Wells Fargo, the lender who is now responsible for Wachovia short sales, has a plan to help clear up the back log of short sales on the books, which has been the ire of many an agent in the Tracy and Central Valley Area of California.

 Wachovia is offering agents who initiate a HAFA Short Sale a local manager to help streamline the process and reduce the time necessary to complete a successful short sale in the Central Valley of California.  

 Now Wachovia can allow an agent to initiate a short sale by obtaining a listing agreement and then contact a local short sale manager as soon as the listing is on the MLS.   The manager will notate that the listing is in the Wachovia short sale system, and then conduct a “pre-contract” interview with the seller and give any necessary instructions to the listing agent

 After the agent receives an offer, the agent can have a HUD (an estimated closing statement) prepared, letter of authorization, and a completed Fast Track form sent to the local short sale manager via email or fax.  The HAFA underwriter will then contact the seller directly to determine if the seller will qualify for a HAFA short sale. 

 After the seller completes the application and all required documentation has been sent, Wachovia will determine if the seller qualifies and an approval letter will be sent to the seller within 7-10 days.  This is a very long way forward from the usual months that a real estate agent is accustomed to waiting. 

 Any junior lien holders and/or other liens must be settled and all other requirements, including any obligations of the seller, and a close of escrow can be expected within (45) days.  According to Wells Fargo, these changes have been made in direct response to the feedback from agents and sellers alike.  The changes were made in an attempt to complete the short sale transactions in a more realistic time period. 

One of the more interesting facts about a short sale is that it is not “short” on time.  If anything, the process has a reputation for being outrageously long and very unpredictable. 

 Things to remember are; IF THERE IS A FORCLOSURE SALE DATE SET Wells Fargo WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON -Iif there is an active foreclosure Sale Date Wells Fargo MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set WFB must receive the full package 10 BUSINESS DAYS prior to that sale date (and again, WFB will not postpone that date)

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667
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#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667