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experience with WAMU short sales?

Contributions: 1

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:1

We've been negotiating with WAMU since before the JPM merger on a purchase that has a requirement from the seller to a short sale addendum. Now Risk Mitigation at the Bank has approved, but final approval is with "the Investor". Are we good? Anye have experience as to whether the investor often overrides the bank?

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December 19 2008 - South Lake Tahoe

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Shawn Pru, "ShawnPru"
Contributions: 80

Shawn Pru, "ShawnPru"

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Not really, investors have no choice, unless you are low balling.

1. How long are you waiting for( 3 Months or more)?
2. How many loans 1st, 2nd or 3rd. or just one? (one loan)
3. Is BPO and appraisal done?
4. Is Final sale price has been established?
5. Is your costs to sale approved by WAMU?

If all of the answers are positive you are looking for a month before closing as long as your lender has all the paper work to close.WAMU is getting better now. Last year it took me 4 months just to get an shorsale approval on my seller. Good luck to you.

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January 13

Dave Mason, "DebtFreeDave"
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Dave Mason, "DebtFreeDave"

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Here is info for Wamu Short Sale Department

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December 20 2008

Kimberlee Quarles, "Kimberleesellshomes"
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Kimberlee Quarles, "Kimberleesellshomes"

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There is no clear cut answer to this question. Normally the loss mitigator has an idea of what the investor will accept and will not approve unless they are fairly certain that it will go through. But you can not count on it 100% there is a chance the investor will not agree.

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December 19 2008

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