Short Sale Success With WAMU
Hello,
I just submitted an offer for short sale listed as 1.05M in San Jose, CA. Can anybody shed some light on what is the chance of getting this approved from WAMU (Yea, WAMU is the lender and asking price is the loan amount with 960K 1st and 90K for the 2nd; both with WAMU). My initial offer is 850K.
Thanks
next door house is sold 3 months back for 870K, though this house is 300 SF larger than the sold house. Any input??
Meet the bpo or appraiser when they order their inspection and convince them to bring it in low. Based on your info I would guess it would come in somewhere around what the comp next door sold for. The offer of 850k seems reasonable.
Fyi, Wamu will order one appraisal and one bpo.
Good luck
how long WAMU takes to BPO once they acknowledge the recieve of the offer?
Thanks
Quote:
On 2008-07-28 16:04, buyer007 wrote:
next door house is sold 3 months back for 870K, though this house is 300 SF larger than the sold house. Any input??
can you pull avg. $/sf in the area and do an adjustment?
avg $/sqft is $290
sqft for the talked house is 3245
one thing i like to mention is one more house closed just 2 days back with $/sqft = $229, it is a bigger house (4500 sqft) though ..
the property is vacant now; the owner has left the property.
Is it going to expedite the sort-sale process from lender side?
Thanks
some light on what is the chance of getting this approved from WAMU (Yea, WAMU is the lender and asking price is the loan amount with 960K 1st and 90K for the 2nd; both with WAMU). My initial offer is 850K.
Advertising DELETED[ Edited by JohnLocke on Date 08/20/2008 ]
My experience w/ wamu and foreclosure have not be positive, they are dogmatic about price.
How is it going for you?
Double Pass...
For myself, I would never go with a company who was so cheap they violated the forum rules by trying sneak in two urls to their web site in their post.
Thus the reason for the edit.
John $Cash$ Locke
[addsig]
John, why not post a copy of your latest www.book.cover?
David,
I have been swamped with orders, but I guess not from the Board Hustlers who need help the most...
John $Cash$ Locke
[addsig]
HAHAHA! Sweet!
[addsig]
Randall,
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John $Cash$ Locke
2 months?
Short sales are taking 6+ months around here.
Jim
I sent in a package that was receipted for at the lender on May 23, 2008.
Loss Mitigation didn’t start working on it until August 4, 2008 which is when their clock started due to volume. They said I MAY have an answer back in 60 to 90 days (or more) from that August date.
And the worst hasn’t even hit yet.
John (LV)
what has you friend the lender said?
do an appraisal or BPO to justify your price.