What's your experiences with WaMu short sales?

Question

I'm about to start on my first short with WaMu....there is also a 2nd HELOC, also with WaMu.

The rep told me that typically a property doesn't "qualify" for a short sale until it has been on the market for 90 days. Then, it could take another 90 days for approval.

What have you guys experienced with WaMu?

Herm M. · Answer

^ got it.

Well let's see how this goes. I'm offering WaMu 250k, and have received an offer of 327k.

Larry Moore · Answer

Not the buyer's loan, the seller's loan.  FHA requires that the property be listed on their short sales (Pre-Foreclosure Sale program).  I assumed you didn't have a buyer yet since you stated you were about to start.

James Ward · Answer

Never had any problems with WaMu.  They are not the fastest, but they are willing to negotiate.

We never list any of our properties, so the "90 day list" thing is not a deal breaker.

Hope this helps.

p.s.:  Keep track of the negotiator you work with, and go back to that person...again and again.

Matt Carmean · Answer

We just got an acceptance with WAMU and our property wasn't on the market for 90 days.

One word of caution: Make sure you have your articles of Incorporation ready to submit to them if your company is the buyer.  They want to make sure you have no affiliation with the seller.  Oue negotiator said she would close the file if she couldn't see a copy.

Good luck

Herm M. · Answer

ummm, I don't see the correlation between WaMu wanting the property listed for 90 days and the buyer being an FHA buyer.

Larry Moore · Answer

Is it an FHA loan?  That would explain the 90 days on maket.