I have been working on a short sale with IndyMac since last year. What a frustrating ordeal! We have had an offer in since February. I call every week, sometimes twice a week. This Friday was the pits!!
In late January, I sent over the entire short sale package with a decent offer on a condo in Riverside, CA. (Riverside has been heavily impacted with all the defaults and continues to steadily decline in value.)
I had to fax the 89 page package over three times, because IndyMac couldn't find it. Then the customer service people would compain that I'd sent it over three times. "Yes", I would reply, "Your company couldn't seem to locate it the other two times."
A BPO was order on Feb 4th. It seems it never was completed. Keep in mind that I call every week, sometimes twice. At the end of March, I suggested that maybe they needed to order another one. Every BPO agent that I know only has a maximum of 3 days to complete their BPO's.
A rush BPO was order in early April and completed.
I received an approval letter in late April but they wanted money from the Seller and were reducing the commission to 5%. I notified them immediately that, 1. no the Seller had no money to bring in and 2. that this loan was a Freddie Mac loan and no they could not reduce the commissions.
The asset manager's assistant sent me an e-mail that she doesn't have any information for me and I would have to e-maill Robert Camarillo the manager, who of course never communicates with me.
I use to hear the banks didn't want to own properties but I'm certainly rethinking that saying.