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We first put an offer on a SS with Wells Fargo on Oct 7th. They counteroffered on Dec 15th and we told them we would accept their price. How long does it typically take for them to agree to the offer after we both agreed on the price? My agent is pushing for a Jan 30th closing date but I dont see that happening. My sense of urgency lies in the fact that my wife is having twins and could be due anytime between now and March and we really would like to move before that (have outgrown current home). I even called WF today anonymously to ask them how much longer it may take but they would not give me any info since I dont have a mortgage with them. I dont feel the realtor that is dealing with WF is pushing them hard enough for updates. Is it really that much to ask of them? Although, reading some of the posts about SS's I already know the answer to that
I'm seeing banks counter pretty much every offer they get right now on short sales, just to try to get that little bit more out of it.
As for timing, I've personally seen Wells Fargo process one short sale from offer received to closing in 60 days. But that is unusual. However, the long wait should be behind you. You should expect to get all the addendums you have to sign in the immediate future, and then it is just down to how long it takes to get your inspections done, and when you lender is ready. So at that point, when you can close is more on you than it is on the bank.
Oh, and if you accepted their counter on December 15th, and you still don't have that paperwork back, even counting the holidays, someone isn't doing their job. Get your agent to be more aggressive pushing the other agent to push WF. You should have that paperwork back in days, not weeks.
I'm seeing banks counter pretty much every offer they get right now on short sales, just to try to get that little bit more out of it.
As for timing, I've personally seen Wells Fargo process one short sale from offer received to closing in 60 days. But that is unusual. However, the long wait should be behind you. You should expect to get all the addendums you have to sign in the immediate future, and then it is just down to how long it takes to get your inspections done, and when you lender is ready. So at that point, when you can close is more on you than it is on the bank.
Oh, and if you accepted their counter on December 15th, and you still don't have that paperwork back, even counting the holidays, someone isn't doing their job. Get your agent to be more aggressive pushing the other agent to push WF. You should have that paperwork back in days, not weeks.
I agree. My agent has done all he can from his end. The agent who is selling the house claims he can only email one person at WF who is handling this property and that they arent responding to his emails. He said he cant call because he has no direct line and he gets a different person every time. I call that BS. I just wish I could call them myself, I have my financing and everything ready to go. What else can i do? I know that there is no good reason for this wait. I got a 30 day lock on my interest rate and a good tenant lined up to rent my current home as soon as I move out. All that is in jeopardy the longer they worthlessly drag their feet.
I agree. My agent has done all he can from his end. The agent who is selling the house claims he can only email one person at WF who is handling this property and that they arent responding to his emails. He said he cant call because he has no direct line and he gets a different person every time. I call that BS. I just wish I could call them myself, I have my financing and everything ready to go. What else can i do? I know that there is no good reason for this wait. I got a 30 day lock on my interest rate and a good tenant lined up to rent my current home as soon as I move out. All that is in jeopardy the longer they worthlessly drag their feet.
Some asset managers will only respond to email and they won't give their direct number to the listing agent. So it is not BS. The listing agent wants to get the transaction closed for his seller client as much as you want to get into the house.
All you can do is wait; and make sure your lender is prepared for a 30 day close. When the bank finally comes back with the approval letter, it usually requires a maximum 30 day close.
Some asset managers will only respond to email and they won't give their direct number to the listing agent. So it is not BS. The listing agent wants to get the transaction closed for his seller client as much as you want to get into the house.
All you can do is wait; and make sure your lender is prepared for a 30 day close. When the bank finally comes back with the approval letter, it usually requires a maximum 30 day close.
Is there typically a legit reason for the bank(s) to be taking so long at this stage? Is there much else that they need to do other than typing an approval letter? If I knew they were still working on things that need to be done maybe this wait would be a little easier. Thanks.
They got the net in the approve-able range, but they still need the investor and maybe the MI company to grant permission before they will issue an approval letter. I'd guess you are looking at a week or two more.
Is there typically a legit reason for the bank(s) to be taking so long at this stage? Is there much else that they need to do other than typing an approval letter? If I knew they were still working on things that need to be done maybe this wait would be a little easier. Thanks.
There's a lot that goes on that we don't know about. However, we do know that the asset managers are overloaded with perhaps over a hundred files on their desk.
We also know that many agents do not know how to properly submit the short sale package, and to follow up.
If a package is submitted with missing paperwork, or improperly filled out, the AM will put that file in the 'tall" stack. They will put the properly filled out packages in the "short" stack. They will work the short stack first because that's more productive for them. They will work in the tall stack as time allows.
Every piece of paper in those files has to be reviewed, and if something is not right, or missing, it takes more time to work the file because they have to get back to the agent and request it.
One missing paper can cost from one to two weeks to get into that file.
If a listing agent knows exactly how a package should be prepared and submitted; is careful to be sure that s/he has all of the documents; submits them in a timely manner, and communicates with the bank in an assertive but team like manner, and prices the home in the ball park of what the lender can accept; and has documents to back up the price; and knows how to negotiate this with the AM, then things can move along a little faster.
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