I am interested in buying a condo in San Francisco and have found an REO in the complex we are interested in. We contacted our local realtor where we currently live and he is experienced in REO's. It has been 2 weeks now that he has been trying to get a "live" person to talk to at Washington Mutual -- who is the lender. Is this common?
I found my information from RealtyTrac and it shows the home as " bank owned pending." Does the word "PENDING" mean the property has not yet hit the MLS? The site also posted a San Francisco local realtor to contact--would the local realtor have sped up the contact process?
it might be that the property is currently in foreclosure process.
There was a property recently that I had some clients interested in. It went back to the VA in September and came on the market in Febuary my clients could not wait that long. The management company was maintaining the property but the VA did not list it until then. Sometimes it can be a long wait!
frankly, i don't know crap about reo's, though i am interested in learning about them. i would like to share something (i know all cash is a fan of doing this. thanks all cash! 8) ) about washington mutual: i bought a house through them o/o, with an fha loan. 3rd worst experience of my life (maybe 5th or 6th, but i'm including everything bad). anyways, they couldn't close it on time. i paid for a 15 day extension. they still couldn't do it. i paid for another 15 day extension. they barely got it done. once i signed the initial papers, the local jerk no longer had time for my calls. then you're dealing with a multitude of people in pennsylvania (if i remember correctly), who care even less. even after the first extension, one of their bright employees starts asking about the termite inspection. it was submitted with the initial packet. if it was missing, you think someone would have caught it in the first few days. anyways, best of luck with your reo. i hope you have more capable people assisting you. whatever you do, i would avoid their mortgage products at all costs!
Hi, this is Daren from the RealtyTrac Marketing Department. I just wanted to give you a better explanation of what we mean by "bank-owned pending." It means the property has gone to public auction, but we have not yet received the sales data back from the auction to know whether it went back to the bank or whether it was sold to a third party at the auction. So we label it pending until we get the sales data.
You are on the right track by contacting the lender. Some buzzwords to use when you contact the lender are "REO Department" or "Asset Management Department" or "Loss Mitigation Department."
Feel free to respond if you have any more questions.
RealtyTrac Marketing Communications Manager
Hey Darrin - off topic a bit... just wanted to say that I signed up of realty trac and had a great experience with it. The information was great.
Thanks for the update.
i dont think its common not to get a response, i think its just like what happened to you, nobody knows what you are talking about when you call for some reason. I'm sure they want to get those properties off of their hands ASAP!
good question, and great responses yall!