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Permalink Reply by Jeff Bradshaw on September 7, 2010 at 9:37am

Ben, That is what I thought with the last Wachovia that I had go to sale(8-27-10). We had an offer it was in review, the short sale dept said we could get it delayed. When it came down to it they had no chance of getting it delayed with Wachovia's new policy. I spoke to the local short sale rep here in Vegas and he stated that he has not had any luck in getting delays with the new policy. The Seller called in and talked to everyone they could with no luck. I emailed The CEO and CFO of Wells and heard back from the CFO's representitive who stated that they will not deviate from policy AT ALL and that they would not delay the sale even though there was an offer. This was a fast track short sale where the seller had received a letter from Wachovia asking them to do a short sale. Obviously those letters are worthless when you change the rules in the middle of the game.

According to an article in REOi the banks are changing from a modification mode(which includes short sales) to a liquidation mode(REO). These are the results that we are seeing today.

Permalink Reply by Kari A. Battaglia on January 11, 2011 at 11:54am

Tammy - Thanks for the info.  I have a Wachovia Fast Trac Short Sale pending.  My seller is in foreclosure but still has time.  They have not had mediation yet.  Fortunately here in Venice FL the foreclosure process can take up to 2 years.  I have gone to court with a seller in the past, not to represent customer but to speak to Judge regarding short sale contract I am working on, I describe my buyers and the sellers situation and how the short sale process is going and gave my opinion as to how long the process will take to close.  The Judge granted a 6 month extension on Sale Date to give me time to finish Short Sale. We were fortunate but had I not gone to court with sellers I doubt they would have been able to get an extension. We all do what is necessary to get the deal closed but sometimes that just might not be enough.

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