We had a listing that was supposed to close today.
It's not closing.
Why not? Because the buyers were obtaining their mortgage financing through Indy Mac.
It was announced recently that Indy Mac was leaving the mortgage financing business. But, they said that would fund and close all loans currently in process.
That is no longer the case. As of yesterday afternoon, we were told that Indy Mac will not fund any more loans, no matter where they are in the process.
Where does that leave buyers and sellers expecting to close with a loan through Indy Mac? Screwed.
We'll work to try to patch this deal back together over the next few days.
But damage has already been done.
What a shame.