Andrew, Home Buyer in Salt Lake City, UT

Wamu Short Sale Headache! Verbal acceptance and now nothing.

Asked by Andrew, Salt Lake City, UT Fri Sep 26, 2008

We made an offer on a short sale with Wamu, They countered, we countered and they gave us a verbal acceptance saying they would accept the offer. Now more than a week later we have not heard anything from and still have not received the official letter of acceptance. What can we do?

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Answers

7
Allison Cohen’s answer
Andrew: what ever happened with your short sell/approval from Chase? We are in a similar situation. We receive verbal approval on a short sell in December but now we are being told that Chase has not signed off and is asking for paperwork.

What happened with you?
0 votes Thank Flag Link Thu Jan 15, 2009
Andrew: what ever happened with your short sell/approval from Chase? We are in a similar situation. We receive verbal approval on a short sell in December but now we are being told that Chase has not signed off and is asking for paperwork.

What happened with you?
0 votes Thank Flag Link Thu Jan 15, 2009
You definately need daily communication with the asset manager. you should not have countered or taken any verbal offers, they are non binding, it would have been nothing for them to put it in writing even in an email. with the takeover you may be out of luck as the assets have now been transferred to chase. i wish you good luck and just keep in mind to have teh agent call right away and keep constant communication and always get it in writing
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Sep 26, 2008
Yes, I agree with Mark. Things are normally slow with WaMu. Be sure and and call and keep your logs. I also would follow up with a "sign on receipt" letter of what your understanding of the sale is and your request for a written acceptance. Can you make a personal visit and hand carry your written request?
0 votes Thank Flag Link Fri Sep 26, 2008
In any short sale I have worked, the bank rarely does anything in a timely fashion, and WaMu has never been the best bank to work with either. The recent problems with WaMu will have no effect on your short sale, but the best advice I can give is to call daily and make sure you talk to a different person each time. Also, keep a log of who you talked to and what you were told. I hope this helps!
0 votes Thank Flag Link Fri Sep 26, 2008
The failure of Wamu will probably cause a bit of delay. In general slow and/or intermittent communication is one of the biggest hurdles of a short sale. Since you received a verbal acceptance, try and contact the person that gave you that acceptance.

Good Luck
0 votes Thank Flag Link Fri Sep 26, 2008
It is difficult to say since WaMu ceased to exist this morning. FDIC seized WaMu and sold the bank to JP Morgan Chase for $1.9 billion (WaMu has $310 billion in assets).

It is the largest bank failure in American history.

It may be that the WaMu folks handling short sale approvals are still at work, but I suspect that things will be uncertain for them for a week or two while Chase digests the meal.
0 votes Thank Flag Link Fri Sep 26, 2008
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