BiggerPockets

theya re just about 45 to 60 days from the time you submit a full package till you close if you stay on top of it and have a good offer.

I have two short sales w/ Indy. I learned the hard way that regardless how complete and organized you present your offer they will attempt to contact your seller (without telling you) to complete their proprietory short sale package which includes the Purchaser Eligibility Certification form. Go to IMB dot com, under short sales a few clicks in and download it. The buyer has to complete the PEC due to feds regulations of a failed financial institution... I submitted the exact same info to them on my form but they want it on their form. Once they have that it's still a long road. Just be diligent. Good luck

thats the problem from what the sellers broker is saying, he says he got approval from the bank to sell it at the 79,900 now the person he talked to is not there and its mostly an automated system and you leave messages. so who ever is in charge now says 79,900 is not enough.

so unless they accept my counter of 90,000 including closing im done.

there was an email sent yesterday almost right after we sumited our counter offer of 90,000 including closing costst saying that the investor would not take less then $100,000

Rumor has it....
Sometime in the last month or so (dec-Jan), Indy's loss mit dept pretty much walked out. The new team worked with the most put together files, as they could to get caught up. I had someone tell me their file was somehow closed after 4-5 months of working it.
you might have put the file together fine, but the actual file on their side could have been a mess. What would you work on?

Y'all,
They are all in a transition not just Indy Mac (which used to be a people friendly bank until some rumor mill started a run on them). Some serious poo poo is about to hit the fan. At the end of the civil war it was the carpet baggers coming to "help" the South.
Our government is throwing money around ...and new laws around... which no one understands and the banks are changing management staff, as well as the rank and file instead of dealing with the problem systematically.
No business can run this way. It is not an institutional problem it is a systemic problem, the sharks are circling for the free money hand outs and the new compliance people (hell I am trying this new niche out) are looking for ways to become vendors or oversight people to collect the giveaways.

I will say it again the ugly is only just started.
Do the math.
1.The banks can not handle the short sales and foreclosures they have now.

2. They are losing trained staff not gaining it.

3. Missed payments are on the rise not on the decline (and every mush mouth loan modification the lenders do which creates lower payments and negative amortization instead of real debt relief sets up another time bomb.
Where does this lead?
More of the same only more chaotic in its execution.

My suggestion is that the investors continue to create their own lending pools (since the banks are now out of the lending business and are going to concentrate on screwing up the resale market.)

This is a huge opportunity to fill a gap that will be entirely unregulated and if not filled by men and women of good will then it will be filled with thieves.

Also people here... like the short sale buyers... and the loss mitigation people should form teams of HOPE/ HELP people and take this direct to the public and actually help.
Not only are you doing a good service but you get first crack at everything before the banks get to NOD it and screw it all up.

Drawings are on the table for this I have met with people working on it in various teams with different approaches.
There was talk of joining forces here to create a fund to invest.
Here is a good investment, giving away the same info we are giving away here now but to any needy homeowner, (not on this site but through other portals)
and while doing what you are doing here you get to hear from everyone who is about to go into foreclosure before they actually do and now you don't have to run to the court house and get the filings each day or buy the lists. You would own the lists.. Now they come to you.

I cant say as much for them "losing" my authorization every day for 2 weeks in a row.

That would be funny, if it weren't soooo true.

I have been in a 10 month battle with them over a house that I have a more then reasonable offer on. Awful to deal with. They request the same info over and over again. Loose BPO's don't return your calls and don't want to negotiate anything lower then the BPO.

People, you all have to realize that if the banks and their emplyees had any brains at all, they would not be in the mess they are in today.
It is a constant fight and struggle, but I am clinging to persistance pays off.

Rich Vogt,
On a deal we were negotiating for others
we recently had a lender's negotiator that was "married" to the BPO (100k above our cash offer)
We asked them to help us out by sharing the comps they had used because we couldn't find any that justified the BPO they were relying on.
We told him if he had data we would go back to the buyer and share the data.

They had none, they hemmed and hawwed for two more months and then came down from 340k to 275k and paid commission of 5% plus most of the closing costs.
Side bar-The house we were dealing on was 3bed 3 bath at 2200 sq ft. One month before close another home two doors down (under 1000 sq ft 2 bed/ 1 bath) SOLD and closed at 285K.

They are bluffing.
They don't know the markets and their data is not reliable even if they have any.
Hang in there ....