made an offer on property in scottsdale april3,accepted by seller next day.wells fargo short sale-negotiator assigned and appraisal done. time frame

Asked by Genemachine_2000, Scottsdale, AZ Mon May 16, 2011

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gabriel palo…, Agent, Pompano Beach, FL
Mon Jun 6, 2011
Congratulations you are the lucky winner now all you have to do is wait for the prize.
A fortune teller told my wife a similar story when we were jut dating that she was going to get pregnant. She was right it happened three years from the date.
1 vote
Carmen Brode…, Agent, Scottsdale, AZ
Mon Jun 13, 2011
I just completed a short sale transaction on one of my listings with Wells Fargo and it took them right around 90 days to complete everything. We really kept on them though so you really need to make sure that the agents on your transaction are doing the same.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Mon Jun 6, 2011
The acceptance from the seller is just a technical thing at best, time frame if all the paper work has been done properly by the seller and their agent and then by yours agent will determine the time you wait. It being June now, I am thinking that you have just probably heard from Wells Fargo, if not, then soon. Good Luck!
0 votes
D. Elizabeth…, Agent, Tempe, AZ
Mon May 16, 2011
Hi, your time frame will vary depending upon who owns the loan, how many mortgages are on it,
the Wells Fargo Rep and if Wells Fargo has realized that they, like Chase and B of A have way too
many properties vegetating, decaying, etc. It could be from 6 weeks to 6 months.
Elizabeth Vincent, Associate Broker, IRPI, INC. 602 885-2476
0 votes
Doug McVinua, Agent, Gilbert, AZ
Mon May 16, 2011
If the Short Sale has one Loan with Wells Fargo you could be weeks away from a decision.

Does Wells service the loan or do they own it?

Arizona Homes for Sale by a Guy from Iowa
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Jenny Johnson, Agent, Scottsdale, AZ
Mon May 16, 2011
Totally depends on the negotiator! I am estimating 5-6 weeks from now. Ask your agent to call/email the listing agent twice a week to get them to bug the negotiator to get updates and to make sure the bank has everything they need. Often times the bank will want financial updates from the seller if it has been more than three months since they collected info from the seller.
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0 votes
Lucinda Tkach, , Phoenix, AZ
Mon May 16, 2011
Once appraisal is done you could have an answer with in month. However if there are more than one lien it could completly change time line. Agents do want them to close its the frustration of working with banks to reply and approve that make it so difficult. Ask agent for consitant communication even if they have no new news just a call for an update.

Best of luck!
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, ,
Mon May 16, 2011
2-3 Months

Terry S. Smith

Scottsdale Luxury Specialist

45 Year AZ Resident

DPR Realty LLC

8341 E. Gelding Drive

Scottsdale, AZ 85260

Contact me Direct (602) 763-1858

Office (480) 994-0800


Have a Great Day!
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