This is not one of my listings, rather another agent's who just gave it to me to process.

Details: This transaction is in California. The agent took the listing a year ago and 2 buyers walked. Agent told Indy the buyer walked, so they closed the file (something I never disclose to a short lender, until I have a back-up offer in hand.) Another offer came along 5 days before the Trustee's Sale. We faxed it in and promptly called Indy to inform them of the offer, and to request the postponement.

Three days were lost, b/c the Authorization to speak w/ them didn't show up in their system. The day before the sale, we were told that Indy has a policy of 15 days to review the offer before the foreclosure. We called several times and spoke with numerous reps as well as a supervisor. They all said the same - offer must be submitted 15 days prior to the f/c sale or it will not be postponed. So, if you don't have your new offer into Indy 15 days prior to the foreclosure, you probably won't get an extension.

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I assume by "Indy", you are talking about IndyMac?
Ah, yes......"Indy" means "IndyMac" :)
I've heard about this from other agents. It's definitely new. I had a foreclosure sale postponed just a couple of days before this summer. This is definitely an unfortunate development. I hope they change it.

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