First I’d like to say that I’m at the beginning of my research into this whole world of shared-loss agreements. I am not an attorney. I am a short sale specialist trying to be the best short sale specialist that I can be. But I have so many questions these days about what is going on behind the scenes. Many things have stopped making sense in the world of short sales and foreclosures over the past few months.
I have spent quite a bit of time looking on the FDIC website and pulling documents regarding this issue. I’ve also read a lot of commentary and articles for or against shared-loss agreements. The shared loss agreement that is the subject of this post is, by no means, an isolated agreement. The shared-loss agreements also seem to have a pretty sizable group of fans. But should they?
Recently I’ve been reading posts by other agents involved in short sales with Indymac where approvals were withheld that should have been no-brainers. While I have had great luck with my Indymac / One West Bank short sales…it seems that increasingly others are not.
I talked to one agent who had a sales contract at fair market value in to OneWest bank twelve days before the foreclosure sale. OneWest told her they couldn’t act on anything they received less than 15 days before the foreclosure sale. That property went to foreclosure sale this week. In the past I’ve had IndyMac/OneWest foreclosure sales delayed a day or two before the scheduled sale date. (MORE)