Home Buying in San Jose>Question Details

Pearl, Home Buyer in San Francisco, CA

I am involved in buying a short sale from Wells Fargo (the lender) in San Jose. this short sale is suppose to

Asked by Pearl, San Francisco, CA Thu Jul 3, 2008

close within 30 days, contrary to what I've read about how short sales take a very long time.

Is there anything that I am missing?

Help the community by answering this question:


Stay away from Wells Fargo! I am a cash buyer and have been involved a short sale action for over 6 months. Wells Fargo is extremely inefficient, unresponsive, and shady. I disagree with most of the posts on this page and strongly recommend avoiding working with Wells Fargo for any short sales. If there is another bank involved with Wells, then anticipate additional delays and nonsense from Wells Fargo. Also be warned that they may try to do a form of the bait and switch technique. After you get deeper into negotiations, they will get an independent appraisal, and counter with a price higher than the independent appraisal or comparable properties. See http://www.wellsfargowatch.com/node/5 for more information.
1 vote Thank Flag Link Tue Nov 10, 2009
I agree with the above comment about Wells Fargo. I have been trying to purchase a home which is in NJ, it is short sale property and I put an offer in September of 2011, and did not hear anything until January of 2012. Then they gave me counter offer on February 18 2012, additional $5,000 top of my second offer then I heard two weeks ago my real estate agent told me that she received some paper to sign from the Feddie or Fennie Mac and she provided that. I asked her the reason that why they asked to sign some thing and she said that becasue of the all the frauds went on. But I am thinking that the Wells Fargo may have bundled the mortagage and gave it to one of the freddie or fannie mac. The banks underwriter PMI (private Mortgage insurance) send letter and said that the bank would like to have certain amount of the counter offer and left with about $7,000 for commision and other seller's expenses/fees to cover, so the real estate agent is trying to get more money. From NJ
Flag Sun Apr 22, 2012
We are on the opposite side, we were trying to do a short sale with Wells Fargo. We started the process in September 2012, the requests of paperwork (hardship letter, financial statements, copies of bank statements and wages, etc) is redundant, over and over again, ....it has an expiration date which you don't find out until you well into the process, wondering why they keep asking again and again for the same stuff. You can only stay in communication over the phone, no email or direct address is provided. Your contact person is never available and doesn't return calls. We had an offer on the house and Wells Fargo didn't respond. The process started all over again. In March we applied for a Deed in Lieu, again getting promises with a yesterday a final turn down....for here is the kicker... we need to provide an offer (which is now expired). Our real estate person said she will never touch a property that is handle by Wells Fargo ever again. We are giving up, Foreclosure it is.
0 votes Thank Flag Link Tue Jul 29, 2014
In my case, the 30-day clock started after Wells approved a sale some 3 months into sending and resending them paperwork. They are masters of switching departments during a transaction so you never talk to the same person twice.They were helpful on the phone but every call took forever, especially if they had to switch me to a new department.
0 votes Thank Flag Link Wed Jul 31, 2013
Wells Fargo is the absolute worst bank to deal with when trying to purchase a short sale! They will counter with a higher price every time. My husband and I tried to purchase a short sale home from them, after waiting 5 months on an answer they came back with a ridiculous counter offer.

They are the absolute worst! Trying to find information now of where to file a complaint against them.
0 votes Thank Flag Link Mon Apr 1, 2013
Let me know if you are able to file a suit - I need to file one too. dflinn45@gmail.com
Flag Tue Mar 18, 2014
your closing date will come and go and you still won't have your house. Just because you set a closing date does mean it will happen. I have set 3 closing dates. My offer went to wells fargo January of 2012 and this is February 2, 2013 and they are still dragging their feet. It has been in the final stage of the short sale process for 5 months. They are horrible people to deal with. The sit on a short sale so the housing market will go up and they can ask more money for the home.
0 votes Thank Flag Link Sat Feb 2, 2013
If your agent is working thru equator, then he/she should have instant communication with the bank if you are the seller, including supervisoers, VP, closing coordinators, etc. Agents need to be seasoned in the process and follow up on a daily basis with these types of files to be successful. Equator is specifically designed to stop this from happening. I have worked many Wells Fargo files, and they have only lasted as long as 5 months start to close. I am sorry this is happening, but if you are a seller or buyer of this transaction, I would demand equator notes and proof of all emails being sent inquiring about file, including all docs sent and when sent on behalf of the seller. If agent delays placing into the system or inaccurately, they are rejected. Equator is date stamped with all communication from agent to bank, vice versa.

