Real Estate Short Sale Ques?

Question

We placed a bid on a home in Feb, the bank finally accepted our offer in the end of June. We find out last Friday, that the sellers bank is Indy Mac. We were told we have 30 days to close, well that 30 days is almost up, and no one can in touch with anyone over at Indy Mac. What should we do and what should we expect? Any other insights greatly appreciated. Thanks gang.

Answer 1

Short sales are notorious for delayed closings.  You are at the mercy of the bank and if you really want the house then stick it out.  It could be days or 6 months before the closing really takes place.  If you don't have the patience, move on to a normal sale.  Good luck.

Answer 2

I feel your pain. I would think that if your settlement company cannot get in touch with the bank to finalize the closing, that would void the 30 day deadline they set when they ratified your contract. We are in a similar situation and have been waiting over two months to close on a short sale. Do you think there is a possibility they sold the loan to another bank? The loan on the house we are trying to buy has been sold twice since we put in our offer, and each time it was sold we got the cold shoulder from the bank right before they sold it. Hang in there.

Answer 3

Man that really sucks for you. You wait all this time and now you have to deal with IndyMac.  From what I understand the FDIC has taken them over.  I heard word today that they are even looking into them doing bad and illegal loans.  If that's the case they might put a freeze on everything.

But for now I guess you can only think positively.  If your short sale was approved, I'm guessing that FDIC will let it go through.  I guess, I would start having the seller start calling frantically to anyone and everyone just like everyone else is doing.  If he/she hits enough buttons I'm sure they can get someone to look into the case.

Good Luck!!