Stormshadow, Home Buyer in 08234

what is the general timeline for short sales with wells fargo. i keep being told they move very quick but its been over a month since my offer no repl

Asked by Stormshadow, 08234 Sat Feb 18, 2012

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Unfortunately, there is no general timeline for a short sale. I have had them take as little as 6 weeks and in one case over a year. I usually tell my clients 2-6 months. Which bank it is seems to be less a factor in the timeline than the individual loss mitigator or other persons involved at the lender that are handling the file.

Most of the time the bank is the servicer (middleman) and not the owner/investor of the mortgage. That means additional time to locate/communicate back and forth with the investor. When the bank is the owner it usually goes faster.
0 votes Thank Flag Link Wed Jun 6, 2012
Im in Vancouver, Wa and we were told 90 days or less we are coming up on day 25, Oy Oy I hope soon, Good Luck
0 votes Thank Flag Link Tue Jun 5, 2012
Only a month? You're just getting started....
0 votes Thank Flag Link Mon Feb 20, 2012
Wells Fargo has been the best bank to work with on short sales. One month is not a long time in the short sale process. However, I have an excellent contact there. Email me for his name/number or email address. I don't know if he works in your area, but he did wonders for me in Monmouth County.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Feb 20, 2012
Storm,

Do you mean that the bank hasn't even accepted/rejected or counter-offered your contract ? I can take a while for them to wade through the paperwork involved but typically they are quicker if they are going to counter-offer for more money than they are at accepting an offer and approving the short sale.

Sometimes the listing agent has not provided the bank with a complete short sale packet (which is volumes of financial info from the seller). If they were missing information, or it was not updated, this can delay the process if the bank has to keep asking for more paperwork.

I suggest you have your agent (if you are using one) keep in contact with the sellers agent to see if the bank is requesting additional paperwork. If the sellers agent is upfront on what they know (or even don't know) about what's happening with the bank it makes it easier for all involved to bear with the slow progress.

Here's a blog I wrote on the short sale process to better help you understand what's happening. A short sale transaction is not for the impatient at all.

http://www.prudentialnewjersey.com/mary.petti/Blog/Short_Sal…
0 votes Thank Flag Link Sun Feb 19, 2012
Still waiting for closing from contract submitted to Wells Fargo in June 2011. Purchasers not obtaining mortgage.
0 votes Thank Flag Link Sun Feb 19, 2012
I am told that it will go much quicker if you us them for you loan.
Check into it.It may save you a lot of time
0 votes Thank Flag Link Sun Feb 19, 2012
Stormshadow,
The short answer is 90 days to 9 months. There are so many possible ways to screw up a short sale it will really depend on the listing agent, home owner, short sale negotiator (may be the listing agent or separate party) the banks process, the banks negotiator and the actual investor. Wells Fargo may service the loan, but Fannie Mae, Freddie Mac or any number of other investors may be the actual decision makers.
0 votes Thank Flag Link Sat Feb 18, 2012
Much of how long a short sale will take with a lender depends on many things: is there a second lien or other types of title issues? how diligent the short sale negotiator is in following up with the paperwork the lender requires? how cooperative is the seller in providing the necessary documentation? so it is hard to say.
0 votes Thank Flag Link Sat Feb 18, 2012
Your agent should be checking up with the sellers agent for regular updates. Knowing if the appraisal has been done will be a good sign it is moving in the right direction.

Good Luck!
Web Reference: http://www.LasVegasDawn.com
0 votes Thank Flag Link Sat Feb 18, 2012
You are going to get various answers on this because every short sale is different.

Wells Fargo short sales for me in the past were 3-4 months from list to close, and I have even closed in as little as 2 months, but,,,,again everyone is different.
Web Reference: http://www.vegasdawn.com
0 votes Thank Flag Link Sat Feb 18, 2012
No one can ever actually pin point a time line for a short sale to close no matter what the bank. Having delt with Wells Fargo amongst many other banks you can generally approximate anywhere from 2- 3 and a half month, for an easy sale with no issues to as long as 6 or more months for any with issues, Example: inspection issues, c/o or other township code inspections/violations, oil tank or other?? , legal hold ups , clean title, and more as well as all the other paperwork that the lawyers must get done even without regards to the bank taking the time they need to process & close accordingly.
Web Reference: http://www.Helencocuzza.com
0 votes Thank Flag Link Sat Feb 18, 2012
In my neck of the woods, short sales typically take 4-6 months these days regardless of the lender. You can't really judge the timeline of a particular lender as each short sale is unique and the outcome totally unpredictable. The speed at which the short sale will process will depend on the seller, agent and negotiators on how proficiently they are all working (that is supplying supporting documentation, follow up phone calls or emails etc) to get the short sale approved.
0 votes Thank Flag Link Sat Feb 18, 2012
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