I hope this helps!
Flag Sat Feb 2, 2013
Oh brother! Are we on earth, in America, in Florida, in 2012?

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.
0 votes Thank Flag Link Sun Jun 17, 2012
Also avoid scams that claim they can save you money. Do your homework and ask questions. Buyers are "the boss" as you are the one purchasing and agents are there to guide you as well as lenders. You ultimately make the decisions as you are the one buying and paying the mortgage. Short Sales are time consuming, and the ones that are negative about them, usually are not designated or work with them much and lack the knowledge to complete them.
0 votes Thank Flag Link Sun Jun 17, 2012

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.
0 votes Thank Flag Link Sun Jun 17, 2012

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 you’re going to hand a realtor such a Pay Day on another property, at least work with one who’s willing in addition to helping you locate and negotiate your best deal, will also offer you a Buyer's Agent Credit too!


200k sales price = $2,000 Buyer's Agent Credit to buyer

300k = $5,000

400k = $8,000

500k = $10,000

1m = $20,000






Contact me and I’ll introduce you to a realtor who offers Buyer’s Agent Credit savings to help my buyer referrals anywhere in FL.

Steve McRory
Pro Option Mortgage
Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes Thank Flag Link Sun Jun 17, 2012
Wells Fargo is HORRIBLE with short sales. We have been waited for over 4 months for them to make a decision. When they countered our offer, it was for MORE than the house was listed for. They are totally jerking us around, and we will never do business with Wells Fargo again. Maybe they should spend more of their time improving their business practices rather than telling lies about how far along they are in the process. Absolutely ridiculous customer service AND short sales. Stay far away.
0 votes Thank Flag Link Sat Jun 9, 2012
Wells Fargo is usually a decent lender to work short sales with. Hopefully you've had luck since this was written! Get a Wells Fargo Short Sale Specialist today -
0 votes Thank Flag Link Fri Mar 2, 2012
I see quite a few answers here praising Wells Fargo's process but honestly I put my offer in the middle of June and no response. I can't get an answer from either the selling agent and Wells Fargo will not even acknowledge that the offer has been made. This was a pre-approved short sale although the offer was below the pre-approved price because the value had dropped so much. If Wells Fargo tells you 30 days...I'd be skeptical.
0 votes Thank Flag Link Fri Sep 2, 2011
Unless it is already pre-approved, the wait is typically longer. Some pre-approved ones close very quickly. Your best bet is to utilize a San Jose Short Sale Specialist Realtor to help with things. Check out -
0 votes Thank Flag Link Tue May 10, 2011
A traditional sale in this market w/conventional financing and good credit can take anywhere from 45-50 days to close, this is considered normal in today’s market. I have worked with “Approved Short Sales” and they too can take 45-55 days to close, and that’s without any real issues.

Close of a Short Sale depends on several factors such as, but not limited to any of the following:
Who’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
Appraisal Issues
HOA Certification
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 “Approval” and or counters that may have been presented to other buyers.
0 votes Thank Flag Link Fri Oct 8, 2010
With 62% of all listed properties across the nation being listed as short sales, it's no wonder the lenders are taking so long to process documents. The national average for completing a short sale mitigation is six months. If you plan to sell your home as a short sale then you should look for a short sale mitigation company that can do the processing of the documents and the negotiating with the lender. This will help expedite the process.
0 votes Thank Flag Link Tue Oct 5, 2010
Hi Pearl, I know there are a variety of comments on this post already, but am wondering if you received short sale approval from Wells yet? If so, and now you're at a point where they've asked you to close within 30 days, then you should proceed with that timeline in mind. Make sure your lender has everything they need from you in order to process your loan, get your inspections done, and get the deal closed.

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!

