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I am signing a contract for a short sale as the buyer in Valley Stream and the only lien is with Wells Fargo for 455K. The same house went under contract in April for 319K, but didn't get closed because the lender asked for 375K. Funny thing is buyer's mortgage provider appraised the house for only 325K. Since it has been 7 months and the markets have gone further down, I am submitting 321K to the lender hoping it will get approved. Listing agent also advised the same thing. Also there have been no offers for the house since April and the seller fully qualifies for the short sale. Please comment if you know about short and if you had any experience with Wells Fargo.
Wells Fargo is probably the best to deal with. Of course there are no guarantees. The best thing the selling agent can do is show the price reductions, showing reports, or lack there of. I keep track of all these and send them into the bank when submitting offer in addition to local recent solds.
I am signing a contract for a short sale as the buyer in Valley Stream and the only lien is with Wells Fargo for 455K. The same house went under contract in April for 319K, but didn't get closed because the lender asked for 375K. Funny thing is buyer's mortgage provider appraised the house for only 325K. Since it has been 7 months and the markets have gone further down, I am submitting 321K to the lender hoping it will get approved. Listing agent also advised the same thing. Also there have been no offers for the house since April and the seller fully qualifies for the short sale. Please comment if you know about short and if you had any experience with Wells Fargo.
How many times are you going to post about short sales??? Sheesh, Short sales are way to big a headache with all the foreclosures available. With a short sale it could be 4 weeks or 4 months or longer before you know anything. With a bank owned you can usually get a response/counter offer in several days. Just curious why you are obsessed with buying a short sale when there are tremendous deals on bank owned properties. But if you insist, Wells Fargo is a couple of notches above BofA , but that's not saying a lot.
What exactly do you want know? Like Rick said, if the offer's been submitted all you can really do right now is sit and wait for a response. It might help if you submit, with the offer, the information pointed out by nwihomes4sale.
Everything logical about a short sale rarely happens. My short sale had every single green light imaginable to get a fast approval. Here I am, almost 5 months into the deal. I finally got approval yesterday after being countered $10k over my initial offer and minus $2k in the 2% closing costs I asked for.
My advice is this. Unless you are in LOVE with this house a thousand times over, are willing to wait at least 3-6 months to get approval, suffer through senseless bank delays, and go weeks without any word on the process, buy an REO or standard sale instead. If you think you're going to save money by sticking it out with a short sale, think again. In our case the bank used comps in the area to raise the initial price of the offer which brings the house up to current market value anyway.
We are currently in the process of buying a Wells Fargo short sale. From date of offer submission to bank to approval, it took 38 calendar days. The loan was an FHA loan, and per FHA guidelines the bank had to net 84% of an appraisal that was done when the seller was originally approved for the short sale. There had been a previous offer that was too low, that the bank rejected. We made sure our offer allowed the bank to net that amount after realtor fees, etc. I think we got lucky on this one moving so quickly.
Of course we also had previously had an offer on another short sale, that took 5 months for the first bank to approve, then a week before the first bank approval was to expire, the 2nd bank gave verbal approval and wanted us to close in 3 days. Needless to say, we couldn't make that. Of course multiple banks makes it more of a mess.
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