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Old 04-13-2010, 03:01 PM
 
Location: Sterling
104 posts, read 393,548 times
Reputation: 28

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Over the weekend, my husband and I received a ratified contract by the sellers of a house we put an offer on. We are now waiting to go through the short sale process a second time, after losing out on a previous short sale.

This short sale involves 2 loans, both through Wells Fargo.

Wondering if anyone has experience with a Wells Fargo short sale and how long that process lasted until they closed?

Thanks very much!
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Old 04-13-2010, 03:04 PM
 
Location: Las Flores, Orange County, CA
26,343 posts, read 88,395,663 times
Reputation: 17667
Quote:
Originally Posted by bargainhigh View Post
Over the weekend, my husband and I received a ratified contract by the sellers of a house we put an offer on. We are now waiting to go through the short sale process a second time, after losing out on a previous short sale.

This short sale involves 2 loans, both through Wells Fargo.

Wondering if anyone has experience with a Wells Fargo short sale and how long that process lasted until they closed?

Thanks very much!
I'll bet the answers will be all over the place because there are so many different situations, but it should be interesting and educational to hear stories from the trenches.
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Old 04-13-2010, 03:20 PM
 
Location: Boise, ID
8,047 posts, read 26,573,053 times
Reputation: 9406
We have found Wells Fargo to be far more helpful, and faster to respond than Bank of America. So far, those are the only two banks we have dealt with on the listing side. Wells Fargo seems to have had a reputation for being pretty quick on the short sale process, compared to other banks.

The one that we have listed that was a Wells Fargo loan just got an offer accepted by the bank, after only about 30 days. The BofA one we listed is about to close. Its been 7 months since the first offer, which didn't close. The offer that is going to close came in about 3 months ago, but the only reason it went so quickly was because all the prelim work was done from the first offer. We've had some in the office that we were the buyer's agent on that were as long as 9 months on bank approval. Most people give up before they get to that point.

Wells Fargo has also been far more responsive to questions, updates, followups, etc. BofA basically says "we won't call you, ever, even if there is a problem, or a question, you have to call us." Calling them takes at least an hour every time until you are assigned a negotiator.
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Old 04-13-2010, 03:49 PM
 
Location: Columbia, SC
10,217 posts, read 19,958,909 times
Reputation: 9022
I don't know if they compile lender specific time frames but I had a pretty quick as far as short sales go with WF recently. It was about 6-8 weeks. Average ss time frame runs around 111 days I think.
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Old 04-13-2010, 04:10 PM
 
Location: Sterling
104 posts, read 393,548 times
Reputation: 28
Thanks very much, we are hoping to close before the tax credit expires at the end of June, but realize this may not happen. We are crossing our fingers anyway
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