Caroline Choi
Broker Associate/Realtor/EcoBroker Certified
Caroline Sells The City LA
0 votes Thank Flag Link Tue Sep 21, 2010
I been waiting for approval on a short sale also from wells fargo. I've been waiting since April 2010. I had to have my committment extended twice so far. I am too close to the end of the tax credit so I am sure I will miss that. My lawyer tries to contact them constantly. Once a month they say they are working on it. I am at my wits end. What a nightmare.
0 votes Thank Flag Link Tue Sep 21, 2010
Wells Fargo Bank and Wells Fargo Financial are both excellent at short sales. When you are dealing with Wells Fargo Home Equity it is a different matter.

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:
0 votes Thank Flag Link Wed Aug 18, 2010
I know they say you may close in 30 days but in Oklahoma that is just not happening. Have you received comittment with clear title 30 days prior to closing? If that hasn't happened you probably won't be closing on time. Ask your Realtor if the title company has received Lender instructions to close? Then you'll know if you are ready to close. Good luck!
0 votes Thank Flag Link Mon Jun 14, 2010
Hi Pearl:

Have you had approvals from all lender/s, have they given a closing date.

Has the seller receive a final closing statement, if so you are in good shape.

Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Mon Jun 14, 2010
NO you are not. If you have been told this then your contract should reflect this. Maybe the agent had a buyer that dropped out once approved and has replaced the buyer with the approved offer amount from you. Typically it takes minimum of 60 days to close depending on the bank, how many liens and the biggest decider....the investor who has the held interest in the property.

Denise R. Lane
Marsh Realty
0 votes Thank Flag Link Mon Jun 14, 2010
I am a first time home buyer in VA, I wrote a contract for short sale and seller's agent submitted to Wells fargo in Non2009, today is 04/20/2010. Wellsfargo is unresponsive. After 60 days we submitted contract, wellsfargo responded us that they can tell decision in 2 weeks time. then I was so exited and waited 5 weeks insted of 2 weeks. Then after 5 weeks they sent email stating that they need more documents to review it. So again decion date is post poned to 4 more weeks.
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.
0 votes Thank Flag Link Tue Apr 20, 2010
I have been waiting for short sale approval for 1 year. I have summited my loan to wellsfargo 90 days ago. They did not do anything. Short sale lender has cancel the approval because wellsfargo did not close the loan on time. SHAME ON WELLSFARGO. They always ask the weird conditions. That's why take so long time to approve the loan.
0 votes Thank Flag Link Tue Apr 6, 2010
Wells Fargo and Wells Fargo Financial, is good at getting short sales preapproved in some cases. They tend to be one of the better lenders to work with. Check out:
0 votes Thank Flag Link Mon Feb 22, 2010
Sometimes it may also depend on who the investor is, how many liens are on the property, if there is a PMI company invloved... Most of the time Wells Fargo is just the servicer of the loan.
0 votes Thank Flag Link Mon Feb 22, 2010
Well I have closed quite a few short sale properties and the bank could have already approved this short sale from before. This means the bank has all the documents from the seller for the short sale package already and it has been approved. Also, the BPO was probably done recently and they know how much theyr'e looking for.

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.

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
1712 Utica Avenue,
Brooklyn, New York
Cell: 646-725-5941
My Site: http://www.RhondaHolt.com
Email: HelpMeRhonda1919@Yahoo.com
*JOIN ME ON TWITTER.COM AT: http://www.twitter.com/helpmerhonda09
Web Reference: http://www.Kandhhomes.com
0 votes Thank Flag Link Sat Feb 20, 2010

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.
0 votes Thank Flag Link Wed Jan 27, 2010
Joshua Jarvis, Real Estate Pro in Duluth, GA
I will disagree with the statement made by "Truth". Of the major lenders, Wells Fargo is the most consistent and best to deal with. Better than bank of america, chase, and citi by far. We deal with thousands of short sale properties around the country. Your process definately starts with finding a good and experienced short sale specialist:
0 votes Thank Flag Link Mon Dec 21, 2009
If the listing agent is experienced with short sales, and knows what they are doing (big "if"), the sellers lender may never see your offer. An experienced agent will suggest a seller accept ONE offer on a property, then present that offer and try to get it approved by their lender. Presenting multiple offers just confuses the negotiator at the lender. It also may discourage them from accepting ANY offer, and hold out for a higher one.

