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Answers (7)
- Travis Waller, "TravisWallerCRS"
- Contributions:90
I myself list a ton of short sales. The problem is not only what Drew Ludlow said with his comment but also the listing agent on the property. True, some banks are overwhelmed but I haven't experienced this with Wells Fargo. The problem with the short sale business is that there are many Realtors who take short sale listings with out the experience of closing the short sales in a timely manner. If a Realtor really knows what they are doing with the short sale, he/she should be able to get an approval to close within 60 days. Many have no clue on how to do this. And if the statement you made is tru regarding two mortgages with the same bank, approval from the sellers bank should still be about the same timeframe.
My suggestion to you is if you really like the home, hopefully, the Realtor can get the approval from the bank to close. Hang in there! Better yet, there is a good chance that as time lapse, you may be able to purchase as a foreclosure, which will more likely be more discounted in price. Or your last option, move on to another home, depending on what timeframe you have.
Wish you the best and feel free to contact me if you have any questions pertaining to the Distressed Property Market in NJ. Take care.
My suggestion to you is if you really like the home, hopefully, the Realtor can get the approval from the bank to close. Hang in there! Better yet, there is a good chance that as time lapse, you may be able to purchase as a foreclosure, which will more likely be more discounted in price. Or your last option, move on to another home, depending on what timeframe you have.
Wish you the best and feel free to contact me if you have any questions pertaining to the Distressed Property Market in NJ. Take care.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
The answer is not always with the lender or servicer you are dealing with.
Many times, the answer is with the 'investor'. Is it a FNMA, VA, Freddie, FHA loan?
I am currently dealing with a pre-approved FHA short sale, and Wells Fargo is the servicer. After months and months of getting kicked around to different people, I finally made enough noise to get to their crack negotiator. Now, anytime I email, I get a direct response. And, we also have a little bit of friendly chatter going along too (that helps to build rapport) with the negotiator.
The good thing about Wells Fargo is that once someone emails you from the short sale department, they usually give their supervisor's name at the bottom of the email. Use it sparingly, but you will get a response.
I agree that they are not as well setup as some of the other companies. I am working on about 8 months now for this particular case, but it has not all been Wells' fault.
And no... the time on the market will have very little bearing on how quickly they respond. I say 'very litte'. it can help if the home is scheduled for auction soon. Other than that, you are just a file with a number.
Above all, if the Listing Agent is not well-versed in short sales, there will be very little chance of getting anywhere. Inexperienced agents is the number one reason short sales fail.
Perservere!
Many times, the answer is with the 'investor'. Is it a FNMA, VA, Freddie, FHA loan?
I am currently dealing with a pre-approved FHA short sale, and Wells Fargo is the servicer. After months and months of getting kicked around to different people, I finally made enough noise to get to their crack negotiator. Now, anytime I email, I get a direct response. And, we also have a little bit of friendly chatter going along too (that helps to build rapport) with the negotiator.
The good thing about Wells Fargo is that once someone emails you from the short sale department, they usually give their supervisor's name at the bottom of the email. Use it sparingly, but you will get a response.
I agree that they are not as well setup as some of the other companies. I am working on about 8 months now for this particular case, but it has not all been Wells' fault.
And no... the time on the market will have very little bearing on how quickly they respond. I say 'very litte'. it can help if the home is scheduled for auction soon. Other than that, you are just a file with a number.
Above all, if the Listing Agent is not well-versed in short sales, there will be very little chance of getting anywhere. Inexperienced agents is the number one reason short sales fail.
Perservere!
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Best thing I can suggest is that you have all your stuff in order with your lender. That way when the offer is accepted you can order the appraisal and close quickly
- maroongirl
- Contributions:9
Thank you for all your responses, really appreciate it.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
I guess ultimately it will depend on how "short" the sale is gonig to be. I have seen both ends of the spectrum. Seen them approved a 3-4 weeks, seen it take 6 months. There was supposed to be some legislation put in place that would give some strict time frames but I do not think anyone has seen it in action.
- Maria Picardi Kenyon, "mariapk"
- Contributions:437
Hi, maroongirl. I have not personally had a good experience with Wells Fargo, in both the approval of short sales as well as the loan application process. They are not as efficient as other mortgage companies.
- Darrell Self, "Darrell Self"
- Contributions:349
Best wishes they tend to be very slow.Short sales are really improperly named. If the short sale has not been approved by the bank already be prepared for up to 9 months no less than three months.
How does Wells Fargo compare to other lenders when it comes to approval and closing time frames?
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