Wells Fargo prepares properties for sale by painting, replacing floors and carpets, and installing new appliances in some cases. The path back to homeownership is generally shorter from a short sale than from a full foreclosure. The buyer must obtain financing approval or show proof of funds if purchasing with cash. Be aware that there are many more participants involved in the short sale process than on a typical real estate transaction.
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Information for Real Estate Agents | Short Sales | Wells Fargo
We will acknowledge receipt of the offer and provide information on next steps within 48 hours. The short sale process is a settlement of debt, so it is more complex than a regular purchase transaction, however our aim is to simplify and streamline as much as possible through the following: Sa,e members like this Share Tweet Facebook.
Set the proper expectations. The homeowner and listing agent submit the highest and best offer to Wells Fargo. The community benefits from reduced vandalism and other crimes. Due to the complex nature of a short sale, make sure your customers are aware that the process does not follow that of a typical real estate transaction.
Upon final shott, a short sale may help a homeowner avoid further collection activity or foreclosure action. Real estate agent benefit You help customers get into homes. For the listing agent authorized third party: To keep the process moving forward, it is critical to submit all pages of requested documents as quickly as possible.
Wells Fargo Short Sales
The listing agent submits the highest and best offer. The timeline for offer review and acceptance or counteroffer varies by investor.
Wells Fargo will only review one offer at a time on a short sale. Wells Fargo will work with the investor to negotiate the property sale price but ultimately the decision to accept an offer rests with the investor.
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Depending on the investor, the approval for a homeowner to do a short sale is good for days. We packaeg our losses. Escalate to them if the servicer has delayed. If the closing does not take place during that time, the entire package may need to be resubmitted.
Pakage reply by George Blisset Apr 9. In a short sale transaction, Wells Fargo works with the listing agent designated by the homeowner as an authorized third party. Comment by Brett Goldsmith on September 26, at 2: 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.
Visit my sites at: Wouldn't HUD prefer to have this property short sold than foreclosed? Any issues that need to be escalated to Wells Fargo Home Mortgage must be routed through the listing agent authorized third party. Myth My seller has to have an offer first to get a short sale approval. We welcome your feedback and are continuously working to improve the short sale process to better serve you and our customers.
In certain situations, a customer may be eligible for a cash incentive upon completion of a short sale depending on investor requirements and pacckage. The buyer must obtain financing approval or show proof of funds if purchasing with cash. Eligibility The buyer must obtain financing approval, or show proof of funds if purchasing with cash.
Be aware that there are many pacjage participants involved in the short sale process than on a typical real estate transaction. A short sale provides an alternative to foreclosure with a planned and graceful exit.
Sign Up or Sign In. A short sale must be an arms-length transaction. Truth In most cases, the seller can be approved for a short sale before receiving an offer.