short sale approval time (wamu)

Asked by Buyer007, Thu Jul 31, 2008

i just placed an offer on a short sale property. WAMU is the lender (both promary and secondary loan). How long on the average WAMU takes to close deal (if any). Appreciate help on this, just don't want to dragged onto this for indefinite period of time
forgot to mention, I'm the only buyer for the property and seller agent sent the offer to the WAMU couple of weeks back and WAMU asked for HUD-1 and deposit money to put on the TITLE and both HUD and deposit is put ..

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Walter 'Skip'…, Agent, Brea, CA
Thu Jul 31, 2008
Hi Buyer007,
Once a bank has approved the short sale they want the tranaction to close in ASAP. I have been given as little as 7 days and the most I have been given is thirty days. The delay comes from the banks making the approval decision. The fact the bank has reponded in two weeks and requested the HUD-1 is a good sign. I would make sure your lender is already to go.
Best of luck, Walter
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1 vote
Dallas Texas, Agent, Dallas, TN
Thu Jul 31, 2008
Do you have an executed agreement between you and WAMU? MOST title companies cant open or register your contract till it is executed. If you have an executed agreement you have option period, appraisal, survey, needs to be completed during certain time period. Your buyers agent needs to be providing you this step by step process for you to follow. Within the contract terms and conditions.
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2 votes
Lee Collins, , 85242
Thu Jul 31, 2008
I think buying a short sale is a great opportunity and a good idea.

I will tell you that I have personally seen some delays at the very end. It is typically when the lender "WAMU" has to sign the final documents to get the transaction closed. I would suggest that you keep in touch with Escrow/Title/Attorney and your mortgage professional.

Make sure that you find out your interest rate extension options and when your loan documents expire. It is best to be more prepared. Also see what options you have with your current housing, if there is a need to stay a little extra time.
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1 vote
Joe Salcedo, , San Jose, CA
Tue Oct 6, 2009
I am glad you asked that question. Actually the time period of closing is not
certain it may be 3 months or 6 months or nothing at all. Here is my situation
on this short sale assuming that the offer was submitted to the sellers lets
say July 1, 2009 and accepted subject to the bank approval which it is short sale.
Before submitted to the bank by the Listing Agent the following requirements are
as from the sellers are as follows: 1. Tax Return 2. Salaryfrom the Sellers 3. Hardship letter those are the
requrement from the seller before submitted by the Listing Agent then with that we to wait till the bank respond to this offer. Again the time period is not certain on this transaction.. Good Luck...
0 votes
Manny Berino, Home Buyer, Hayward, CA
Fri Nov 14, 2008
Sell your propertie(s) lower by 3% that the comparable(s) and credit back to buyers should be 3%.
Good Luck!
0 votes
Buyer007, Home Buyer,
Thu Jul 31, 2008
based on your experience how long the lender takes to say yes?
0 votes
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