Anyone with a very recent Washington Mutual-owned property?

Asked by Dianne Scott, Eustis, FL Fri Nov 7, 2008

Tried to close on a foreclosure property owned by Washington Mutual today. We were down to the last three pages of the signing of the docs when closing agent received a message that the lawyers have been working for three days on trying to determine who had the authority to sign a Deed. I guess JP Morgan has some type of interest in WAMU or there is a deal pending with them and no one knows who can sign deeds nationwide. Any information, thoughts, etc. on this type of occurrence or this particular situation would be appreciated.

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Brooke O'Mal…, Agent, Sarasota, FL
Fri Nov 7, 2008
This happens often on the bank owned foreclosures, since the owner of record changes, sometimes several times before the property is listed. I've had a similar issue where it was just a quit claim deed that needed to be signed, and it was a matter of who needs to sign off. Unfortunately it probably says that if the buyer needs to extend beyond the agreed closing date there will be a $100 per day charge, but since the additional time is needed by the seller, a standard real estate contract allows 30 or more days for the seller to clear any title defects, the bank addendums may allow for evn more time. This can put a buyer in a position to have to wait to close, and does not allow the buyer the option to withdraw or be released from the contract, you just have to wait it out.

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Brooke O'Malley
Real Estate Broker Mortgage Broker
United Home Mortgage Center
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