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Experience w Wells Fargo/FHA timeline re offer?

Posted by Beth Skinner on October 22, 2012 at 1:25pm in Short Sale Discussions
Hello, I am the listing agent on an FHA/Wells Fargo short sale and we got the ATP just last week. We've had an offer on the table since the 1st week it was listed - $2000 less than the appraised price so well within the guidelines for what WF would need to net. I'm just curious about all of your experiences with length of time it may be before WF responds to an offer? Thanks for your time!

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Replies

  • Bryant Tutas October 23, 2012 at 12:55am

    If the offer NETs the minimum required by HUD as outlined on the ATP then the lender has 10 days to approve the deal.

    You need to resubmit the contract and HUD if you haven't done so already. This should be submitted after the ATP is received and signed by the borrower.

    • Beth Skinner > Bryant Tutas October 24, 2012 at 9:53am
      Hi Bryant, thanks for your reply - re: the 10 days the lender has to approve deal - is that a specific HUD guideline? And if so, could you point me to where that is posted? The facilitator we have hired is saying there is no deadline for bank to respond to offer.
      • Kevin - Greenville, SC > Beth Skinner October 24, 2012 at 11:36am

        J. Contract Approval
        The mortgagee will have 5 working days from receipt of an executed Contract for Sale to respond back to the mortgagor using the Form HUD-90051 (Sales Contract Review). The PFS transaction must be an outright sale of the premises.
        Source - portal.hud.gov/hudportal/documents/huddoc?id=DOC...doc
        • Beth Skinner > Kevin - Greenville, SC November 4, 2012 at 10:02am
          I appreciate your answers! Ended up switching facilitators because I was getting better answers for "free" than I was from the paid facilitators.
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