Indy Mac

Short Sale Telephone: 877-908-4357   |   Short Sale Fax: 626-583-1370

Required for Initiation

Indy Mac requires submission of their own short sale package to initiate a short sale: Click Here

To initiate, fax:

  1. Indy Mac Third Party Authorization
  2. Indy Mac Borrower Assistance Form
  3. Indy Mac Short Sale Affidavit
  4. Indy Mac Prospective Purchaser Information
  5. 4506T
  6. MLS Listing History
  7. Purchase and Sale Agreement
  8. Estimated HUD
  9. Buyer Proof of Funds OR Buyer Pre-Approval Letter

The Process

Indy Mac negotiates short sales on www.res.net, a structured negotiation interface for communication between lenders and borrower representatives. Once the short sale documents are imaged and processed, Indy Mac will place the file on Res.net.

Processors: Review initial documents, places file on res.net, collects additional documents

Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements, handle the file through closing

Timeline for Approval

  1. Submit the Indy Mac Short Sale Package via fax (3-5 days)
  2. Lender assigns processor (5-7 days)
  3. Processor puts file in res.net and collects additional documents (5-7 days)
  4. Processor deems file complete, BPO is ordered (9-11 days for BPO to be returned from investor)
  5. Lender assigns negotiator to review offer (5-7 days)
  6. Once the parties agree to terms, the Negotiator will submit the file to investor for final approval (7-10 days)
  7. Negotiator will issue approval letter to borrower representative, and continue to work the file through closing

Four Lender Specific Tips

  1. Expedite the Process: Indy Mac aims to complete the short sale process within 30-45 days following receipt of a complete package. Receive an approval in under 45-days by submitting a complete short sale package the first time.
  2. Electronic Signatures: Indy Mac accepts electronic signatures. Cut down on document collection time by informing parties that they may sign forms electronically.
  3. Complete Documents: Check every box, date every line, write “n/a” in every in every non-applicable section. Cut down on document collection time by submitting complete documents.
  4. Communicate primarily through Res.net: Indy Mac’s negotiators use Res.net to communicate. Customer service agents are not negotiators, and cannot give you a complete update. Cut down on phone time by messaging through Res.net.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Lender Specific Documents

Lender Escalation Procedure

If more than five days have passed without movement on your file:

  1. Call Customer Service in the short sale department
  2. Request they email your assigned party for a response
  3. Send a message in Res.net stating: “STATUS UPDATE FIRST REQUEST”

Wait 48 hours, if no response:

  1. Call Customer Service in the short sale department
  2. Request to speak to a supervisor
  3. Request they email your assigned party and their supervisor stating you have not received a response for 7 days (the first 5 + 2 days after the first phone call)
  4. Send a message in EQ stating: “STATUS UPDATE SECOND REQUEST”

Closing Process

  1. Send final HUD for approval: Indy Mac reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing
    1. Fax closing documents and provide through res.net per negotiator request
  2. Sign and Return Final Closing Materials: Upon approval, negotiator will issue closing instructions and request signatures on final closing documents
    1. Return documents to the Negotiator as quickly as possible to ensure closing goes smoothly.
  3. Processing Tips:
    1. Include last name and loan number in the subject line of all email correspondence
    2. Include a forwarding address for the seller

Approval Extensions

To request an extension of an approval:

  1. Reach out to your negotiator either via Res.net or through e-mail.
  2. State your request including the intended closing date
  3. Call, email, and message via Res.net to follow-up