at 6:24am

James,

Yes, I had a deal where the 2 Lien (GMAC) wanted $18,000 (20%) and Indy had approved $3,000, i went back to Indy and the negotiator who told me that as per their guidelines, they can approve up to 10% of the balance owed to the 2nd.

The Balance owed to the 2nd was $90K so Indy Mac approved $9K to the 2nd, and the 2nd accepted it.

Comment by James Lockard on April 16, 2010 at 2:56am

Has anyone had any luck getting IndyMac to approve more than $3000 to the second lien holder who wants $8,000? Beside my commission, what other options are there? Buyer will not pay any more, seller has no money.

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