I am assuming you are not obtaining the loan with Washington Mutual, but that they are the owners of the property you are interested in. If the bank taht holds the property failed, you would still be in escrow but it would take a lot of time and patience on your part to see it close. Asset managers have so much property on their desks that they are trying to sell off, and if someone else took over the particular property you were working on, it could definitely cause a delay in processing and closing on time. Best Wishes, there are great deals out there, but patience is the key!
My wife is an asset manager and as Ellen mentioned her work is endless. We just ned to put an end to this mess and believe me it is not impossible as it sounds. It does require leadership . There are solutions but not implemented.