Home Buying in 30309>Question Details

TinaBean, Home Buyer in Oregon

How long does it typically take for Wells Fargo to draw up a contract after a buyer accepts the counter-offer? How long to close?

Asked by TinaBean, Oregon Sat Oct 20, 2012

Our realtor says "short sales can be so unpredictable, I'm worried for you"
Basically, We made an offer Aug 17, which was accepted into 2nd position by the seller.
On the 28th of Aug we were moved into first position and our offer went to the bank. At this time we did our inspections and the $ went into escrow at the advice of our realtor.
The 18th the bank counter-offered and we accepted...
I know thus far this is pretty quick for a short-sale but I want to know if I should be looking for a short-term rental or if it's safe to assume I can be in our new home by the 30th of Nov.
(the rental I am living in has switched owners and our lease is up and will not be renewed as of nov30.)

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Answers

4
Tina,

Sounds like you are not getting very good information about the short sale process. For instance, you should not have done your inspections without a written acceptance of your offer and a proposed closing date. I know just enough about short sales to know I need a professional short sale negotiator in my corner, a very good one. Call me and I will give you their contact information.

Best of Luck,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Thu Dec 13, 2012
With a short sale, there is no set time frame. A lot will depend on how prepared the seller is and how quickly they have responded to documentation requests from Wells Fargo. Generally, the seller must prove a financial hardship in order to be approved for a short sale.
0 votes Thank Flag Link Mon Oct 22, 2012
It could be several months to a year before you get a formal short sale letter from the lender confirming what was accepted.

If you had a hard deadline to move, you should not have been considering short sales. You should consider a month to month rental if you want to continue to wait for this home.

Many short sales take a long time, what was approved at one point in time has a high probability of being different by hundreds or thousands of dollars when you actually get to closing. Lenders know that when you don't see what is actually approved till the HUD is approved the day before or day of closing you will have no choice but to pay their taxes, pay their association fees, pay unanticipated transaction costs and at the point it is don't buy or pay up.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, CIAS, e-PRO, ESQ
Certified Residential Specialist
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MS Real Estate and Urban Affairs
Certified Distressed Property Expert
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203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Sat Oct 20, 2012
Why not ask the asset manager who is working on this file, how much longer will it take ?
I just closed a WF short sale and I put presure on the other agent and the asset manager and it did close fast. Get an attorney to help if possible.

You need a back up plan just in case Nov. 30th comes and goes with no closing.

Good Luck!



Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
http://www.isabelsnewhomes.com
http://www.Buford.georgiamls.com
Direct 770-307-8751
Fax 888-799-3184
Over 25 Million SOLD
0 votes Thank Flag Link Sat Oct 20, 2012
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