How should I approach this real estate short sale in New Jersey?

Credit and mortgage advice Forums Buying Your Home Buying Your Home How should I approach this real estate short sale in New Jersey?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 2 months ago.



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    Anonymous

    I am a real estate professional in NJ. I have a client with a home for sale that is in foreclosure. The client has a first mortgage with Indymac for $ 200,000. The client also has a second mortgage for $ 25,000 with Indymac. We received an offer for $ 190,000. Can anyone tell me the best way to proceed with this. I would prefer someone who has actually been on the seller side of short sale and if possible dealt with Indymac but all answers will be appreciated. Thanks in advance for your professional opinions.
    Just a quick update. I talked to Indymac and this is how they work. They are sending the borrower (my seller) a lending kit. It takes 3 to 5 days to receive. Once we submit the offer, it takes 10 days for them to approve or disprove of it. Sounds simple so far. All other answers are welcome. I’ll keep this open and update it as the process continues as a reference for anyone else.



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