Wells Fargo Short Sale
Update Wells Fargo Short Sale Process
If you have a mortgage with Wells Fargo, you are in luck, well figuratively. Wells Fargo as of this writing, has the most up to date and most professional negotiators on staff. You will still have to have the same documentation and same “package” as in any other short sale situation, but instead of quoting 6 months to prospective buyers of your home, you can confidently tell others that they can move in 45 days or under.
Our Take on Wells Fargo Short Sales
Wells Fargo has long been one of the lender and servicers that we have had great success with. They are easier to escalate and are not overly resistant to being challenged when a reasonable cause has been presented on a Wells Fargo Short Sale. They are also “gentler” on our clients which helps the process tremendously. If you have a mortgage with Wells Fargo, you are in luck, well figuratively. Wells Fargo as of this writing, has the most up to date and most professional negotiators on staff. You will still have to have the same documentation and same “package” as in any other short sale situation, but instead of quoting 6 months to prospective buyers of your home, you can confidently tell others that they can move in 45 days or under (assuming there is no other loans).
Wells Fargo Short Sale Department
Short Sale Customer Service: 1-800-678-7986 (Start Here)
Wells Fargo Short Sale Process
Once you have determined that a short sale is in your best interest (and it always is unless you can keep your home) then process usually should work like this.
- Talk with the Jarvis Team
- Put Documents together
- Call Wells Fargo to tell them you have selected the Jarvis Team and tell them that you would like to do a short sale.
- Jarvis Team Lists Home
- Jarvis Team Gets offer (45 days or less)
- Upload offer
- Wells Fargo evaluates documents
- Wells Fargo evaluates home (called a BPO)
- Wells Fargo evaluates home value vs offer
- Wells Fargo approves or counters offer
Wells Fargo Short Sale Timeline
Generally speaking Wells Fargo short sales take 45 days from the time the offer is submitted to the time they issue an approval letter. It has happened, much, much faster before but I want to give you a worst case scenario. Times below or how long it typically takes the Jarvis Team.
- 0-45 Days – List the home for sale collect paperwork
- 1- 2 Days or Less –
• Complete short sale application received
• Short sale application activated
• Complete application assigned to negotiator
• Incomplete application will delay process
- 5 Business Days
• Negotiator initial review
• Introduction call to REALTOR and homeowner
- 10 Days (could be less)
• Property evaluation completed (appraisal or interior BPO per
- 15 Days
• Mortgage insurer approval
• Investor approval
• Additional liens negotiated by REALTOR
• A completed net sheet/HUD (our payoff is not necessary)
• Fully executed purchase contract with all pages initiated
by buyers(s) and seller(s).
• Buyer pre-qualification letter or proof of funds if cash offer.
- 25 Days from Start:
• Application decision
• Decision letters issued
- 30 to 45 Days – Buyer closes on home
Wells Fargo Short Sale Package
Wells Fargo has gone away from a traditional package. They do however require the same information such as a financial worksheet, last 3 pay stubs if any, last 3 bank statements, tax records, and hardship statement along with any buyer offer materials. Contact the Jarvis Team at 770406-6123 to have us send you our package to get this information started. To start you must have:
- Executed Listing with the Jarvis Team
- Authorization for the Jarvis Team
- Hardship Statement
- Financial Worksheet
Wells Fargo Short Sale Approval
Wells Fargo approval letters are typically vague but specific enough to understand if the debt is forgiven or not. What typically is not specified is how the credit is affected. Wells Fargo typically does not ask for judgements or money at closing.
For Buyers: Buying A Wells Fargo Short Sale
If you are interested in buying a Wells Fargo Short Sale then the best place to is the one person who knows them the best right? Head on over to our Atlanta Homes website to search for a home and if you like short sales, you’ll know you’re in good hands!
Wells Fargo Short Sale