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Joseph Demby, Home Buyer in cape cod

JP Morgan Chase Certifying WAMU Foreclosure Pending Sales

Asked by Joseph Demby, cape cod Sun Nov 16, 2008

I hope anyone out there reading this is going through what I am experiencing and I would like to hear thier take on it. I was in the process of purchasing a foreclosed WAMU property on the cape ,and almost three months into it because the Foreclosure Deed hadn't been recorded yet.
Then came the collapse of WAMU and the subsequent acquisition by JP MORGAN CHASE. Everything there after came to a halt because Morgan had to certify the documents and I was told it would take two weeks ,but so far I am six weeks into this process in addition to the previous three months I had already waited .I am patient because I am getting a great deal,but what I would like to know is does anyone know of MORGAN CHASE certifyingany any of these documents and do they have the right to back out it if they so choses?We've been calling in every week and the keep telling us it will be soon but won't commit to a date.

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2
This can be quite common on a foreclosure. The deed needs to be checked to make sure it was recorded. I hear this happening quite often. Any problem is when a mortgage is not discharged and it will show up on the title work. This to can delay a sale.
2 votes Thank Flag Link Wed Oct 24, 2012
Using team stevens & manley saved me from foreclosure. Thank you Alex
Flag Wed Oct 31, 2012
Joseph,
I have been the Buyers agent on many bank owned sales, and this is more common than you may realize. I would be prepared to have this go on for up to 6 months. The foreclosure deed and funds will most likely still be directed to WAMU, and these situations do work themselves out 9 times out of 10. If you have a great deal and you are not locked in to a rate with your lender, this may in fact work to your advantage right now. I anticipate rates to stay low or even drop. You will not get a committment from the bank, it will just be done and then they will expect you to close within 30 days. These are the tradeoffs when buying an REO vs. a conventional sale. Be looking for additional opportunities in the mean time. Do you mind if I ask where and how much? I would be happy to give you my opinion if it is within the mid Cape area. I specialize in investment real estate and can confirm whether you are in fact getting a deal. Good Luck.
0 votes Thank Flag Link Sun Nov 16, 2008
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