Short Sale Approved on 2/9/11 -

The details:
- First ($465,000) and second ($100,000) loans both with OneWest (formerly IndyMac loans)
- Notice of Default filed October 2010
- Notice of Sale filed January 2011 - Sale date for early Feb. 2010
- Auction postponed due to an offer submitted to OneWest/ServiceLink January 2011.
- Short sale approval received early February 2011.
- Electronic signatures were used on all the seller signed documents.

The approval -
- Sale Price of $325,000
- No promissory note required from borrowers
- First is accepting $293,000
- Second is accepting $11,000
- 5% commissions
- No buyer closing cost credit (but none requested)
- Home warranty not allowed to be paid from proceeds
- Close of escrow needs to be within 6 weeks of approval.
- Seller/borrower to receive no funds from the sale.

The background -
I had this listing for nearly a year. We've been under contract twice before with the first approval taking 5 weeks, the second approved in 3 weeks. Both buyers walked due to property condition issues. I contacted ServiceLink and explained the situation asking if they would consider a reduced payoff as the first two offers were about $25,000$-$30,000 higher than the third. I had no luck with that and then they closed the file due to the buyer walking. So I had to start from scratch with offer no. 3. (Honestly, that is the only negative thing OneWest/SeviceLink did.)

Overall, I have been VERY happy with the process through OneWest and ServiceLink.