We're sorry, but some features of our site require JavaScript. Please enable JavaScript on your browser and refresh the page. Learn More. Although the number of short sale and REO properties has been declining, there may still be opportunities to purchase these homes. Use this guide to separate myth from truth, so you can make an informed decision when considering a short sale or REO property.
Myth: Compared to foreclosures, short sales have a shorter buying process. Truth: Due to the fact that a short sale transaction may involve more participants, the process often takes a longer time. All parties have to be in agreement before the home can be sold, and the decision to accept an offer ultimately rests with the investor.
While this does not always mean a longer process, it can potentially increase the time until the process is complete. One of those times happened because the rep went on vacation.
I don't know how many of you still are doing short sales with WF. I got Short sale approval letter which clearly states to submit final HUD 48 hours before closing. I did Still waiting. Buyer in the lobby ready to close. FHA short sales have different marketing time frames depending on foreclosure status, etc. Sign Up or Sign In. Powered by. Badges Report an Issue Terms of Service. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale.
Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community. All Groups My Groups. Wells Fargo Short Sale Information. Discussion Forum. Investor denial Started by Angie Fraguas. I do many short sales each year.
Right now I have a short sale of a condo, my seller inherited the property from his mother. The loan is… Continue. Started by Deborah Powers Apr 8, Does anyone have a management level contact at WF. Major issues with a short sale.
Please email me privately at debofaz01 gmail. Started by Susan Morimoto. Last reply by Susan Morimoto Feb 19, I am working on a short sale with Citi, the investor is Wells-Fargo, and Citi is telling me thatthe investor will not allow a short sale in the redemption period.
I triedcalling Wells directly since… Continue. Started by Steven Pawera. I opened the task to confirm it wasn't simply the task name being recycled: these were identical tasks to the last… Continue. Christina, they didn't like that the buyer dated their acceptance of a counter, above where the seller's date was.
I had to make the buyer's agent to have the buyer move it to the left side of the initial far away from where the seller dated the contract on the bottom of the contract. They also wanted their Short Sale Affidavit date of contract dated not the date the contract was written but when the contract was signed by the seller. Their people are not contract lawyers, just arbitrarily change dates to match where they think it should be. When I replied to them in Equator that the buyer rejects their counteroffer, they don't give you an option to put in what they want to counter and the next message I received was that the transaction was removed from Equator and I would not able to submit another short sale on Equator again.
That's it. No getting to the supervisor. I agree with Thom. In Florida we continue to have lots of short sales and I believe SS will be around for quite some time. Recently however, it is apparent that we Realtors are simply doing to data collection from usually delinquent borrowers as we don't find out the inflated or exaggerated value until AFTER we have collected all the financial info from the borrower Not only do we collect it but we also upload to Equator thereby saving the banks that hassle too.
In Florida, we are not allowed to accept fees in advance attorneys can but not Realtors. So, dear colleagues, where does that leave us? Refer these sellers to an attorney? Most sellers I deal with have no funds for an attorney.
Suggest bankruptcy? Tell the servicer THEY have to collect the documents and financial info from the borrower as we no longer provide such services actually I like this idea but we ALL would have to be on board? How is everyone else handling this situation? Surely you guys cannot continue to work for free either! I think I will go look through my files and see if any of my recent closings were Fannie or Freddie Janet - I don't disagree that WF has been pretty good to deal with in the past.
Why work on short sales when we can get paid quicker on Standard Sales. Best of luck!
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