Wells Fargo Short Sale Info

Asked by Walsh.travis, 75202 Mon Feb 8, 2010

My wife and I placed an offer on a wells fargo short sale home. We received a short sale addendum from wells prior to a sales contract. Is this normal? Seems like they should have sent the contract first?

Thanks in advance

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7
Richard Leci…, , Tucson, AZ
Wed Feb 10, 2010
In our area our buyers sign the Short Sale addendum at the same time as the purchase offer. If you takle time to read the Short Sale addendum you will understand why.
1 vote
Monique and…, Agent, Beverly Hills, CA
Wed Feb 10, 2010
Hello Travis,

This is customary with Wells Fargo when doing a short sale. Usually the seller/seller's agent isn't in communcation with the bank until they get an offer, so that's probably why you didn't get the addendum when you made your first offer.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
mcarrabba@kw.com
(323) 899-2900
1 vote
Emily Knell, Agent, Huntington Beach, CA
Mon Feb 8, 2010
Yes, this is normal. There are actually 4 Wells Fargo Addendums.

Contract Addendum
Listing Addendum (you won't need to sign this one)
Arms Length Transaction addendum
Close of escrow extension addendum

Just sign at the bottom where it says Buyer

Your agent will also need to sign & Print their name & company name.
Do NOT fill out anything on the top, the listing agent should do this.

Congrats on getting accepted on a Wells Fargo Short sale, they're one of the easier banks to work with!! I wouldn't be surprised if you didn't get an approval in about 3wks to 40 days.
1 vote
Walsh.travis, Home Buyer, 75202
Tue Feb 9, 2010
Does this mean the transactions has been accepted or approved?
0 votes
Bill Eckler, Agent, Venice, FL
Tue Feb 9, 2010
Yes, this is common but don't lose any sleep trying to figure out what is logical or makes any kind of sense......remember, you are working with a bank.
0 votes
Charles Fitz…, Agent, Carson, CA
Mon Feb 8, 2010
Yes that is normal for Wells Fargo. Your Realtor should be able to handle everything.
0 votes
Kathy Weber, Agent, Fallbrook, CA
Mon Feb 8, 2010
There is definitely a certain progression for forms, but during a Short Sale or bank owned, they come in all different orders.

I would ask your agent to explain the process and forms to you. It's hard to know exactly what you're looking at.
Web Reference:  http://www.weberhomes.info
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