WAMU Short Sale
I have read several posts on various message boards regarding the difficulty or shall I say the impossible task of getting a short sale accepted with Washingon Mutual. I have read everything from they just don't do short sales to they won't return my calls. From my experience it does not matter which lender you are dealing with, you have to approach them all with the same objective, and that is to close the deal! It is not as simple as just submitting a SS package and hoping they accept your offer. Too many people are doing just that. If you are confident in your approach, ask a lot of open ended questions, ask a few probing questions, and dictate what you need to happen I promise that you will close more SS's. I just got an acceptance this week for a deal I have been working on since April 12. I did my due diligence and submitted a complete package and the loan was assigned to a lady name Mary Krebs. I called her every other day for two weeks and could never get her on the phone. After I realized that they had more than enough time to get back to me I decided to speak to another rep in the department to voice my concerns. The foreclosure was scheduled for May 4 so I did not have much time. I informed the rep that my CLIENT [B] has been advised by her attorney to file bankruptcy if I am not able to resolve this matter ASAP. She immediately gave me the names, direct phone numbers, and email addresses of two supervisors. I sent emails and left voicemails telling them the same thing I just told this lady. Within 30 minutes I got a call back from one of the supervisors and she apologized for the poor response and then put me in touch with Phillip Cross who was the negotiator on the account. I asked him to stop the foreclosure and he did within 10 minutes. I have a signed letter and I also called the attorney to confirm the postponement. I told him that the locks had been changed by his company over the weekend and I needed access to the home to inspect the property and prepare for the BPO. The keys were sent to me next day delivery. I asked him to have the BPO contact me and I also asked for an appraisal. I met with them both the same day. The original mortgage was $124,497and I got it for $95,500. The appraiser told me that the properties in the area were going for $140,000 and although he did not tell me what he would report to the lender he did give me a hint by saying that he could find about $20,000 in repairs so I was able to figure out that his numbers would come in somewhere around $120,000. Typically on a conventional loan the bank will want to net roughly 92% of the "as is" value which would be $110,400 but I knew they would accept my offer because of the pending bankruptcy. To make a long story not much longer, I was able to get an acceptance in less than 1 week once I finally got the RIGHT persons involved. There is without a doubt some technique involved and once you get comfortable with that and you have a good system to follow closing a short sale with any bank should not be that difficult as long as you are dealing with the right type of situation. Thanks for allowing me to share some of my experience with you all.
Beautiful.
I have several deals on the table going to same direction.
We have gone from - we won't deal, to there will be no short sale, to send me your best offer, to you'll have to double your numbers... we said we'd walk away then... to well... how soon can you close then if we could do this?
It's all a game... and we have been advising our customers/clients - time is on our side - especially if they are on their last leg and teetering on BK.
Patience is a virtue? It's a mandate in this game.
:-D
We have a deal right now with HomeEq that's been in their hands for a good month, a little bit more. In your experience, what do you feel is an acceptable timeframe to call and find out the status.
Recently we've called after they said it would take a couple of weeks to get the comps for the area and now they tell us it's under review.
Realizing every lender is different, what is your experience and do you think the lender is more willing to act even quicker for a property that is 1 year behind on payments than someone who is only 6 months behind on payments?
Nice and Well Done!
Homebuyer13,
Thx for sharing that story. That was very helpful!!!
My mentor suggested that I send a fax to the bank explaining that this short sale is going south if they don't take action. Immediate results and a closing date magically appeared. I copied your suggestion into my ideas file and am willing to pay royalties.
I'm curious. Did you then close with hard money, or a conventional loan? How long did they give you to close?
I am trying to get my hands on a property that the comps say is valued at $450. After being on the market for 200+ days the owners claimed bankruptcy. The owners are cooperating with me to clear the house from bankruptcy and get it back into Countrywide's foreclosure process which would then allow us to offer a short sell. What is your advice or experience in this situation? I WANT THIS HOUSE FOR MY PERSONAL HOME and the owners want us to have it which is why they are helping us. PLEASE HELP ME NOT TO LOSE THIS!!