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!
0 votes Thank Flag Link Sun Nov 1, 2009
I am working with my neigbor to buy their house in a short sale and are certian we are the highest bidder of the three offers that are in. They tell me that I am third in line for this property. Will the negoitiator leverage that fact that I am the highest to quickly move through the other two offers in front of me? or bump me up in line? You would think the negotiator would leverage all three offers to get the highest price.

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
0 votes Thank Flag Link Sun Oct 25, 2009
Wells Fargo is definately the best of the large scale lenders. The are very consistent, and generally will approve them in 5-6 weeks. Here is an excellent resource if you are doing a short sale with Wells Fargo
0 votes Thank Flag Link Fri Oct 2, 2009
Wells Fargo can be good for a short sale in which they are the ONLY lender. I have a file which there was another lien (wells fargo equity). The 2nd lien was higher than the 1st lien (with wells fargo) and they didn't want to pay more than $3k. The 2nd lender did not accept and thought it was unfair that they were getting such a small amount when the first was getting their total loan amount.

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

Good Luck!!
0 votes Thank Flag Link Tue Sep 22, 2009
Hi Pearl,

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!
0 votes Thank Flag Link Sun Jul 19, 2009
I am currently trying to buy a short sale property from a wells fargo controlled property....

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
0 votes Thank Flag Link Sun Jul 19, 2009
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,
0 votes Thank Flag Link Fri Jun 26, 2009
Wells Fargo is a great lender to work short sales with. You'll find this a good resource if you are buying or selling
0 votes Thank Flag Link Fri Jun 26, 2009
We did not deal with WF but CW... In Jan CW sent a letter stating that the review was taking place and would be completed within 30 days with the closing scheduled for 10 days later (some time begining to mid March). In April (after mutiple attempts to find out what was going on CW sent another letter stating that they were swamped and did not have time yet to process and it would be at least 2-3 more months. So unless you have the investor approval and closing date in writing do not start packing!
0 votes Thank Flag Link Mon Apr 13, 2009
I closed two with Wells Fargo Last week alone. They have improved dramically over the last year. One of the ones I closed last month CLOSED in under 30 days from contract to closing. Of course, it was already assigned to a good negotiator at the bank, and we already knew they would accept that price.
0 votes Thank Flag Link Sun Apr 12, 2009
Good luck dealing with Wells Fargo on a short sale. My husband and I made a full price offer on a home in Virginia Beach, that was accepted by seller and and was the only offer that the Realtor sent to Wells Fargo for lender approval. It was sent on November 2nd and we finally got an acceptance from Wells Fargo on March 2nd (4 months), only after they knew we were in the process of purchasing a different home. However it really wasn't an acceptance after all because they are still negotiating with the poor sellers and trying to get alot more money from them before they will truly accept our offer! We finally bought an REO...much smoother process!
0 votes Thank Flag Link Mon Mar 9, 2009
I was involved in a short sale with Wells Fargo that took over 6 months to produce an answer from the bank and then ultimately never closed. The bank ended up wanting additional money and the buyer wasn't willing to go any higher. Unfortunately, my deal got lost somewhere in the process in spite of my weekly calls. Sometimes mistakes happen. Stay on top of the bank. Never speak with the person who answers the phone...always speak with management. After you get your answer, call back and make sure you get the same answer from the next person who answers the phone. You can never be too careful! Good luck!

Jennifer Hanley
Prudential Network Realty
Jacksonville, FL
0 votes Thank Flag Link Tue Jul 8, 2008
I just closed one of my short sale listings where Wells Fargo was the lender. It moved so fast (for a short sale) that it almost made my head spin. Wells Fargo has their act together, doesn't play games, and really appears not to want to own the real estate that sellers are showing they can't make the payments on. You might be worrying that you offered too much since the bank appears to be "snapping up" your offer. This is probably not the case--you're just lucky to be dealing with a savvy lender and at a point in the mortgage default process that makes it possible to move quickly (not to mention a couple of good agents).

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.

Louise Warring
Coldwell Banker Residential Real Estate
Lake Mary, Florida 32746
0 votes Thank Flag Link Sun Jul 6, 2008
The question is "Has Wells Fargo 'approved' the short sale with the seller?" The closing date will revolve around the approval date from the lender. Best to have all your ducks in line including completion of your physical inspection and loan approval.

All the best,
0 votes Thank Flag Link Thu Jul 3, 2008
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