Washington Mutual Approves Short Sale

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Washington Mutual Approves Short Sale

My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:

Property: House in Fort Walton Beach Florida

Value and Offer: About $110,000

First Mortgage: CITI owed about $70,000

Second Mortgage: Washington Mutual owed about $90,000

Hardship: Medical

Package Submitted: August 13

Appraisal Ordered: September 3

Approval Email: September 30

Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU

Delays: Washington Mutual "lost" Letter of Authorization and "lost" part of the ahort sale package

Overall, this was a quick and mostly problem-free Fort Walton Beach short sale.

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Posted by Wendy Rulnick "Its Wendy!" Destin Florida Short Sales on 09/30/2008 04:34 PM

Comments (21)

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washington mutual short sales, wamu short sales, short sale process, fort walton beach real estate, fort walton beach realtor

Originally posted at: Destin Florida Short Sales & Real Estate by Wendy Rulnick: Washington Mutual Approves Short Sale

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21 Comments on Washington Mutual Approves Short Sale

SEP

2008

Wendy, nice to hear about a smooth short sale approval. I had a Washington Mutual approval not too long ago also and like you, it went relatively smoothly. I wonder if we can expect the same going forward with WAMU in their current status - I hope so.

Lynn - Yes they are refreshing once in a while! Maybe we were lucky....

OCT

2008

Congratulations. It is good to hear that some short sales get approved quickly.

Gita - It's nice to get a break sometimes - thank you!

VERY refreshing to read, as I've heard locally that WAMU is one of the hardest to work with on short sales.

Carol - Good to know.

OCT

2008

I had a deal with them a while back and they were quite horrible.

I cringe when I hear "Countrywide" We are 2 months in and waiting. Still no joy. I am not even allowed to talk to the "negotiator"

Gene - Maybe I was indeed lucky.

Ellie - 2 months is not that long yet - with Countrywide. Good luck!

NOV

2008

As a 20 year real estate veteran in both equity sales and short sales and having successfully closed over 800 transactions, I have never been more dismayed by Washington Mutual and the way they are treating agents in Southern California. WA MU.s (1st TD holder) negotiator gave my assistant a verbal approval at a 5% commission and then followed up with a written approval letter for 4.5% and essentially said "take it or we will foreclose." My staff and I have worked countless hours on this file for 7 1/2 months and this is the thanks we get. I will never let another WA MU lending rep in my office again. I think other disgruntled agents should express their opinions about the posture they are taking. After watching many WAMU properties being foreclosed on and then resold via REO at a lower price than the prior short sale offers, you would think they would get a clue.

Wade - I feel your disgruntledness. I actually got an ok for 6% from them... but others, like BOFA want to cut to 4% if it's an in-house sale. I may start using promissory note addenda for my short sale sellers if I don't get paid a certain amount, at 0% interest for a reasonable payback period. We shouldn't be forced to take "anything". The short sale addendum our state uses basically allows a commission cut to 0...

MAR

2009

Sounds like a pretty smooth short sale. Congrats! And that is certainly a frustrating aspect....banks losing the paperwork that is!

MAR

2009

Joel - Thank you much!

APR

2009

Congratulations! All I can say is that 7 weeks is record time! We have had certain short sales go on for months - not due to us, but due to the fact that many people at the banks are not familiar with this type of processing which slows everything down, also we are finding that banks CONSTANTLY lose paperwork or state they don't have it?! This is after we fax an authorization letter 10 times with 10 confirmations! Glad your experience was better!!

Peter J. Goodman

APR

2009

Hi Wendy,

Congrats on your success. I was wondering what the verbiage was on your Approval with WAMU. Did they release or settle?

APR

2009

Peter - Thank you!

Franco - I don't remember the language on the approval! I am sorry. The big lenders change their approval letters all the time.

APR

2009

Wendy,

I believe what Franco was asking is did Wamu settle or pursue judgment on the remaining

balance ?

Steven

Homeowner Lake County, IL

Steven - Settled.

JUN

2009

congrats on those approved short sale. Mine is horrible. perhaps the negotiator. she does not return phone calls e mail faxes.. she does not deserve to be a negotiator . she probably has a lot of files.. but @@@#$#%!##$$$$$$

AUG

2009

Wendy, We are having challenges with WaMu on a 2nd. Was your 2nd handled through Texas? If so, do you have any contact info? They seem disorganized, are always away from their desk - will only provide first name of supervisor and you always get voice mail. Very strange and I getting concerned they are where C-wide was 6 months ago.

Any help appreciated on this one. Thank you.

Hi Cathy - Wamu is now Chase, you probably know, I think that is causing delays. The number I am calling for my current WAMU in process is 866-926-8937

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Wendy Rulnick "Its Wendy!" Destin Florida Short Sales

Destin, FL

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