I have a short sale listing with Indymac as the only lender/servicer that is going to auction sale in 2 days.
So, I’m turning to those of you in AR who are short sale experts hoping someone will have experienced this issue or have some ideas.
I obtained the listing just after a notice of trustee sale was filed, not usually a problem; I’ve had several like that successfully close. Then, almost immediately after I submitted the entire short sale package, the sellers filed a bankruptcy, and the bank tossed our package because of the bankruptcy.
The bank made a motion to the court to have the property removed from the bankruptcy; the court agreed, and it took the bank two months to get the information on their records.
Six weeks ago, I was asked to resubmit the entire package, which I did. I was subsequently told it couldn’t be processed because it was still in active bankruptcy, per their records.
I was informed at the end of July that it was out of active bankruptcy, and I should submit again and be aware that it must be imaged in 15 days before the sale date, which left me very little time. I was told 15 days before sale date that all had been imaged in and that it was being sent for BPO, and I was just under the wire.
A few days later, I was told that the first person was incorrect, we didn’t have everything, and they needed things I had already sent, and now we couldn’t ask for a postponement or short sale because it was within 15 days.
We were then told it was being reviewed and was denied for price, though no BPO was done since 2007, and then I was told it was denied because the sellers’ and buyers’ signatures were not on the same set of papers. This is permissible per the terms of our contract.
I was then informed by another person who does dozens of short sales per month that Indymac has a private investor who has turned down two short sales of his in the last 30 days for reasons that appear to be simply because they don’t want to do it.
Do any of the experts out there have any suggestions?