I recently got all my paperwork done with my client in order to do a short sale. Today I gave a call to her bank’s (Washington mutual) mitigation department and I had a 5 minute chat with them. The rep asked me who I was and I told them that I am a real estate investor interested in buying my client’s house only if I can successfully accomplish a short sale on her mortgage. The rep on the other end told me that, my client would have to request the short sale herself and not me. They also told me that, unless I was a title company or a company of some short they couldn’t help me because they don’t know what my interest is in this business transaction. Is any of this true? Where did I go wrong? Please help. Thanks in advance
None of it is true, unless they changed their tactics, or possibly signed a wholesale contract with a big investor.
Call again, ask to speak to a manager.
Did you get the Authorization To Release Information?
If you did, fax it to them, then call, if you have the fax number.
IMHO it pays to just hound the piss out of them until they give in.
Yes i have the Authorization To Release Information form filled out by the seller. The rep on the other end told me that he doesn’t need it and that the document only allows him to release informatn to me on the mortgage not to discuss a short sale. Could any of you give me a sample script of questions i should ask?
Just keep calling and don’t take no for an answer.
And ask to speak to a supervisor or manager.
There is no script, just write down all the questions you want to ask, and keep asking until you get an answer that satisfies you.
And yes he does need it, and he can discuss the short sale with anyone, he just can’t discuss the specifics of the mortgage account without the ATR.
I just had a flash of inspiration…
The rep may be confusing this with a request for deed in lieu, which does have to come from the HO voluntarily. Next time you talk to him, ask him if this may be the problem.
But in any case, ask to talk to someone higheer up.
You should have a limited Power of Attorney as well and this should shut them up.
I have the limited power of attorney, warranty deed signed, authorization to release information, 2 sale and purchase contracts, and a disclosure document. I’ll try again tomorrow and keep you posted
Did you get WAMU’s SS package & complete it? I would just send the package in, then contact the WAMU folks to make sure they received it.
I am wrapping up a short sale with WAMU for a California property. It’s a major headache and they move very slow (so far almost 3 months!).
Anyway, they are correct. Your client/seller will need to request a short sale package. They will mail off a 3-5 page statement telling the seller what they want and what address to submit the package too. If the notice of default has been filed, you will be working with the loss mitigation Jacksonville office, if it hasn’t been filed, you will be working with the loss mitigation Chattsworth office. They are so confused that I sometimes get transferred 4 to 5 different times. Also, every rep tells you what to do with the short sale paperwork. The real answer is to follow the directions of the short sale package they send your seller. Trust me, I submitted the short sale package 3 times and faxed it over twice!!! Once you send the package, it takes two weeks to get assigned to someone. In my case, I had to follow up every 3 days to get the file moving.
In regards to the auth to release info, just call them and ask them where you should fax it to them. It takes 3-4 days to get in their system. Also, don’t say you are an investor, banks hate that because they think your purchase offer contract is no good or you’re a waste of time. Say you represent the seller to help her out of foreclosure and to sell the property. I have trouble even though I am a licensed real estate broker!
Good luck.