Question on Short Sale with IndyMac

[Mike Welch]

I'm a new real estate investor who has made an offer on two Indiana properties listed as short sale by the owner who is behind. The bank in question is IndyMac Mortgage (now under One West).

I've made somewhat low ball offers on the two properties that are side-by-side rental properties nicely rehabbed interiors, but needs exterior work (new roof on one). The comps in the area differ vastly. For example, one block away is a historic neighborhood where the mayor lives. Yet, on the other side of the street are boarded up foreclosures.

My offers are for cash and I've provided a letter establishing proof of funds.

I have some questions for the BP community:

1) Short Sale Procedure with IndyMac: Now that my offers are in, they're considering the short sale application. How do things proceed on short sale offers? What should I expect?

2) IndyMac FDIC Deal: I've read much of the deal struck with the FDIC. Are the economics better for them to foreclose as opposed to accepting a short sale?

3) Negotiator: Should I seek the services of a short sales negotiator to help streamline the transaction and get better results?

Thank you in advance,

Mike W.