Seattle

[MattVWjosiep]

A lot of people have written about their experiences trying to buy a short sale. Has anyone that has been trying for a while noticed a change in the past month or so?

Though message boards are not generally a good source for statistical study, I am curious if other people are seeing the changes that I am seeing. Most of the banks recently are being flexible and quick to respond. On the last several offers I made, I had a response from the bank with 24 hours, twice by the same afternoon. They also haven't been rigid on price. 

Are other people seeing these trends? More flexibility for terms (recent offers have included at least $7k in seller/bank paid closing costs), lower prices (contract price has been at least 8% under short sale asking price), and quick turn around. 

Perhaps the banks are realizing they are going to be getting a lot more short-sales and foreclosures in the next year so they need to be more flexible to keep their inventory moving? 

[cowbell2009]

I think you are right about this. What I have noticed is the banks are quick to accept an offer on a short sale, however the lisitings become "pending with back up offer requested".  They accept an offer, sit on it, then delay closing to allow more offers to come int.

[Mlindekugel]

Countrywide, Indymac, and USBank are increasingly more difficult to deal with.

[KevinB]

I've been waiting for a response from Chase Bank for almost 2 weeks now - seems not all of the banks are playing ball.

Either that or the listing agent isn't doing her job (I actually suspect this)

[Mlindekugel]

waiting two weeks to get a response is not uncommon. If the agent missed the bank's call, then the bank may not call back for two weeks.

the loss mitigation employee probably has +200 files on their desk.

[jwjw]

we are in the process of buying a short sale property with viking bank involved.  the deal has not closed yet, but so far  I have nothing but praise for how they handled everything. response to offer within 48 hours.  we got our mortgage through the same bank also to take advantage of financing incentives and again they were very responsive to our concerns and willing to work with us to find an arrangement mutually acceptable. 

not that you can really choose which bank you deal with in the matter of short sales, but I would highly recommend viking bank

[MattVWjosiep]

I can attest to that as well, Viking Bank is very easy to work with. Straightforward, local people who understand what is going on. 

[Sunny-sun]

1. Does anyone have any experience working with Indymac for short sales?  How efficient is it to work with?

2. I'm on the process of submitting an offer for a short sale, and the listing agent asked me to fax in a copy of the check with the amount of 1% of my offer to the title company the seller chose.  Is this a common practice? 

Any input would truly be appreciated, thanks!

[MattVWjosiep]

Indymac is slow. I have one in review with Indymac and it has been 2 months so far. They claimed 30-45 days but the house is scheduled for auction at the end of the month and I don't think they are even going to review the file by then.

For the earnest money, according to the MLS short sale addendum, you don't have to deposit earnest money until you receive lien holder approval. That starts the traditional timelines that would ordinarily start from mutual acceptance (i.e. earnest money deposit, inspection contingency, etc.)