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.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Fort Walton Beach real estate and vicinity.
Destin and Fort Walton Beach short sale and pre foreclosure help.
Specializing in real estate sales, traditional and short sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Washington Mutual Approves Short Sale* Contact Wendy Rulnick regarding Fort Walton Beach real estate and vicinity.
Subscribe in a reader
Subscribe to It's Wendy's Blog by Email
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....
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.
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!
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...
Sounds like a pretty smooth short sale. Congrats! And that is certainly a frustrating aspect....banks losing the paperwork that is!
Joel - Thank you much!
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
Hi Wendy,
Congrats on your success. I was wondering what the verbiage was on your Approval with WAMU. Did they release or settle?
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.
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.
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 @@@#$#%!##$$$$$$
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