Wells Fargos New Short Sale Procedure Change- Washington Short Sales

Wells Fargo makes some drastic changes prior to what some feel will be another law passed by the government to increase the speed of a short sale.

I had a discussion today with the operations manager at the Law office of Robert C. Russell and she has not yet heard of these new changes that have been announced but she has no doubt that it will be yet another hurdle to step over.

Here is what we found-

Time allowed for buyer to close on short sales-

• If foreclosure date is within 0-11 days
  • All pending short sales within 11 days of foreclosure date will be rejected & closed immediately and returned back to negotiator or Realtor. For those homeowners wanting to keep their house in Washington State and find themselves in this situation we strongly encourage you to reach out to a default specialist that has the solutions to help.

• Foreclosure Date set 11 days out or more-
  • Buyer will be granted 30 days to close- no extensions or exceptions
  • Must have approval letter from buyers lenders or proof of funds
  • Written approval from all Jr. liens before an acceptance letter is given
    

If no foreclosure date is set buyer has 60 days to close from Wells Fargo. If at anytime foreclosure date is set they move to the 30 day mark.

We feel this is the beginning of the clearing house that will be coming right around the corner and working with a successful lender with fast tuen times will be the key to marketing these properties. Our current turn times at Loan Network is 48 hours in underwriting and pre-approval letters are same day.