After today’s training with Wells Fargo/Wachovia, I have a new respect for Wells Fargo Bank. I also know now that the banks can and should be doing more to facilitate short sales. Granted, their system has some loopholes and caveats, but I do see an effective and efficient system, which is more than any bank can say at this point. Here are the highlights:
1. After the home is listed a Short Sale Manager from Wells Fargo/Wachovia will personally come out and review the offer and talk with the seller about their options, did I say PERSONALLY!
2. At that point she will review and collect a purchase contract, estimated HUD, and a borrower’s authorization and discuss with you your hardship. (no bank statements, paycheck stubs, etc.)
3. Worried about being 1099’d? You will be informed, prior to signing anything, whether or not you will be 1099’d or if your debt will be forgiven.
3. They are averaging a 36 day close from beginning to end.
4. Sellers can receive up to $5,000 at closing.
Furthermore, they are offering a service for possible modifications as well. Up to 18% reduction in principal balance if you qualify!
I’m hoping that other banks follow suit on this system. I am thankful that Wells Fargo has taken the reigns and really taken responsibility for what’s to come. I hope that more seller’s are handled with the necessary care that Wells Fargo is providing. All homes situations are individually analyzed. Please contact me to see if your situation may be a candidate for this streamlined process. For questions please contact Jennifer Klein (916)230-3880 or email JenKleinSac@gmail.com.