Myrtle Beach Short Sale Timeline | Indymac Short Sale Process

I thought I would create this blog to educate individuals that visit my blog and website on the short sale timeline and process. I just submitted an offer to IndyMac (now One West Bank) on a house in the Murrells Inlet area. I will continue to update this blog as the short sale is negotiated and hopefully approved. The buyer is a first time home buyer, so we are hoping to get everything approved and closed by the June 30th homebuyer tax credit deadline.

If you still have questions about what a short sale is, I will be posting a blog in the next few days that will help you to understand a short sale. 

 Update 1. 

4/25/10 - We got all of the contracts signed, filled out the short sale packet, and put together all necessary paperwork.

4/26/10 - We faxed over the contract with all paperwork to One West Bank. With the cover letter the total amount of paperwork that was faxed over totaled 50 pages. 

Update 2. 

4/29/10 - Contacted Indy Mac and all paperwork and information was uploaded into a "template", that will track the progress of the short sale. They also ordered the BPO for the property. The BPO is a Brokers Price Opinion for the home. The representative I spoke to said they should receive the BPO and should be uploaded into the system within 7-10 business days. 

So far the dreaded short sale has not been too difficult of a process.

Update 3. 

4/30/10 - Spoke to the agent doing the BPO, it has to be completed and returned to the company within 48 hours. 

Update 4. 

5/3/10 - Spoke to IndyMac and they received the BPO and will upload it into there system within 7 days. Once uploaded into there system they will appoint it to a negotiator and he has up to 30 days to contact us. It will probably be pretty quite for the next 10 days. Unless they call me, I will call them again in a week. 

Update 5.

5/12/10 - We just received a counteroffer from IndyMac through one of their short sale negotiators. We are going to send them another offer with the changes they would like to see. Less than 20 days and we should be one step closer to an accepted offer. 

Update 6.

5/17/10 - We received another counter offer from IndyMac. We sent the contract back with the changes they wanted, we now have an accepted offer. 22 days from the initial offer to an accepted contract.  Let's hope this short sale continues to move forward this smoothly. 

Update 7. 

6/9/10 - We now have an accepted contract in writing from Indy Mac and BB&T(second mortgage). We are going to schedule the closing for the last week in June so the buyer receives the first time home buyers tax credit.  If we are able to close this property by June 25, that will be less than 60 days from the initial contract to closing. Not bad.... 

Update 8. 

6/12/10 - We now have a scheduled closing date of June 24, 2010. 

Final Update

6/25/10 - The transaction closed June 24, 2010 and recorded today. From signed contract to closing in 60 days. This house had a first and second mortgage. 

Do not believe everything you hear about short sales. Search Myrtle Beach short sales and foreclosures anytime on our website. Listings on CRGCompaniesinc.com are updated daily.