Another approved short sale with Wells Fargo! They seem to be getting easier every time. They have really stream-lined their process over the past two years. This time Wells Fargo took a HUGE loss, the total mortgage amount was close to $500,000 and the sell price was $235,000. That’s over 50% forgiven!
Their short sale department really is a pleasure to deal with compared to others. It seems like they are one of the few lenders that understand the importance of a good Realtor in our current economy. The simple fact that you are given the negotiator’s contact information from day one is a nice change of pace. I can’t stand it when these negotiators hide behind the customer service reps, it’s so inefficient!
The trick with these short sales is submitting a complete short sale package the 1st time around. That way you aren’t bothered with faxing or emailing missing documents later. That will slow you down at least a week. Here’s the cover letter and check list I use when putting together my short sale packs (SSP’s). I don’t know how many times I’ve been told how “complete and organized” my SSP is by negotiators. Another trick I’ve picked up is to use Adobe’s “footer and header” tool to put the account number, date, page numbers and borrowers name on every page of the SSP. That makes it look very clean and professional.
Here is the time line of this short sale.
- 12/11/09 – SSP faxed to Wells Fargo
- 12/18/09 – Negotiator assigned to file & BPO ordered
- BPO came in WAY too high. Sent negotiator some REAL comps.
- 01/11/10 – Acceptance Received
- Buyers walk on the deal. After only 30 days!
- 02/15/10 – New offer & HUD1 sent to negotiator
- 02/17/10 – New acceptance letter received!!
Jeremy Smiley, Realtor
Short Sale Specialist
London Properties
Fresno, CA
(559)790-8760
About Jeremy Smiley
