I'm about to enter my clients into a short sale with Wells Fargo. I have tried to initiate the process through Equator, however, I'm being told that because the loan is services by Wells, I have to initiate by phone or fax.
What is my best plan of action. I expect to begin on Monday 8/15/11 and have a proposed closing date of Oct. 7th 2011.
Tags:
Bill, if you check with the good folks at Wells Fargo, they will tell you their turn around time for a short sale decision is 45 to 60 business days, and typically that information is delivered in a very condescending tone as if you are foolish to expect anything less. If you do the math, that equals 9 - 12 weeks, which is about 2 1/2 to 3 months. To top that off, they lie. It may be necessary to modify your close date. My guess is you won't be closing until 2012, but that is only based on my experience. If your buyers are cash, it may be possible to close this year, on or about 12/30/2011. Your best plan of action is to appropriately set your buyers' expectations so you don't lose them after the first 60 days.
Good luck!
In my opinion they are currently the worst big name bank to deal with, and are second only to Ocwen as being the most difficult company to work with on a short sale. I have been doing short sales for 9 years. Ocwen's excuse is that they outsource their call center to India and try to knock commission down to 4%. Wells Fargo has no excuse; simply their ego gets in the way and you should be happy to wait. The good news is they typically give full commission, if you can get to closing. I can't think of any other good news.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.