How to work with Washington Mutual on a short sale
I'm representing the Buyer.
We made an offer on a home in the City of Alameda on 4/23/09.Â The seller accepted the offer.
Since then, nothing has happened.Â Washington Mutual, the lender (no seconds) hasÂ given us very little feedback, and vague requests --Â which we have tried to decipher.Â In between our offer date and now, there have been vacations by the asset manager,Â reassignments of the asset managers, leaves, plagues of locust, et al.Â
Finally , today, 7/15/09, almost 3 months late, weÂ get info that the BPO the lender received, Â is way higher than the price the Buyer offered.
After 3 months of delays, we are no way closer getting an offer accepted.Â
By the way, the current asset manager sent us an e-mail recently, after we mentioned to him that my clients were anxious to get on with this transaction and that they were VA qualified by a local mortgage broker, and that they were ready to close.Â He says in his e-mail:
"Unfortunately no. You are in the same boat with all of the other files we have.
Management knew some deals would be lost, but the transition will have to take place. I will contact you when I know more".
Keith JonesLoan Workout Specialist Home Loans
Does anyone know how to get through this type of do-do?