Replies to This Discussion

Permalink Reply by Patsy Clevenger on May 10, 2011 at 6:45pm

Wachovia should have an area rep that you contact.  If you don't know who it is let me know and I'll ask the one I have here.  Im in Southern Calif.  The process with them is quick, no documentation and the seller will get cash for keys.

 

Congrats!!!

• ▶ Reply

Permalink Reply by Eric Mieles on May 11, 2011 at 9:43am

Hey good afternoon. Yes it may qualify for their Fast Track System. You should have an area short sale manager who can check and see if it qualifies. If you would like I have one here who is amazing. I get them checked and pre approved in about 7-14 days.

 

If you don't have a purchase agreement you will get issued guidlines and net numbers to market and list the home. The program consists of:

-Could be primary or investment

-No defiency or promissory issued

-They don't even have to be delinquent but should be experiencing potential hardship

-$3k in relo incentive

-They don't lower commission

 

It's a pretty cool program. Let me know if you need any help.

 

Thanks

• ▶ Reply

Permalink Reply by Krystal Heedly on May 12, 2011 at 12:24pm

Patsy,

I have a new in SoCal coming up.  Can you give me your the area rep info.  

 

Thanks ahead of time

Patsy Clevenger said:

Wachovia should have an area rep that you contact.  If you don't know who it is let me know and I'll ask the one I have here.  Im in Southern Calif.  The process with them is quick, no documentation and the seller will get cash for keys.

 

Congrats!!!

• ▶ Reply

Permalink Reply by Patsy Clevenger on May 12, 2011 at 12:56pm

I just sent you a message....Here is the Wachovia Package

Attachments:

• Wachovia or Wells Short Sale Fast Track1.pdf, 231 KB

• ▶ Reply

Permalink Reply by Krystal Heedly on May 12, 2011 at 4:19pm

Thank you Patsy.

Patsy Clevenger said:

I just sent you a message....Here is the Wachovia Package

• ▶ Reply

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 15, 2011 at 2:30am

Wachovia is by-far, the best with getting Short Sales approved - this is mostly for former World Savings "Pick-a-Pay" loans.  The rep from Wachovia will actually go on the Listing Appointment to help you get the listing (if you want) and, make an initial decision right there.  They only want about 13 pages of docs most of which are the Purchase Agreement and the Estimated HUD.  They typically approve in 10 - 14 days and pay 6%, sometimes more, as a bonus if you get the deal closed in a certain timeframe - and they may pay relocation assistance (cash for keys).

 

Good luck and use the resources available from Wachovia. Wells only kept Wachovia as an entity to get rid of these loans as fast as possible.....

 

Best,
Thom Colby

Broker

Newport Beach CA

• ▶ Reply

Permalink Reply by Marivel Costanza on May 15, 2011 at 6:40pm

Hi Verenice:

 

I recently closed a short sale with Wachovia and it was the fastest so far. 

 

My client had 2 loans and Wachovia was very cooperative and allowed us enough funds to close.

 

If you know your area representative, start with contacting him/her first.  They will point you in the right direction.

 

My suggestion, follow the packaging instructions carefully and double check your HUD-1.  Any last minute changes will delay your closing and change your approval figures.

 

Congratulations and happy closing!

• ▶ Reply