Has anyone done a short sale recently with IndyMac/One West? I'm curious what % of the BPO price they took (if any)
Thanks.
My only experience with them was on a non-owner occupied in California and hey would not accept our offer. Since the assets they purchased are government backed, they had a number much higher than the retail market would allow. It seems they would net more as an REO than as a short sale because the FDIC would cover certain losses.
If the home is a principal residence, I believe this process plays much differently. So, in my opinion, if it non-owner occupied, you can expect no margins at best.
I've completed a short with them. It took roughly 4 months and 3 negotiators.
They only did an external BPO only for me, which I was fine with cause it came in so low. So I paid 100% of the BPO, closed the deal and moved on.
They said if I countered they would order an internal BPO, and I was afraid the price would go up. So I cannot help you on the amount of discount. They also wanted it listed, which I convinced them not to if I paid 100%, they said okay.
I do not know what the BPO was, but the Lender first countered us with $189,000. We went back and forth for some time. And after we finished justifing the offers, we settled at $126,750. Also, it was a primary residence.