Jess, Home Buyer in Tampa, FL

Short-Sale with Wells Fargo

Asked by Jess, Tampa, FL Tue Aug 21, 2012

I'm a buyer waiting on a short-sale approval for over 4 months now. HAFA was denied, so the agent decided to resubmit for conventional short-sale approval. This week, the buyer's agent notified me the following: Msg from Equator - Initial review of your deal by the negotiator will be in approximately 1-2 business days.

I am concerned that the msg states "Initial Review"... I was expecting the negotiations to be in the FINAL review phase. What does the Equator msg mean?

Help the community by answering this question:


Be patient Wells Fargo short sales takes a long time. If the file was just resubmitted then most likely you are looking at 45-90 days for an approval.

I work short sales and time frames are never normal each short sale case will vary and so will time frames.

For me, Wells fargo now seems to be in slow mode and are taking about 4 months for an approval.
1 vote Thank Flag Link Tue Aug 21, 2012
If, the Short Sale was just resubmitted, they will start all over with the Short Sale process in most cases. If the property has only one Mortgage and the Lender is Wells Fargo, it could take up to 3 most likely. If, the Short Sale has more than one Mortgage (2 or 3 Lenders ), this could be much longer, with Wells Fargo or any Lender. As the Buyer ask your agent, how many Mortgages are on the property. You should take this into consideration, 2 or 3 Mortgages in most cases - take much more time for Approval.
0 votes Thank Flag Link Thu Aug 23, 2012
It's a short sale and takes time. There is no way to time these out or gauge when you will receive an approval. If HAFA was denied that means WF is just now reviewing the file. My experience with shorts sales there has been positive most of the time and usually take less than 90 days. Recently had a buyer submit an offer and we received approval around 45 days later.
0 votes Thank Flag Link Tue Aug 21, 2012
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