IndyMac...IndyGov
Posted in Real Estate Bloggers By Kris and Kim Darney, Saturday, July 12, 2008.Wow...we had secured a short sale listing with IndyMac and we were told from the get go...90 days minimum before we receive our short sale approval. Kim and I were bummed when we here told this unreasonable amount of time.
We would check in every day or every other day...just as Tim Harris of Harris University told us...and low and behold, we received approval in 37 days! No counter offers...not even a call from a short sale negotiator. IndyMac held a $580,000 lien and we were approved for a $248,000 offer.
This may seem unreasonable to some, however, in the world of real estate short sales...this time passage was a blip on the proverbial radar...no time at all.
Well, this was our first tell tale sign of IndyMac's demise. IndyMac accepted...not even a telephone call...$0.47 on the dollar.
Of course, Kim and I would like to accept all the credit...hey...we do put together a mean Short Sale package...but wow...over 50% off...Macy's After Christmas sale?
Unfortunately...we are also saddened by the news that the 7th largest bank and a derivative of Countrywide now "sleeps with the fishes."
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Submitted by Kaye Thomas on July 12, 2008 - 9:34am.
Let's just hope they don't have more company... To my mind what may turn out to be the worst part of Indy's fall is that a letter from NY Senator Chuck Schumer may have been the underlying cause. According to the OTC the letter caused a number of investors to panic and start a run on the bank. If the financial community is this shaky we are indeed headed for more trouble.