Home Buying in Tampa Heights>Question Details

Mcabuyer, Home Buyer in Pasco County, FL

how is Wachovia Bank handling short sales after an offer has been submitted?

Asked by Mcabuyer, Pasco County, FL Tue Oct 4, 2011

Florida home bid, $4000 less than the asking price, and a cash purchase. one mortgage on the house.

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Wells Fargo is handling the Wachovia short sales efficiently these days, as long as the buyer and seller are cooperative. This sounds like it should be a quick short sale. Wells requires certain paperwork and affidavits which all parties must sign and return, along with the usual short sale paperwork from the seller. If all parties submit requested paperwork in a timely manner, it can take as little as 2 months. A lot depends on the seller, though. Keep in touch with your agent to see how the process is moving along.
Web Reference: http://tampahouse1.com
0 votes Thank Flag Link Sat Oct 22, 2011
Just my opinion, but with the recent takeover of Wachovia by Wells Fargo, I would bet think there may be a few bumps in the road which will extend the time frame for closing. Similar to the problems when B of A took over Countrywide. Hopefully , Wells Fargo will be able to make a smoother transition and get you the answer you want quickly. Good luck!
0 votes Thank Flag Link Tue Oct 4, 2011
Asking price does not matter, the banks do not set prices, th elisting agent does, the biggest killer of short sales are agents who list the home much lower than current market value. You should be able to ask your agent what step they are in during the short sale process. On average it is 2-3 months from offer time these days.

http://www.trulia.com/blog/scott_godzyk/2010/10/so_you_want_…


Please see my blog with tips and advice on buying a short sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 4, 2011
It really depends on who the investor is too. Wachovia may just be the servicer and not the investor who owns the loan. Also if the Seller is going through the HAFA program, that can be another department that has to sign off. Just because you came close to asking price doesn't mean that price is approved by the lender. The lender has to send their own Realtor out to do an informal appraisal (called a BPO - Broker Price Opinion) on the home to tell the bank what they think its really worth. Sometimes Realtors underprice short sales and then the bank may counter over the asking price. Are you represented by a Realtor?

Liane Jamason, REALTOR
Keller Williams Realty
813-486-4997
0 votes Thank Flag Link Tue Oct 4, 2011
I would agree with Lynn & Suzanne. Be patient though, even if things are moving along, it may take months before you have a counter on your offer. Note in Suzannes example, her smooth running short sale is in it's 7th month. Not only can YOU expect a counter, the SELLERS will also have conditions to negotiate with the bank. This is what can make it frustrating. Keep in mind this is a three-sided deal. In many cases the buyer may agree to the counter offer & feel like the house is theirs, but the seller either can not or will not agree on their side & the deal dies.

Best wishes to you!
0 votes Thank Flag Link Tue Oct 4, 2011
MCABUYER, the preliminary paperwork gathered and organized by the Seller with the assistance of the Listing Agent and Title Company are critical points to how quickly and efficiently a lender is able to process, evaluate and make a decision regarding an offer. Your paperwork (as the Buyer) has to be added to their package. As long as the Seller's paperwork was well organized and received all together things should move along.

If you submitted your offer through your Buyer's agent they can follow up with the Listing agent and find out where in the process your offer stands. Wells Fargo and Chase seem to be more organized and customer service oriented than BOA. You have an advantage there.

Follow up with your agent regarding the status of the file. Try and follow up (for example) every Monday morning for an update.
0 votes Thank Flag Link Tue Oct 4, 2011
Are you working with a real estate agent? I have a deal right now with Wells Fargo (formerly Wachovia) that was very complicated, three home equity lines of credit on the same house, and it appears to be going very well. It took a little time to get things on track due to the merger, however, once an offer was submitted and a negotiator assigned it actually went surprisingly smoothly. They reviewed the seller's financials and ordered the BPO in a reasonable amount of time, we have completed two rounds of 'back and forth' on the price and terms and are now at a place where no one is going to budge any further. The whole process has taken 7 months so far.

if you have a cooperative seller, knowledgeable real estate professionals and good attorneys Short Sales can and do go a lot more smoothly.
0 votes Thank Flag Link Tue Oct 4, 2011
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