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:
- Indy Mac Third Party Authorization
- Indy Mac Borrower Assistance Form
- Indy Mac Short Sale Affidavit
- Indy Mac Prospective Purchaser Information
- 4506T
- MLS Listing History
- Purchase and Sale Agreement
- Estimated HUD
- 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
- Submit the Indy Mac Short Sale Package via fax (3-5 days)
- Lender assigns processor (5-7 days)
- Processor puts file in res.net and collects additional documents (5-7 days)
- Processor deems file complete, BPO is ordered (9-11 days for BPO to be returned from investor)
- Lender assigns negotiator to review offer (5-7 days)
- Once the parties agree to terms, the Negotiator will submit the file to investor for final approval (7-10 days)
- Negotiator will issue approval letter to borrower representative, and continue to work the file through closing
Four Lender Specific Tips
- 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.
- Electronic Signatures: Indy Mac accepts electronic signatures. Cut down on document collection time by informing parties that they may sign forms electronically.
- 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.
- 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.
- Respond to lender's counter with the buyer's highest and best
- 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
- Provide a CMA report
- Comparable requirements:
- Closed sales no more than six months old
- Similar in size, age, condition and characteristics
- Within one mile proximity of the subject property; OR
- If there are Repair/Hazard Issues:
- Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
- Provide photos of the damage
- Note: Excessive photos will be rejected
- Place photos in a zip file if sending more than three
- Time given to provide documents for value dispute: 24-48 hours
- Potential wait time for value dispute results: 2-4 weeks
- 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:
- Call Customer Service in the short sale department
- Request they email your assigned party for a response
- Send a message in Res.net stating: “STATUS UPDATE FIRST REQUEST”
Wait 48 hours, if no response:
- Call Customer Service in the short sale department
- Request to speak to a supervisor
- 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)
- Send a message in EQ stating: “STATUS UPDATE SECOND REQUEST”
Closing Process
- Send final HUD for approval: Indy Mac reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing
- Fax closing documents and provide through res.net per negotiator request
- Sign and Return Final Closing Materials: Upon approval, negotiator will issue closing instructions and request signatures on final closing documents
- Return documents to the Negotiator as quickly as possible to ensure closing goes smoothly.
- Processing Tips:
- Include last name and loan number in the subject line of all email correspondence
- Include a forwarding address for the seller
Approval Extensions
To request an extension of an approval:
- Reach out to your negotiator either via Res.net or through e-mail.
- State your request including the intended closing date
- Call, email, and message via Res.net to follow-up