Inymac charging $300 for BPO & appraisal

Hey everyone,

I’m working a short sale with indymac and they are requesting the owner pay $300 upfront for BPO and appraisal of the property.

Has anyone came accross this? Is there a way around it? if not, are you guys charging it to the owner or coming up with the money yourselves?

Also, they are requiring the property be listed atleast 3 months. How can i do this without losing th home to a regular buyer if it is listed?

thanks for all your help

I love that line! They tell us that all the time.
Here is what you tell them

“Let me remind you the homeowner can’t even pay the Mortgage payments right now, How about we add that on the HUD and we can pay it at closing.”

Then tell them, “Also while I have you on the phone there is a contract on the property what is the reason you want it listed? So we can pay the agent out of the deal as well? Lets just get this one done everything is there… When do you think the BPO agent will contact me Today or Tomorrow?”

Get a listing agreement but don’t have it on MLS.

Thank you short sales only!

I just got of the phone with them before reading this message, they reminded me again that I need to send a certified check along with the short sale packet.

I’ll just send it without and use your line if they request once the packet is recieved

One more question.
Who’s paying for it at closing? The buyer? or does Indymac absorb the cost?

Ok, so i just got off the phone with Indymac, they will not look at my shorsale offer without recieving the $300 which they say is not negotiable.

I tried for about 10 minutes explaining to the rep that the owner cannot afford to pay his bills let alone the $300. His response was that it does not matter who the money comes from meaning the buyer or seller and that it is not negotiable.

They would seriously not look at an offer that may save them some money? They must like losing money!

We have been paying the $300. Then I deduct an additional $3000 from my next short sale package submittal price. One day I will tell them… maybe. :deal

Is this a potential good deal? Are you planning on making a profit from the purchase of this property? Is it going to be more than $300? If so, stop complaining, send the funds, get the deal going and move on.

Geesh! It’s like everyone on here lately is more apt to step over the dollar in order to pick up the dime.