How to do real estate short sale in New Jersey?
July 18th, 2009
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. The client also has a second mortgage also with Indymac.
We received an offer for this home for less than the asking price and the amounts of the mortgages. It will be a short sale. 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.
Recently, 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.
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