They are the absolute worst! Trying to find information now of where to file a complaint against them.
Short Sales are all nightmares!
Call any lender or Mortgage broker and ask them as we do them all over the state and country, unlike realtors who only see their tiny area.
When you say closing in 30 days, is this the date placed on your contract? If so, possibly this listing was previously approved for another offer and you are "slipping in" to purchase under the same approval. Wells Fargo is on the Equator System, which does speed up the process. In your case, are you a cash buyer? If not most likely you may need more time for your closing once you have received third party approval. With the holiday approaching and accounting for weekends, that is less than thirty business days to wrap up. Lenders do not work holidays or weekends, even though the clock on your contract is still ticking on those days. Keep good communication, and if an extension is needed, make sure to do this a week prior to expiration dates to ensure a timely response. I hope this is helpful.
I'm going to save your posts to send to my borrowers as I tell them to avoid short sales (aka Long Sales) if at all possible where you can end up paying more money or more likely never close!
That short sale could make you lose out on a better deal and locking in on the lowest rates in history!
I'd let that Long Sale ride and look for a better deal to get an awesome rate.
But, if youâ€™re going to hand a realtor such a Pay Day on another property, at least work with one whoâ€™s willing in addition to helping you locate and negotiate your best deal, will also offer you a Buyer's Agent Credit too!
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Pro Option Mortgage
Ph: 888 662 4404
Prior Service U.S. Marine Corps
Close of a Short Sale depends on several factors such as, but not limited to any of the following:
Whoâ€™s the lender (s?)
Lender orders appraisal or BPO
How many loans
Recourse or Non-recourse loans
Loan insured or not
Realtors experience w/Short Sale process
FHA approved complex
FHA flip policy
Investor requiring 90 day of market time prior to considering the discount
Home inspection issues
I have personally worked with many banks; I must say that Wells Fargo is one of the best banks with regards to the Short Sale process. They actually commit to a timeline that explains what stage you (seller) are in at any given time. The best advice I can offer is to interview the listing agent and determine where in the Short Sale process is the subject property, ask for supporting verification of any â€œApprovalâ€ and or counters that may have been presented to other buyers.
Wells Fargo has an expedited short sale program, so if that's the 30 days you're referring to, then potentially it could take longer. Either way, first step is to find out if the short sale's approved or not.
Best of luck!
Broker Associate/Realtor/EcoBroker Certified
Caroline Sells The City LA
The first place to start when buying or selling a property as a short sale is to find a good local short sale expert with a proven track record! Check out:
Denise R. Lane
Seller has 2 loans both are from wellsfargo, they are working one after the other, hence first loan is taking 6 months time still not yet approved. God knows how long it is going to take for second loan.
Sellers agent wrote 100 email to wellsfago but they did not give response. If I am not getting this home I am loosing first time home buyer credit and my valuable time.
Next time I never go for shortsale. Wellsfargo has to improve their process a lot.
You didn't mention if you're going for a mortgage at another bank or paying cash for the property. If you're going for a mortgage at another bank then it depends on how long it will take for you to get a final commitment.
Thirty days seems a little quick, maybe this is an estimated date, if so, then it could be longer.
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
1712 Utica Avenue,
Brooklyn, New York
My Site: http://www.RhondaHolt.com
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Our experience has been that Wells Fargo will devliver an approval letter for the short sale within 45 days from start to finish. So your closing could easily be on day 46 if you play your cards right.
Wells Fargo (and some others) have shorter turn around times.
I hate to say it again, but if the listing agent knows what they are doing, the lender may never see your offer, regardless if it is a higher price or more attractive offer! Make sure you have a good short sale expert who is helping you in the process!
Any insight for me on this? Also working with the seller to possibly pull out of short sale and sell directly to me if the numbers work out.
Thanks in advance
I just want to show that Wells Fargo is not ALwAYS so easy but they are traditionally easier than most lenders. I have worked with good ones other than wells.
If you need any help with short sales in the Bay Area, CA, please visit our site which has great info: http://shortsaleexpertsofsiliconvalley.com
I know that Wells Fargo can push through short sales quickly. It depends on the terms of the offer. If you are the purchaser you have all the power, believe me. If you say that you will withdrawal your offer if you do not hear back by a certain date, you will get an answer. It all depends on how well your 'debt negotiatior' is representing the short sale offer. Good luck!
We initially had to wait to put an offer as they had already been reviewing a previous offer and won't accept new ones until they reject the one in the works. that took a few weeks. That was in the beginning of May 09.
We put our offer that was 14k less then listed and asked for 7500 in closing costs. It only took two weeks for them to come back with an acceptance, but they said they could only give 1% in closing cost because I was using FHA financing which is their policy not the law we legally could have gotten up to 6%.
Since signing contracts responses from the "negotiator" and the bank have been much slower. I have gotten my mortgage and inspections completed with much pushing because they were aware that it was a short sale and put me on the "back burner". Our intended settlement date was for June 30th.
In our contract wells fargo says that 1) they reserve the right to back out for any reason at any time and 2) if/when they accept we only have 15 days to settle.
What I have found it that while they have certain response times that seem very reasonable they do things in stages and the time resets at each stage. I know that one period they should have been back with a final answer but asked for all documents again because they had lost some so another reset. Now we have been waiting three weeks with no response from either the negotiator lawyer or the bank even after sending them my completed loan documents in the hope of prompting them finalize the deal.
The scariest thing for me is loosing the good faith deposit and the time and money I had to put in to fix up the "as is" condition to pass the FHA appraisal
No Wells Fargo is very proactive and moves quickly on short sales. I am actually working on one with them right now and they have already ordered the BPO gotten it back and updated the system. When I called the other day for an update the file has been assigned to a negotiator and will be worked again on July 1. That is all within two weeks.
I have worked on some that took over 30 days just to acknowledge the fact that you sent in an offer. Just count your blessings and stay on top of whatever the agent asks for. Most of the time they do not need much from you but, from the seller.
Hope this helps,
Prudential Network Realty
I agree, of course, that you should do your due diligence as you work towards this 30 day closing. Ask your agent for a comparative market analysis so that you can assure yourself that you're paying market value or less. Ask your agent if documents have been received from Wells Fargo approving their acceptance of a payoff that is less than what is owed. Also, ask for a preliminary HUD (closing cost statement) from the title company so you can see how the costs line up (borrower/seller). I've seen them come back sometimes with costs to borrower that you didn't anticipate. (Of course your contract will outline whether or not this is possible, so I advise really reading all the fine print -- especially the fine print in the short sale addenda.)
In summary, CONGRATULATIONS!! You are one of the lucky ones that didn't have to wait a lifetime for an answer.
Coldwell Banker Residential Real Estate
Lake Mary, Florida 32746
All the best,