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CONTEST - What can be done to make the short sale process run smoother?

Posted by debbie rumsey on January 6, 2010 at 6:05am
I would like to say that this is my own idea, however, I would like to share with you the information I received at a meeting yesterday with a Short Sale Manager from Wachovia Bank. This news is exciting for short sale agents and I am hoping that other banks will follow Wachovia's lead as it will greatly reduce the time frames and headaches for the current process!Wachovia Bank / World Savings Bank is now sending out informational letters as well as pre-approved short letters to clients to select homeowners that are in default along with offering seller incentives to help pay for moving costs or just help them get on their feet. This letter contains a pre-approved sales price as well.Wachovia has placed local short sale managers in the field to help the homeowner and the agents. They are available to go to the clients home with the agent and sit with the homeowner face to face to discuss any questions they may have about the process and what to expect. Wow! There is only one local manager at the bank that the agent/homeowner will have to deal with throughout the entire process.Here are some other fantastic things that Wachovia/ World Savings has done to streamline this process:-Once you take the listing you need to call the local manager so they can order an opinion of value. When the agent sends a fully executed offer and an estimated HUD-1 to the bank they can expect an answer within 3-5 DAYS! (not weeks or months)-The bank will close the sale within 45 days of receiving the contract. Reworded.....45 days from contract to close! (Average right now is 34 days)-Wachovia will go as high as 10% on negotiations with 2nd lienholders.-I was told that Wachovia does not try to reduce an agents commission UNLESS the transaction is double sided or it is a last ditch effort to agree to a price.This is great news for short sale agents and hopefully other banks will see how much less painful these transactions have to be by following Wachovia's proactive process of closing these deals!I can't think of another way to make short sales run any smoother and I can say this is a huge step in the right direction!GOOD JOB WACHOVIA!(I have not dealt with Wachovia / World Savings on any short sales to date so if anyone out there has gone through this process please feel free to comment. I know all short sales are unique and time frames may be dictated by outside forces.)
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Comments

  • Gwendolyn Harvey January 10, 2010 at 6:47am
    That's great news. At least someone in the lending industry is trying to make matters better for everyone involved. Others need to adhere to Wachovia's plan in action. The bottom line is getting the deal done in less time as possible and everyone can be happy.
  • Ray Saenz January 7, 2010 at 6:51pm
    Debbie, Are we dreaming? specially BAC needs to do that !
  • debbie rumsey January 7, 2010 at 5:15am
    Seems someone has it right.....finally!
  • Deborah McGraw-McCormick January 6, 2010 at 8:15pm
    excuse me.....board.
  • Deborah McGraw-McCormick January 6, 2010 at 8:14pm
    wow! I pray that they ALL get on baord and work this way. It would make things so much smoother for all concerned! great info. Thanks.
  • Makoto Sato January 6, 2010 at 5:48pm
    Cool beans!

    BofA, are you listening?
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