I am listing a property next week.  Today is October 22 and the Foreclosure Sale Date is scheduled for November 22.  Does anyone know if Wells Fargo is hard-and-fast regarding their requirement that an offer be submitted a minimum of 30 days prior to the scheduled sale date?  

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My suggestion to you would be to get it listed today and submit an offer today...any offer (you need to know what their desktop value is, if they don't have true appraised value yet). If you do a lot of short sales then you should have several investors you work with who would be willing to submit an offer to you that will be high enough to entice WF to postpone the sale (regardless of whether it closes). this is key (high enough offer). Once you submit your COMPLET SS pkg you should also request WF to escalate the file (it may take several requests and some time as well). Your focus at this point should be postponing the sale, to allow you enough time to complete the SS eventually. You didn't mention who the investor is, and knowing the investor is critical, and communicating directly with the investor can be critical, because if you can get them to request the postponement, then it's almost a certainty. Also, you need to make contact with the trustee, as sometimes they can also be persuaded to request postpone as well. If you do all of these things, your chances of success increase tremendously. If nothing else, is shows WF that you're serious about selling the property. Good luck.

Ken, Extremely helpful. Thank you.

FHA loan

I just closed on one that was started 3 weeks from foreclosure. Submitted SS package, listed, did price reductions every 3 days got multiple offers and submitted best to Wells 2 weeks before FC. Also opened a ticket with FHA at the time of listing. We did end up with a low net and had to fight for a variance, but after two months got it. Started March 11, closed Oct 12.

Wow, that's encouraging.  Thank you!

Remember this ALWAYS:

EVERYTHING on a short sale is negotiable, including your commission

(Wells Fargo actually pays up to 10% commission on their portfolio loan short sales).

If you submit an offer with a full and complete package, escalate the file as needed, you should have no issue getting the FC sale date cancelled or pushed back as needed so you can get to closing.

If I can ever be of assistance, please don't hesitate to ask - [email protected]



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