Wells Fargo Short Sale - Successful Closing in San Tan Valley

The Phoenix Metro Group successfully closed another Wells Fargo short sale in Skyline Ranch located in San Tan Valley. The home was listed for $114,900 and we submitted an offer to Wells Fargo on 3/25/2010.Wells Fargo was the only lender.

Wells Fargo sent the seller a packet outlining their processing time line. The time line was a bit of a joke. It took us 2 1/2 months just to be assigned a file processor, which then got transferred to another processor, and ultimately we got assigned to a negotiator. In the end the process was 5 months to obtain a Wells Fargo approval. They gave us until October 6th to close, both the buyer and seller were able to close on September 21st.

This one took about 45 days longer than another Wells Fargo one I submitted at the same time. So it just goes to show the randomness of how files get processed. The Wells Fargo negotiator did counter with a $3000 cash payment to be made by the seller at close. The seller said this was not possible and said they lost all their $70,000 they had initially but down on the house as well as their current hardship. The negotiator presented everything to the investor and it was approved.

The approval included the purchase price of $118,000. Wells Fargo paying 3% towards the buyers closing costs, all customary title charges, prorated taxes and ALL the hoa transfer and disclosure fees. The hoa stuff was big deal because many lenders are simply not paying them anymore.

Another side note, the buyer was very patient. We did have a back up offer on the property in case the buyer decided to walk. We were lucky to not lose the buyer during the process. The buyer did get a phenomenal deal on this house as a similar bank owned (reo) home closed on 8/16 for $140,000. In this case, the patience by the buyer saved them $22,000.