I attended a WCR meeting on Monday and the 3 "top guys" from BofA, Chase and Wachovia/Wells were there to discuss short sales and what's coming.
They said, starting in 2011, there will be NO postponements of Trustee Sales and NO extensions of closings on Short Sale Approvals past teh approval date. They all want to clean out the inventory as quickly as possible. All of the have put procedures into place to speed-up SS approvals. Wachovia has cut the paperwork to 13 pages, will send a representative with agents to meet with the seller and will provide an approval within 14 days. They are also paying 6% commission PLUS a 1% bonus if the transaction closes by February 28, 2011. That's in place right now, (at least in CA).
All three companies gave a few "nuggets" to take away.
100% of my business for the past 3 years has been short sales (with the exception of 1 transaction which was the sale of a client's house who bought a short sale. - I almost didn't know how to handle a standard sale - LOL).
Just my .02
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Well someone let me know if the "representative with agents to meet with the seller" works out .They came here to Nevada some months ago witht eh same stuff and numbers and e-mails where to call for help ,was all false stuff the Rep. is there ,but they have move him to the sales dept. ,and out of the 3 times i ask for him all I got was a excuse why he couldn't help. Wells Fargo is dragging there feet on every deal now . One Neg. has ask for the same paperwork over 3 times. She trying to get more time ,but I just send it again and again. Now I have not heard from her in 2 weeks Monday well be going on 3th week i was promised a letter to close with??? Wells Fargo is not playing fair at all anymore
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