I would love some input here! I have a new SS transaction with BAC as the FIRST, which is not being shorted, and IndyMac as the 2nd. BAC has sent a notice of default (we live in AZ) with an auction date set for June 22. Since they will get all of their money at Trustee sale, they seem anxious to foreclose. My seller has tenants in the home who want to purchase. So, I have 2 questions...in your experience will IM allow tenants to purchase a short sale? I know that when BAC is the short sale lender, they require the arms length affidavit. And, in all of the SS that I have negotiated, I have yet to negotiate a short ONLY to a second and am looking for suggestions on how to handle. thanks
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Hi Michelle,
First off Indy Mac was taken over by One West. I have had several transactions with them and they are not to hard to deal with. I would notify Bank of America and let them know you have a contract to purchase. I am not sure what it cost a lender in AZ to foreclose on a property here in VA 5% of the sales price goes to the trustee right off the top. I would think they would want to maximize the bottom line for themselves. If the botton line to Indy Mac is going to be more than the standard 3-6k they should approve it fairly quickly. I have done short sales where the tenants have purchased the home as long as it is an arms length transaction. Good Luck,
Tom
thanks Tom. Average cost to foreclose in AZ can be anywhere from 25K-75K+. I am hopeful that we can get this handled quickly.