Profile picture for Terri1233

How Long does a short sale take? I have heard to avoid B of A but what about Wells Fargo?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 10 2009 - Grand Junction
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (10)

I wish I could provide you with a more solid answer but I cant.  Short sales are different every time even if they are with the same company.  There are so many factors when dealing with a short sale that unless you are educated in the short sale process you would not even know about these factors.    I have had great experiences with both BOA and Wells Fargo.  Yes they take time, the shortest short sale I have dealt with took 4 months and it was with BOA.   

In many situations there are 2 notes on the property where the seller has refinanced and it's the second lien holder that slows us down.  They have to make a deal with the first lien holder to get something out of the deal or they wont sign off.  That takes awhile in most cases. 

If the seller and/or the sellers agent does their home work and has a good line of communication with the lender it can speed things up rapidly. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2013
Profile picture for JanetLKesselman
Persistence how? I have just begun my short sale on a home. I am a 1st time home buyer. The seller has liens that amount to $99,000 with Wells Fargo. I have offered $50,000 cash on an "as is". Seller has agreed, but now I wait for the bank. This house needs so much work, work I can do with help, but I know that the cost would be huge for the bank. With that said....not understanding the detailed process this bank goes through in making a decision, can anyone fill me in to the best you can...What is my chances in getting this home and how soon? Thank you all!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 03 2012
The ugly but true answer to just about any real estate question. 

It depends.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 24 2009
Profile picture for Terri1233
Thanks for the help.  finally closed at 84 days from date of offer.  So the 60 to 90 day average is still correct.  now if you can pass this info to the agents so they can avoid leading people on it would be great.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 23 2009
Profile picture for sactownsav
Just closed on a short sale that was wells fargo, sellers signed contract around May 15th, escrow finally closed august 31st, and from what the title company said to me, that was wells fargo moving fast...hope that helps...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 22 2009
It varies, one Wells Fargo short sale took over 9 months to complete, another 4 mo. It's not necessarily just one bank or a lender. It depends on each individual case, each negotiator at the bank etc. Sometimes the whole file gets closed by the lender in the middle of the process maybe the offer was too low etc. adding more time to the overall process.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 22 2009
Hi Terri,

I agree with the other posts that short sales can take a long time.  I just closed one in Westminster CO that took over a year and another one that we closed within five weeks in Thornton CO.  We have a couple of Wells Fargo short sales that my office is working on and it is taking an average of 60 to 90 days for approval.  Each case is different even within the same bank, but they seem to be communicating verbally every couple of weeks at least.  Once they have their 'BPO' (property evaluation) completed, things move forward VERY rapidly.  So they might be taking a long time right now, but when they are ready to move, be prepared! 

I believe they are moving their short sale / loss mitigation services off shore to India, which is expected to speed up their process.
As long as the listing agent or their short sale coordinator is contacting them weekly and giving you and your agent progress reports, the short sale is most likely still in progress.  It might be a good idea to find out who is negotiating with Wells Fargo - whether it's the agent or if they have a professional coordinator or title company assisting them.  Also, if it is an FHA loan that is being shorted, the bank will not even look at the short sale package unless certain forms are provided.  The title company that your agent uses can let you know if the loan is FHA.

Best of wishes.
Victoria
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 10 2009
Your real estate should be able to help you determine a rough idea of long it will take.  Have him/her check on where it is in the short sale process and how many offers have been placed in the property.  When a home is early in the process it can and usually takes months and you may or may not be rewarded for your patience.  Look for properties that the price has been approved for short sale by all banks involved and where the last buyer moved on.  It stands to close in a more reasonable time.  If you tend to get emotionally involved in the home you want or need to close by a certain date, you may want to avoid a short sale unless that bank has gotten desparate.

Dave Sachleben, ABR, GRI, E-Pro
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 10 2009
Profile picture for Terri1233
We are going on 83 days and only verbal response from the bank of acceptance.  Is this legal? 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 10 2009
Terri,
I have had a great deal of experience in the last couple of years with short sales. My experience has differed greatly from transaction to transaction. One of my short sale purchases actually took 3 months for the bank to respond and issue written acceptance of the offer and another 3 months to get it closed! The process can be frustrating... The best advise I can offer in this type of situation is to be persistent and follow up regularly! Good Luck!!
-Michele Fiore
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 10 2009
 
Related Questions
How many times in your market does a buyer 'bail out' before a short sale closes?
Profile picture for Jeremy Locke
Latest answer by Jeremy Locke
November 22 2013 | 9 answers
How Long does a short sale take? I have heard to avoid B of A but what about Wells Fargo?
Profile picture for Renda Fisher
Latest answer by Renda Fisher
November 22 2013 | 10 answers
historically, what is the best time of the year to buy a house
Profile picture for Dan
Latest answer by Dan
February 19 2012 | 17 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 429 35 Rd, Palisade, CO Home For Sale
    429 35 Rd, Palisade, CO 81526

     For Sale: $425,000

    • Beds: 3
    • Sqft: 1944
    • Baths: 2.0
    • Lot: 87120
  2. 667 Serenity Ct, Grand Junction, CO Home For Sale
    667 Serenity Ct, Grand Junction, CO 81505

     For Sale: $179,900

    • Beds: 3
    • Sqft: 1484
    • Baths: 3.0
    • Lot: --
  3. 2493 Lake Park Ct, Grand Junction, CO Home For Sale
    2493 Lake Park Ct, Grand Junction, CO 81505

     For Sale: $189,750

    • Beds: 3
    • Sqft: 1345
    • Baths: 2.0
    • Lot: --