Wells Fargo Short Sale Process - Metairie Short Sale Realtor

http://www.abrahamwalker.com

Metairie Avoid Foreclosure Realtor®

Wells Fargo Short Sale Process



Metairie Avoid Foreclosure Realtor®, Abraham Walker video blogs about Wells Fargo Short Sale process. If you have a Wells Fargo mortgage/loan on your property the Short Sale process can be summed up into 7 steps:

Fill out a Wells Fargo Prelisting Short Sale Packet - This packet will contain most (if not all) of the documents I will need to submit a complete Short Sale Package to the lender. It is very important to get these documents filled out in the beginning of the process and as quickly as possible.
Place the home on the Market - This it the time that we place the home on the market after researching comparables distressed sales surrounding your home. It will take 48 hours to put the home on the markte after a complete pacakge has been submitted and after performing a visual inspection of the property.
Negotitate the Buyers offer - Homeowners must keep in mind that we are trying to get Fair Market Value for their home. Every offer is not an acceptable offer. Often times, investor and unsavy buyers will place ridiculously low offers on properties just because they think that Wells Fago will take any offer. The bank wouldn't accept these offers if they owned the property after the become owner.
Submit a Complete Short Package to Wells Fargo - This part of the process is one of the biggest reason Short Sales Fail. Incomplete Short Sale Package can bring the complete Short Sale process to a halt. You will need a combination of documents from the original Short Sale Prelisting Package, to the executed Agreement to Purchase and a Preliminary HUD Settlement Statement. Wells Fargo just started accepting documents through the Equator system fro traditional Short Sales. Equator is an online document/trasaction/messaging center designed to streamline the Short Sale process. This is a huge plus and a joy to work with (in my opinion). Equator keeps all of the documents in one place for everyone to access (including the homeowner). NOTE: Homeowner's will have to sign up for individual account through the Equator system to complete task assigned to directly to them.
Negotiate the Lender(s) Offer - Homeowners should make a mental note at the beginning of the process that every offer they receive from their bank is not a good offer. The bank is not interested in looking out for your best interest. Homeowners are usually given 2 weeks to respond to offers from Wells Fargo through Equator. It is very important that your Short Sale Specialist handling your Short Sale checks Equator and a regular basis.
The Normal Part of Transaction begins - After we recieve the Short Sale Approval letter from Wells Fargo the Buyer receive written permission to start the normal part of the transaction. The will start to remove the contingencies set forth in the original Agreement To Purchase. NOTE: It is very important that the Buyer's agent maintain contact with the Buyer throughout the transaction to insure that they are still credit worthy when it time to perform the the closing.
It's Closing Time - Congrats! The transaction is complete. All you will need to do is show up to the title company, sign some documents pretaining to the transfer and start your new life. Follow up with your lender in 3 business days after the sale to insure that they have received the funds needed to satisfy your loan. (You can request a copy of the wiring instructions from the Closing Attorney and request a confirmation to be sent to you for CYA).
Wells Fargo move to Equator shows that they are trying to improve their Short Sale process. You will need a Short Sale Specialist with experience in dealing with Wells Fargo and the Equator system. Keep this in mind when you are ready to choose a Short Sale Specialist to handle you Wells Fargo Short Sale.

Interested in learning more about Avoiding Foreclosure? Contact me today, I'm available by email Abraham@AbrahamWalker.com and by phone (504)233-2123.

Category:

People & Blogs

Tags:

• wells
• fargo
• short
• sale
• process
• metairie
• short
• sale
• realtor

[johnmonk66]

Untrue, I offered your bank exactly what a house was listed for, and 4 months later you said no.

You should NOT allow sellers to list homes at prices YOU will never accept. It is a complete waste of everyones time.

[abrahamwalker504]

@johnmonk66 Only then, do the bank determine that the price you offer is unacceptable. You are also at fault for submitting an offer on a short sale based on the list price. The list price means nothing to the bank. You should offer a fair price for the property.

[johnmonk66]

@abrahamwalker504 I AM AT FAULT? I go online and look at a house, it says 150k, I offer that and , then 4 months later the bank says no? My fault? If I have to educate myself in how to do a real estate agents job, then why should I pay a real estate agent? And my point still is, no one should tell a seller to list a price unless the bank agrees it will do a short sale, it is a waste of time.

80% of short sales never even start the buying process, and we bailed out the banks for this?

[abrahamwalker504]

@johnmonk66 I would like to apologize again for your misunderstanding. For the 2nd time, the list price in a short sale (in most cases) means nothing to the lender because they are not a party to the contract until the short sale package is submitted to the bank. You should have been consulted by your agent that the bank does not have to accept your offer just because it is a full price offer. I'm sorry that you lost so much time in the process but now you know and you are better prepared.

[abrahamwalker504]

@johnmonk66 Let's talk about payment. Did you really pay anyone for this transaction? Did you sign a buyers broker agreement with anyone? Did you look at your $150,000 offer and say to yourself, "Such and such percentage is due to my buyer's agent"?

[abrahamwalker504]

@johnmonk66 I don't understand this statement: "80% of short sales never even start the buying process, and we bailed out the banks for this?" What do you mean?

[johnmonk66]

@abrahamwalker504 80% of the time a buyer bids on a short sale, the bank says no, its pretty simple really. Tax payers gave billions to bail out banks, but it is harder to get a mortgage now than it was before. AND they play these games, people didn't just start offering short sales on their own, banks and real estate people came up with the idea. Advertise a fake price, hope some sucker will pay more

[johnmonk66]

@abrahamwalker504 I paid 600 dollars to an inspector for nothing

[abrahamwalker504]

@johnmonk66 I'm sorry for the misunderstanding but I don't own Wells Fargo (I only dream about owning banks). I'm a real estate agent explaining the Short Sale process.

Now let's address your concern about pricing...

The lender (this one or others) have no idea what sellers/agents set the list price of the house. In most cases, they don't even know that the house is on the market. They only find out what the list price is when a complete package is turned into their short sale department.

[GeorgeFrick]

I like that you include a text transcript to go with the videos; and great videos. Nice clear explanation.