we are buying a short sale. its through wells fargo just found out there is a 2nd mortgage on it. We

We were told 90 days or less for this short sale but now we found out there is a 2nd mortgage, its through wells fargo, anyone know if wells fargo is fast with their ss? Will it take alot longer with a 2nd mortgage? #Stressedout!
  • June 06 2012 - Vancouver
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Answers (8)

Profile picture for ieoisis

I've been trying to buy a WF SS since Jan 18th.  Good luck!

  • June 19 2012
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Hi Ryan,

I believe Wells Fargo is the first Lien Holder. Yah We aren't holding our breath we are gonna continue to look for homes but there is nothing out there, especially the area we want here in Van Wa we dont want to take our kids out their high school. Im hoping and praying that something comes up.
  • June 06 2012
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Hi Melissa,
I hate to say this, but anyone promising 90 days or less is setting you up for disappointment. Approvals can happen quicker than that, as others have mentioned below...but that's a bad place to start from in regards to expectations. I had one short sale that closed this year in about 10 weeks with Wells Fargo (it was negotiated by the listing agent - not a negotiator). That was the quickest one I've personally ever had close. I have some other buyers right now that wrote their offer nearly 8 months ago (not with Wells though) and we are waiting for final approval. The longest one I've done took 10 months from offer-to-close and that one was with a negotiator.

Is the first lien holder Wells Fargo? If so, that may help expedite the process. If not, don't hold your breath...flexibility and patience are key with short sales!
  • June 06 2012
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Thank you all for the help with info =)
  • June 06 2012
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Profile picture for JuliaSellsHomes
The shortest 'short sale' closing I have had with Wells Fargo was 57 days from the time we submitted the offer. The longest was about 4 months and that was with a second mortgage. It all depends upon how many contracts are in line ahead of you and how efficient your negotiators are (both at the bank and on the sellers side).
  • June 06 2012
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Profile picture for kapyarets
It takes longer when the second mortgage is in place but not dramatically. I just closed on the short sale with 2 mortgages. It took 2.5 month from the offer date. It would be 2 month without the second mortgage. 
  • June 06 2012
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Thx so can I have that negotiator! LOL thx for the reply
  • June 06 2012
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Profile picture for LumleyTeam
All depends on who is negotiating the deal with Wells Fargo? If they have a really good professional doing the negotiating then it could be done fairly quick. If it is the agent or someone inexperienced it will probably take longer. There is only one negotiator I know that can do it under 90 days.

Brent
  • June 06 2012
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