what programs are available to help us through this whole short sale process? how much can you hope to get from wells fargo in relocation funds?

Asked by Donnells12, 92029 Mon Jan 23, 2012

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Kari Shea, Agent, San Diego, CA
Tue Jan 24, 2012
Hi,

You can negotiate for relocation funds, however, every lender is different based upon who the investor is on the loan and whether you have a 2nd TD. If so, in negotiating the 2nd, most find they will argue to disallow relocation funds as the holder of the 2nd typically take $3,000 to $6,000 for the holder of the first to settle. Sometimes the holder of the 2nd TD asks the buyers for additional funds to settle the 2nd. In other words, be prepared for most anything.

Beyond our own experience in selling short sales, we would recommend your agent uses an experienced short sale negotiator.

Best regards,

Mark & Kari Shea
Shea Real Estate
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Allison Fish…, Agent, Ann Arbor, MI
Mon Jan 23, 2012
As the other agents said, It is rare to get approved for the Hafa program but if you do qualify you can receive up to $3000. Other wise working with a realtor that is familiar with the process, can walk you through all the paperwork and what to expect.
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Laura Coffey, Agent, Santa Clarita, CA
Mon Jan 23, 2012
Typically Wells Fargo does not give any money to the seller. In fact they make everyone sign documents that you will profit in no way. Very rarely do they approve HAFA short sales but in the rare occasion they do give $3000 for the HAFA short sale.
Web Reference:  http://www.laura4homes.com
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Casey Cooke, Agent, San Diego, CA
Mon Jan 23, 2012
Hi Donnells12,

Wells Fargo has 2 basic programs to assist you with a short sale.

They participate in the HAFA (Home Affordable Foreclosure Alternatives) program, you can read more about that program by clicking or cutting and pasting this link: http://www.caseystopsforeclosure.com/foreclosure_blog/view/2…

If you are not eligible for that program then they have their own traditional short sale program you can use.

If you are eligible and get approved for HAFA then it provides $3,000 in relocation funds. If you are not eligible for HAFA and we were to complete a short sale through the traditional program we always ask for $3,000 to assist with relocation but it is commonly shot down.

The other option is if the investor on your mortgage note is HUD. If your original loan was an FHA loan and Wells Fargo is servicing your loan then they commonly will provide $1,000 in relocation funds. I have one closing this Tuesday in Escondido and their original loan was an FHA loan and they are getting $1,000 at the close of escrow.

That is just a very brief snapshot of what is out there. Take a quick moment and read the reviews my past clients have posted here on Trulia by looking at my profile and then give me a call to set up a brief no hassle consultation. In about 20 minutes I can review your situation and tell you what all your options and probable outcomes are, both good and bad.

Good luck!
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