A Wells Fargo FHA short sale success

A Wells Fargo FHA short sale success

Wells Fargo, once one of my favorite short sale lenders to work with has really gone down the tubes with their short sale processing. It seems they are overwhelmed, understaffed, and generaly a complete mess lately. What used to be a 4-6 week approval process has now turned into several months. I'm not sure where Wells Fargo went wrong, but I recently heard they were moving to Equator - following in the footsteps of Bank of America and GMAC. Equator is a step in the right direction for any lender and in my experience really expedites the short sale approval process, so I hope this is not just a rumor, but fact.

This particular sale started slow and followed suit all the way to the end. It took three months to find a buyer for this home, during which Wells Fargo refused to move the FHA preapproval along despite the fact that all FHA short sales go through this preapproval process as soon as requested and before a buyer is obtained. While Wells Fargo dragged their feet, a buyer was eventually secured. Another 2.5 months dragged slowly by as Wells lost paperwork, refused to return emails or calls, and we ended up with a horrible negotiator who truly seemed to enjoyed being nasty and rude, denying us information and dragging the short sale process along at a snails pace.

After a lot of persistent nagging eventually an approval was secured and the cash buyer closed just a week later.

OWED: $170,000

SETTLED IN FULL: $61,000