Ok. I have done short sales before, but none since the recent law changes. Does anyone have a purchase and sale agreement that is compliant (has new disclosures for distressed property sellers), and would be willing to email it to me?
Also, the deal I am getting ready to do has WAMU as the 1st, and OCWEN as the second. How have those lenders been lately with short sales?
The lady selling the house got one of those pay-option arms and had a lot of reverse amortization. That makes me think that WAMU will be a little more flexible because those types of loans should have never been done to begin with. Your experience?
Also, the last time I did a short sale, the lender required that I have the house listed on the MLS and get comps. They even paid buyers, and sellers agent commissions. Have lenders still been having the same requirements? Or have they been trying to skip the agents and the commissions?
Any help in a hurry would be great. Especially with the purchase and sale…