Question?????

Foreclosures, Short Sales, Tax Foreclosures
1

I am in the middle of negotiating a SS-

The BPO came in at 50K and the appraisal came in with no value due to structure damage in the property. The bank did not believe the value and therefore ordered another appraisal and a “chief appraisal”- both of which I was not notified so I could meet them at the property. Their two appraisals came in at 370K-so there is a Huge gap- Then the bank emailed me the message below after ordering extra appraisals-

“However, I am required by IndyMac to collect a $300 non-refundable short sale fee. This is not negotiable and it must be certified funds. Please western union to IndyMac Bank, the code city is IndyMac Bank, CA. Once sent I will need the money control number to continue. This is a hard stop.”

Question- What are your thoughts on this message? I have never heard of the bank requesting a SS fee.

Thank you

2

From a 50k appraisal to 300k appraisal??
Western union the money to a BANK??
Bank charging a short sale fee??

There’s some serious wrongness going on here…are you sure you’re dealing with the real bank and not some ‘bank’ out in Nigeria?

3

As we all know banks are notorious for nickel and diming consumers with thier fees. Perhaps IndyMac has figured that foreclosures and short sales will skyrocket so they’ve tacked on a short sale fee to generate a little revenue out of each deal.

4

i had to laugh at birdjdog response, but hes right… i have been investing doing ss and all for years. this is new to me to…

5

Thanks for all of your comments- I dont think the bank wants to realize that this house needs to be demolished and rebuilt.

6

I have spoken to a few other ss people, they have not heard of a fee before either…

You should ask the bank if they ordered an ARV appraisal…

7

I have read the previous replys and I too am surprised. However, IndyMac has been on the cutting edge of this sort of “me (or fee) first” technology for the past 10 years. I wouldn’t be surprised if it legit. I’d almost be willing to pay the $300.00 myself to get to the end of the story.

8

I will keep you all posted on this- I spoke to others and they advised to inform the bank that I will pay the $300 when I get the acceptance letter.

9

My guess is that they’ll want you to pay before releaseing the acceptance letter. For what it’s worth?

10

Thats a great idea. pay when you get acceptance letter…

Keep in mind your dealing with an hourly employee at the bank. they can be wrong or mess stuff up. Tell this person you have done short sales before and you have never heard of this.

11

Thanks Lucky- I will keep you posted on this

12

Sounds like this fee (SS processing Fee) is sometimes charged and other times it is not. Does anyone else have experience with Indy Mac and Processing Fees?

13

Someone posted a similar experience on the REI Place forum. Seems to me IndyMac is trying to weed the serious short salers from the timewasters…