Offline1. Short Sales with Wells Fargo that have a foreclosure date pending in the next 0-10 Days;
· Files will be closed, rejected, returned to agents as declined.
· They are to be removed from Wells Fargo system immediately
· No more delays
· No more foreclosure extensions will be granted
2. Short Sales with foreclosure dates of 11+ Days must be closed in 30 days or Wells Fargo will proceed
to foreclosure
• No more delays
• 45 day approval is no longer on short sales with foreclosure date assigned
• Must have Formal Wells Fargo approval letter, approval from any Jr. Liens, Proof of funds if cash
buyer, and Commitment letter from lender for financed buyer.
3. Short Sales with N0 scheduled foreclosure date
· Continue to work as current process
· Approval provided by Wells Fargo will be 60 days on these.
· However, if foreclosure date is set at any time during negotiating process, closing process moves
to step #2 and time frame immediately reduced to 30 day close or Wells Fargo will Foreclose.
These banks need to speed these up..I waited over 70!! days & never heard anything on the Duplex that I was trying to buy but that's OK cause I found my dream house a few weeks ago & I have it under contract
!!!!
Began working with a third party company, National Quick Sale, in April (recommended to us by Wells Fargo) to facilitate in a short-sale of our rental property. Didn't get assigned a realtor until May. Loads of paper work caused the house not to get listed until mid-June. Got a solid offer within a week. Finally on August 30, 2010, Wells Fargo accepted the buyers offer. But the day before that Wells Fargo also scheduled the foreclosure for Sept 16. Wells Fargo ultimately foreclosed on the property. There was no way our buyer could close within that tight time frame (10 days). I am afraid this new rule could hurt those who are going thru the Short-sale process as it can easily take 4-6 months to complete. By the time, the bank will have foreclosed on you.
Thanks for the "heads-up" on the Wells Fargo short sale process. Very helpful!
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doesn't want to do any short sales. WE all know the bureaucracy that banks have, and I seriously doubt they are going to step up and make sure they look at the short sale stack of papers to assure they meet these deadlines. Looks like they're making sure there's as little room as possible to do short sales.
Hopefully they've hired more people to process all the short sales. Time will tell very soon.