Washington Mutual Does not do Short Sales after the Sheriff's Sale

Has anyone ever dealt with this before? I just talked to a guy from Loss Mitigation there and he said that they just dont do them. Has anyone every had any luck different than this?


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Who are you talking to WAMU directly?

NO banks in my experience actually negotiate deals. They pass them along to the asset manager. I end up getting a better deal anyway.

Banks generally don’t know all the laws about throwing people out, redemption periods, etc. Let nature take it course and get it for thousands less, I do. You may miss one or two but I’ve gotten them later, for less than you could ever think to get them for now!

How do I find the Asset Managers for Wamu, Countrywide, etc. in Virginia?

I called back WaMu today and the lady I talked to said they would do a Short Sale at this time. That guy didnt know what he talking about…what else is new right?

How do I contact an Asset Manager at a Bank? I cant imagine I just ask to speak with him? I have new leads that come in everyweek from my marketing and would love to know how to negotiate these loans down better. Right now I just list them on the market (im a licensed Realtor) find a buyer and close making my commision.

Hey, you can’t do a short sale on a REO. Why? Because if the bank took it back, there isn’t a mortgage on it. The bank owns it. That doesn’t mean you can’t give a deeply discounted offer, but it is an offer to the bank, not a short sale. A short sale is always before the sheriff sale, or auction. And you do it with the seller (homeowner’s) cooperation.

Once the bank goes through the foreclosure process they normally feel like the house is worth trying to sell for “market value”. Typically I see REO properties go on the market and sit for a couple month until the bank actually price reduces it into “market value”. When a bank forecloses on a home they have a lot of money tied up in the property through taxes, lost interest on a non performing loan, lost ability to loan (up to 9 times) the amount borrowed, maintenance on the property, a trash removal in some cases, utilities, Sherrifs Sale fees…and the list probably goes on.

Once the bank forecloses, they want to get that money back…and through their sometimes smart but most of the time lazy, rude, uninteligent REO agents they tend to overprice the property by 10-50K.