WaMu Sub Primes - No Go
I just ran into a situation with WaMu that has me scratching my head. I completed a short sale with them last month but following the same guidelines they declined this short sale attempt.
The reason they declined was that the loan was a "sub prime" loan and they would only accept 90% of the appraised value. I can't offer 90% of the appraised value as when I add my cost of money, realtor fee, and the fix up costs, I'm below 90%.
Could someone explain all this to me and why WaMu is so stubborn onthis????? :-?
Perhaps the investors who own the mortgage (WAMU may just be a loan servicer) is in the same business as are you...
[addsig]
=> 90% of appraised value
So, it's time to work on the appraised value, I feel...
Just did one with GMAC where they said that too.
370k owed, I met their appraiser at the house, and those wonderful words came out of his mouth: 'Oh, this is HALF a house!!! This is worth 250....'
POOF........... I had offered 230k - they accepted. We are (double)closing in 2 weeks.
My first one.
Oh, yeah, PS: I have a rehabber taking it off my hands for 315. ^___________^
90% worked out fine that time.
Guess who' s hooked now??
Cheers,
Falk