Trulia Voices Real Estate Q&A in San Diego

Denise Gleavey
Denise Gleavey
Real Estate Pro

Has any agents in San Diego done a short sale with Washington Mutual? I was wondering what their response

time was? How were they to deal with? Were they reasonable with the final price? Did they want the buyer to close too quickly (less than 2 weeks)? How were they with the cost? Did they cut the commissions down a lot? Any experience you had with WAMU short sales will be greatly appreciated. I know all lenders are different & I have not done one with them.

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Tim And Julie H…
Tim And Julie H…
Real Estate Pro
Las Vegas
Thu May 15 2008, 16:15

HI,
WAMU and all the others are swamped with SS files...to get yours processed quickly..
1) turn in a complete package.
2) send them a REO vs SS spreadsheet.
3) Control the BPO.
4) Email always vs calling.
5) Dont be afraid to go over the negotiators head.
6) Call in the evenings (if you are going to call) and on Sat am. Yes, they are there.
7) Pricing..last sold comp-10 to 15%. They want 82% of the BPO.
Hope this helps... http://www.AgentShortSaleSecrets.com

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Roberta Murphy -…
Roberta Murphy -…
Real Estate Pro
San Diego
Tue May 13 2008, 21:29

Denise: We just finished a grueling short sale ordeal with Washington Mutual. To their credit, they were able to to stop the foreclosure 3 times, but it was a trial of patience.

In the end, our commission was cut to 4 percent (which we split with the selling agent) and we had to pay for HOA fees that were in arrears along with the home warranty policy.

Perhaps improvements are in the works. I hope so.

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www.themlshub.c…
www.themlshub.c…
Real Estate Pro
Sacramento
Mon May 12 2008, 09:49

Hi Denise. Sorry to say this, but WAMU has a horrible reputation in the short sale department and that's been confirmed by someone who does nothing but short sales and has 15 years experience. I hope you'll be the lucky exception to the rule.

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Dianeconaway@re…
Dianeconaway@re…
Real Estate Pro
San Diego
Mon May 12 2008, 09:14
FIRST ANSWER

Hi Denise,
My transaction with WaMu was great. They were responsive and fairly good to work with. It greatly depends on who you work with at WaMu or any other bank though.

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