Can anyone explain why, with a bona fide offer of 54K higher than the last foreclouser, WaMu would rather foreclose than accept the short sale? Is there some accounting at the bank that makes the foreclosure more attractive to them?The second lender in this case has accepted 3K on a 36K debt and WaMu says no.....Any thoughts?
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Short Sales make no sence. I think frequently the person in charge of the sale is just to over worked to really make a good decision. I know in some areas Congressmen are keeping track of this type of thing and calling the FDIC if the Bank was taken over. Wamu may fall into this class. GOOD LUCK ,,, stay positive you may get it closed yet. If anyone can explain why its good for Wamu to take the short sale it is you...
How much easier this would be if the BANKS hired Lic. Real Estate Professionals to do the work. Maybe that is something to discuss.
Hi Suzanne,
There could be several different factors why the bank will not accept it. One might be a bad BPO from another agent. Another could be dealing with the Loss Mit dept and not the Legal dept. Did you send in an updated BPO with the most current sales with contract? Was the preliminary HUD done properly with no junk fees? If the banks see one thing out of line, they will not approve the sale. I don't know all the particulars, but maybe some of this can help you......good luck! Try it again, sometimes it takes more than once to approve....
I gave up a long time ago trying to figure out how the banks and asset managers make some of their decisions. They are each different and are following different procedures. I think some of the trouble with short sales is not enough man power.
I had a personal friend who tried to do a Deed in Lieu of Foreclosure and they foreclosed on her. Another who they foreclosed on but never took title to the property and foreclosed on her again on the same home.
Some of my asset managers have turned down full price offers on bank owned property because they do not like the loan product the buyer is planning on using.
Each I am sure, is trying to do their best for their company but some of the decisions make no sense to us, and no decision is worst of all.
Also, I remind buyers who are internet savvy and 'think' they know how much the defaulted homeowner owes, that refis are not recorded as a matter of public record and a lot of times people have "milked the cow dry" with refis and now owe much more than what they bought the property for.
In short, I do not have an answer for you, other than over worked Lost Mid departments.
Linda
Look For....
Suzanne Leedy > Linda McKissickMarch 29, 2009 at 2:21pm
Thanks, Linda....it just seems to me that if the banks really wanted to get rid of their "toxic assets" they would all do a much better job! I know the problem is massive, but so do the banks and maybe they could take a little of their federal gift and hire more people. This wasn't a suprise to us and it should not have been to them.
You can feel my frustration, i am sure. My sister got a letter from Countrywide last week to tell her that the investment property she owned was discharged in her bankrupcy filing and she owed nothing. She didn't file bankrupcy!!!!
The saga continues.
Suzanne
Replies
How much easier this would be if the BANKS hired Lic. Real Estate Professionals to do the work. Maybe that is something to discuss.
There could be several different factors why the bank will not accept it. One might be a bad BPO from another agent. Another could be dealing with the Loss Mit dept and not the Legal dept. Did you send in an updated BPO with the most current sales with contract? Was the preliminary HUD done properly with no junk fees? If the banks see one thing out of line, they will not approve the sale. I don't know all the particulars, but maybe some of this can help you......good luck! Try it again, sometimes it takes more than once to approve....
I gave up a long time ago trying to figure out how the banks and asset managers make some of their decisions. They are each different and are following different procedures. I think some of the trouble with short sales is not enough man power.
I had a personal friend who tried to do a Deed in Lieu of Foreclosure and they foreclosed on her. Another who they foreclosed on but never took title to the property and foreclosed on her again on the same home.
Some of my asset managers have turned down full price offers on bank owned property because they do not like the loan product the buyer is planning on using.
Each I am sure, is trying to do their best for their company but some of the decisions make no sense to us, and no decision is worst of all.
Also, I remind buyers who are internet savvy and 'think' they know how much the defaulted homeowner owes, that refis are not recorded as a matter of public record and a lot of times people have "milked the cow dry" with refis and now owe much more than what they bought the property for.
In short, I do not have an answer for you, other than over worked Lost Mid departments.
Linda
You can feel my frustration, i am sure. My sister got a letter from Countrywide last week to tell her that the investment property she owned was discharged in her bankrupcy filing and she owed nothing. She didn't file bankrupcy!!!!
The saga continues.
Suzanne