Next Phase of my Short Sale....I have an offer

Foreclosures
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Next Phase of my Short Sale....I have an offer

Donna J
AL · Member since 2008 · 25 posts · 1 vote

Everyone here has been great to help me. I really do appreciate it!

I now have a signed contract for my property. The offer is a good one. One has sold for $1k less, another is listed for the same as my contract price, another is listed at 10K less than my contract.

I am completing the Short Sale packet for Chase, now. My loan was WAMU, but Chase bought them and took my loan. I have heard from a couple of people they paid 27 cents on the dollar. May or may not be true. I did receive a letter saying my loan was being transferred to Chase but my SS packet still has me sending it to:
WAMU loss Mitigation/Default Alternatives in Chatsworth, CA.

I have a realtor and my packet has a 3rd party disclosure for me to allow my realtor to speak with Chase.

Because I am laid-off right now, I have plenty of time to contact Chase (WAMU) in every way possible. Is it true that I need to stay on them and hopefully get them to want me off their back?

I have kept my loan current until the Dec 1 payment. I have not made it. I would like to speed the process so I don't have too many months of credit hits in addition to the big one for the SS. I also don't want the buyer to walk.

If you have any any advice, I would appreciate it. I have a phone number of 866-926-8937. If you have other phone numbers where you have gotten results, please let me know. If you have phone numbers of email addresses for supervisors, that would be great.

I plan to contact them daily, myself, to check the progress, even though I plan to send the 3rd party agreement.

If by chance I can get contact information for a supervisor, should I just go ahead and send them a copy of my packet and let them know that the next one that sells will be lower because my contract is higher than the list price of another condo and the same as list for another condo? If my buyer walks the next offer will be lower, too.

Thanks!
dmj4

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  • Dave P.
    Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
    17y

    dmj4,

    Your are on the right track, but there is not much you can do to really speed the process up that much. Just talk to them regularly. Once a week should do it.

    Have you sent the offer in to the bank?

    The most important part of the process is the broker price opinion that the bank will do after they receive your offer. It is your agent's job to "educate" the person doing the bpo on the true market value of your home.

    Good luck,

    Dave

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  • Ali Shah
    Real Estate Investor · Las Vegas, NV · Member since 2008 · 127 posts · 10 votes
    17y

    if you have an agent and your agent knwos how to do short sale you may wantto let him od hi sjob and get it done. WAMU is very slow at heart for short sales and a full package may take up to 90 days if you stay on top of it. make sure you call every 2 to 3 days not every day and then make sure they have your package and when you are gonna get a BPO or appraisal and when will it be assigned to a negotaitor. Chase is even slower than wamu at times if you do not have it assigned to a negotiator in 30 days make sure you escalte thi sissue and move yoru file on time.

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  • Donna J
    OP
    AL · Member since 2008 · 25 posts · 1 vote
    17y

    Update on my short sale. It took WAMU a long time to get to the file to approve it. We did get an approval for a sale at 179K with a BPO of 165K.

    It took so long to get the approval that the financing bank required a higher down payment from the buyer, so they bailed.

    I emailed every real estate company in the area and told them I had an approved short sale so if they had someone that was getting frustrated waiting on a short sale approval or needed a 1031 exchange that I had an approval. One agent emailed me back and I now have another contract for 179K. I had to let the funishings and everything go with it to get that offer this time.

    When WAMU approved the short sale, they gave us a closing date of April 30. We are waiting on the new HUD. We spoke with WAMU and they said when they got the new HUD, they would decide if the name could change, but everything else remain the same. The chances of them approving and us closing by April 30 are pretty slim, I think.

    With the letter we have a different negotiator. It is easier to get in touch with this one. We will really have to push the issue of the 165K BPO and the 179K asking price to even have a chance at the paperwork going through faster.

    I have learned that the BPO being lower than the contract amount seems to speed things up and getting an email address for the first negotiator speeds things up. We tried to limit our emails to the negotiator and we kept them very short. We got a response on the same day everytime.

    We have started receiving foreclosure documents.

    Wish me luck.

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