Profile picture for zuser20140616061441197

WELLS FARGO SHORT SALE South Jersey NJ

Hello,

I have been under contract for a Wells Fargo short sale for almost 8 months with little progress from WF! At this point, we have agreed upon a price, got the home inspected and are ready to move forward. BUT we do not have an approval letter from the bank YET. Any advice to help guide this short sale in a more productive direction and get to settlement???

  • June 16 - Blackwood
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Answers (7)

Profile picture for Tesa Noonan
You can ask the asset manager (bank representative) to "escalate" the file. That is the term used to try and "hurry up" the file.

Good luck!
  • August 26
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Profile picture for zuser20140616061441197
Thank you all for replying! Yes, I am the buyer. The bank officially counter offered us in April. We had the home inspected before we agreed upon the price (just to make sure there was nothing MAJOR wrong with the home before we agreed.) Since then, somehow papers got misplaced and they basically had to start ALL OVER again. They sent an appraiser out in July and as of last week, the financial review has been completed and the file is now in "peer review." The sellers are being cooperative. Whenever the bank makes a request, they are on it and give them documents before or on the date they want it by. We are still waiting for some positive news. 

  • August 26
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Wells Fargo is notorious for doing this. That is one reason I hate dealing with their REO property. They have great tools for traditional mortgage buyers but their foreclosures take forever to close. Just remember the squeaky wheel gets the grease. 
  • June 17
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Are you negotiating the short sale yourself?
  • June 16
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Profile picture for Dan Tabit
Short sales are not short, they are long, unpredictable roller coaster rides that you have NO control over. You have two choices, stick it out and wait, or walk away.  Lenders take their own sweet time for no apparent reason and in my 12 years of doing them nothing can be safely predicted.  I've had some approved in 3 months and many that took a year. The longest was 19 months from start to finish. 
Ideally you or your agent did your homework on the listing agent or whoever is doing the negotiating with the bank, If they have a successful track record of getting short sales approved, it may be worth hanging on.  If this is their first short sale, or worse yet, they've listed several and never closed one, reconsider sticking around.  I've seen agents succeed and flail at these.  The other thing to find out is whether the seller is being cooperative.  I've heard of some sellers who don't fully cooperate for various reasons, including that they are living rent and mortgage free while it's being negotiated.  If the seller is dragging their feet with the necessary documentation, consider moving on. There are so many moving parts to getting a short sale approved, that it doesn't take much to create a snag.  
  • June 16
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I'm assuming you're the buyer in this.  You or your agent, should ask the listing agent to get the answer to at least this question; "is the file complete?".  The listing agent needs to ask the person in charge of the short sale package, to ask the lender...."is the file complete or is anything missing?".  This needs to be followed up with weekly.  Files sit on desks and pieces get mislaid and lost.  Asking each week may seem to be making yourself a nuisance, but hey, you are trying to close aren't you?  A normal purchase has numerous places to stumble and die.  A short sale has a 100 times more opportunities to crash and burn.  If you don't have someone staying on top of it regularly,  politeness may just destroy all your efforts, hopes and monies.  Remember too, you don't see time as being important to the lender, especially when months go by with no response.  But you are running a race against time.  The lender will give this process a specific amount of time. The approval letter, if received, will mark a deadline to close and all factors must have remained the same for all those months.  Time is not on your side for this whole process.
  • June 16
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Profile picture for Tesa Noonan
I'm sorry but Wells Fargo is not the easiest bank to work with. It really depends on the listing agent and the asset manager that is handling the file. There's not a darned thing that you can do on your end to hurry the process. There's just no guarantee on these type of sales. I typically do not have the buyer do an inspection until the approval letter is received. Remember that you do not have an approved sales price until that letter is received. You have probably agreed with the owner of the property but it has to be approved by the investors for WF. Once that happens, you will receive the approval letter.

Good luck,
  • June 16
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