no paperwork

[desireetaylor]

What is the name of your state (only U.S. law)? California
I am currently in closing with a short sale. It's been a long painful process to get here, but just when we were about to close we find our closing costs "might" be over $20k.
This was not to our knowlege, and this is because through it all, after several months, we still do not have a stitch of paperwork from Washington Mutual to say what the prices might or might not be.
After more than 3 attempts to ask for the estimates, they never came. Finally we're ready to close and we found that we had these huge fees.
NOW, since we have to renegotiate to afford it we might miss our closing date, and risk losing our deposit along with the house to a foreclosure.
I cannot get our WAMU rep to answer us (because he's been "sick") and now it's getting late he wants to transfer us to someone else, but won't tell us who, or when.
I don't know how legal this whole transaction has been... Does anyone know if this sounds right?
Desirée

[dmiller12]

This was not to our knowlege, and this is because through it all, after several months, we still do not have a stitch of paperwork from Washington Mutual to say what the prices might or might not be.

By prices do you mean closing costs or are you referring to the price of the home?

Why after 3 attempts of not getting what you asked for did you not consider talking with one of the multitude other lenders? It certainly sounds like you had ample time.

What price of home are we talking?

[FlyingRon]

You're the buyer?

[ShayShay1]

Get other financing options and make sure you have closing cost options up front.

Sounds like there is no option to get some closing costs paid by seller, but SOMETIMES, if an agent is involved with the seller in the quick sale, they may be wilingto give up part of their commission( if applicable) to help pay towards closing. Worth asking. It may or may not be enough to even make a difference for you.

That agent, if there is one, would rather make some money than have a deal fall through and make nothing.

[desireetaylor]

Originally Posted by dmiller12

By prices do you mean closing costs or are you referring to the price of the home?
Closing costs...
Why after 3 attempts of not getting what you asked for did you not consider talking with one of the multitude other lenders? It certainly sounds like you had ample time.
I DID. I had 4 quotes before I went to Quicken - who I now consider a spiderweb I narrowly escaped. I then as a quick back up went to WAMU who sounded good - but never gave us paperwork to follow up with and THEN created enormous closing costs.
What price of home are we talking?

$410K

To be more specific, I am the buyer of a short sale home.
The mortgage broker who still has not given us any kind of paperwork even offered to pass us on to his manager, but in the next e-mail ignored my request to speak to his supervisor, give his name, or contact info. We then called WAMU bank and they told us that our agent (who met us IN WAMU, and had a WAMU shirt on, and card from WAMU) was not a WAMU employee, and was hired in as a broker. Then WAMU would not give us any further information on our Rep but to say (over the phone, AND through e-mail) that we needed to speak to our Rep to sort it out.
It's a bunch of circles that just swirl around and never go anywhere.

Originally we had 3% of the house coming back to us through sellers concessions. But WAMU's appraiser appraised the house as lower, and when the paperwork was refiled our agent (without instructing us) put the papers back in with the house lower, but no sellers concessions coming back. Now the house is at $410,000 and sliding day by day, but we are the only ones paying the big bucks.

I'm most angry with our rep who has still not given us any documentation on his pricing fees or closing costs. In the beginning we were given a verbal estimate (but that was based on getting money back at closing), and nothing was discussed about costs if we were to have to pay it ourselves.

Because it is a short sale, it is very difficult to manuver anything because the house is shortly to go into foreclosure. Things must move forward or the house will go, and if it's our fault we lose our deposit.