REO and Short Sale Certified
short Sales are a strange breed. The short sale process is a long drawn out affair. If there is a bankruptcy involved it can take even longer. I have seen offers canceled and the process stopped when there is a BK and started all over again after the BK is discharged. Looks like you are on track to get this transaction completed before 2/1/13. When there is an offer in process the bank will 'usually' postpone the sale date in 30 day increments until it closes. Although I have seen an offer in process and with active negotiations in process and the property goes to sale on the sale date to the shock and surprise of all involved. This happens when as Jorge said, the foreclosure dept. and the loss mitigation dept. are not on the same page.
Often the left hand does not know what the right hand is doing. It does help to try to communicate and coordinate with both departments on a weekly basis. The problem arises when you put in a question or request and there is no response from either department for a couple of weeks. That time element can throw everything off. Once everything is in place, you could conceivably close in 30 days from approval. I would suggest that you not do your appraisal before proceeding with an inspection. Often with short sales there could be hidden defects that you wont see without an appraisal. since the bank nor the seller will do any repairs, you need to be sure what you are committing yourself to. Once the inspection is done and approved by you, then you can schedule the appraisal. You can discuss all of these things with your Buyer's Agent.
hope this is a home you really like and desire and that it is a good deal as confirmed by your Buyer's Agent in a CMA. Sometimes short sales can be more work and trouble than they are worth. Best of success with your purchase.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
I really believe you will have an answer to you offer from Wells Fargo way before Before January 15th. My advise, make sure the person negotiating the short sale with Wells Fargo stays on top of it on a weekely basis.
Feel free to call me with any questions.
Have a fun week!
Wells Fargo can extend the F/C sale date if there is an agreed upon Short Sale. Just need to make sure the Listing Agent is pushing (and confirming) the WF Loss Mitigation (Short Sale) Dept to communicate with the WF Foreclosure Dept. When the 2 departments don't communicate, that's when the F/C sale occurs. Once Wells Fargo accepts the offer (and postpones the F/C sale date), then WF will schedule a closing date possibly 30 - 45 days out. You just need to make sure the Listing Agent is staying on top of WF to coordinate the postponement of F/C with short sale. Good Luck !
That being said, if there's an accepted offer, Wells will likely extend the sale date, because they really do not want the home.
Best of luck!