How much longer do I have to wait on an answer when purchasing a short sale from Wells Fargo, any tips?

Riechen
Home Buyer
South Carolina

Offer was made 6/2. BPO was done 33 days ago. We have to close on our house 8/31 and am concerned about not having a place to live. WF came back and asked us to raise our bid 20k which we did. Now the investor is reviewing. How much longer do we have to wait to hear? Our relator emails 2 times a day and the negotiator usually responds. He just says soon. Anyone have any experience with WF? Any tips? Our time is running out. Thanks in advance.

Answers (6)
Cindy Maclay
Broker
29681

I have not worked with WF but I have others. The whole process took 3 months. One thing your realtor needs to check out is, are there any other lein or morgtages the seller is not disclosing. This susprise delayed our closing an entire month.
Cindy
Smith Maclay Realty
cmaclay@bellsouth.net

Thu Jul 23 2009, 06:21
Roslyn Ferrell
Agent
Lexington County, SC

Riechen,

I dont have experience with short sales with Wells Fargo. I however do have experience with bank foreclosures with Wells Fargo. They get back to me in 48 hours. The foreclosure Im currently working on with them took 29 hours for a response. We will close in three weeks. I did have a bad experience with a bank foreclosure earlier this year (not Wells Fargo) and I got my Broker to talk to the sellers Broker and other higher powers....got my answer 24 hours later. My point...your agent emailing twice a day is obviously not doing the trick. Sometimes you have to be (politely) forceful.

Wish you well!

Roslyn Ferrell
Coldwell Banker United, Realtors
rferrell@cbunited.com
803-513-7222

Wed Jul 22 2009, 17:32
Bill Eckler-Flo...
Agent
Venice, FL

We had a customer that waited 4 months only to find they were not getting the home........the process seems to be wait, wait longer, keep waiting, and then in all together too many cases, get really disappointed.

Wed Jul 22 2009, 16:56
Mark Brian
Agent
Anderson, SC

Is your Realtor also the seller's? Does the seller know or even care that you might be forced to withdraw your offer because of WF's refusal to give an answer quickly? Your agent may need to strongly suggest that you must have a place to live and you needed an answer yesterday.

Wed Jul 22 2009, 13:18
Dan Mengedoht
Agent
Charleston, SC

I've got a buyer waiting on a short sale bank response since 3/22 also. My advice to you and to any buyer is to stay away from short sales if you have ANY time constraints/ deadlines.

Wed Jul 22 2009, 12:50
Nan Coppenrath
Agent
Atlanta, GA
FIRST ANSWER

We've been waiting on one here in North Georgia since March 16th!

Wed Jul 22 2009, 12:40

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