Seller is 77 years old and is on Social Security (no other source of income & no real assets other than an older vehicle).
I just took the listing and received an offer. WaMu has property going to foreclosure sale on October 28th (was Oct 23 but they did not record until Oct 8th ... so the 20 days should automatically postpone it to Oct 28).
CMA: $179,000 Maximum Market Value
Total owed against property: $295,000 (1st, 2nd, AND 3rd)
1st - $175,000, Washington Mutual/WaMu (Deutsche National Bank as Trustee) - Has recorded sale date
2nd - $70,000, Wells Fargo, Has not recorded sale date
3rd - $50,000 Deed of Trust - Has not recorded sale date
Offer is for: $140,000
We are 10-business days from Foreclosure Sale. Banks are closed today. Just got all the "Homework" from Seller and will have HUD 1 on Tuesday. We can't even make 1st contact with Lender until Tuesday. We are dealing with WaMu. There are 3 against property.
And did I mention....WaMu (Washington Mutual) is the 1st? Can miracles happen? Will we be able to get an immediate 30-day postponement? Should he start to file Bankruptsy while we try?
Anyone have any experiences with this they would like to share?
4 Comments on Can a WaMu "Really Really SHORT" SALE happen?
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Pam Jank
Coeur d Alene ,
ID
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Coldwell Banker Schneidmiller Realty
Address: 1924 Northwest Blvd, Coeur d Alene, ID, 83814
Office Phone: (800) 829-2555 x 1275
Cell Phone: (208) 661-2282
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I had one successful short sale closing with Wamu last year but this year is different. They will not give me the LM's phone number or email and I have to wait for them to update the account per the reps that answer the phone.