anybody have recent short sale experience with wells fargo since the rules changed in April 2010?

Asked by Sak, switzerland FL Wed May 26, 2010

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Alma Kee, Agent, Tampa, FL
Tue Jun 1, 2010
Also the April 2010 are not "rules" but is voluntary and offers incentives to servicers and investors and sellers.
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Alma Kee, Agent, Tampa, FL
Tue Jun 1, 2010
Hi Sak,

Wells Fargo probably doesn't own the mortgage, they're very likely the middleman "servicer".

Ask your Realtor to find out who the actual investor is on the mortgage and we may be able to give you a little more insight on our experiences.

All the best,
0 votes
Keith Manson-…, , Milwaukee, WI
Sat May 29, 2010
There is at least two differnt process at wells for conventional loans. There are allow packages submitted prior to 4/5/10 and all Hafa approved packages submitted after 4/5/10. Hafa approved packages I am thinking there are not many people who have received a approval and closing, since the hafa program starts with the listing of the property.

I do have listings at the very early stages of getting hafa approval at wells but no accepted offers yet. In addition I do not think the banks are organized to close these transactions in 10 days even if everything has been processed right.

Keith Manson
First Weber Group
Certified Distressed Property Expert

Metro Mileaukee
0 votes
Dallas Texas, Agent, Dallas, TN
Wed May 26, 2010
Can you provide more specific question where a professional can assist you? As with any lender the seller must submit a package be approved for a short sale it can take up to 45 days , and short sale could take another 30 days approve any sales offer.
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Denise, Both Buyer And Seller, Lincoln Park, MI
Wed May 26, 2010
We closed on a short sale home with Wells Fargo with no problem whatsoever. They did not counter back with a higher amount than we offered. They gave us 3.5 on closing costs also. The home that we purchased is a beautiful home and needed absolutely no work done to it. The process took approximately 3 months to complete due to the house having two mortgage loans. Wells Fargo being the senior loan and another bank being the junior loan holder. Gotta be able to wait out the process and it was well worth it.
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Joanna Morris, Agent, Floral City, FL
Wed May 26, 2010
I have submitted several offers to Wells Fargo since the rules changed. They are in about two weeks asking the buyer and seller to sign their addendums and once those returned they are stating in about a week what the bottom line is the bank will take.

Unfortunately, I have not made it past this point as they have each time (4) countered at 8 to 10 thousand above market value.
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