|
This information was provided to me by the Board Of Realtors, which in turn received it from Wells Fargo. Many lenders approach a short sale in this manner. Yours may NOT. Always call your lender. Wells may change their policies in the future. Call your lender if you are contemplating a short sale and follow their procedure. This is for informational purposes only-not legal advice.
REALTOR SHORT SALE GUIDE
From Wells Fargo
What is a Short Sale?
A short sale is a workout program that allows a borrower to sell the property, even if the proceeds are less than the loan payoff, due to low property value. Upon final approval, a short sale can help homeowners avoid further collection activity or foreclosure action, which can result in adverse credit reporting and possible tax liabilities.
How to Get Started
�� Homeowner is required to call the Short Sale Phone team at (866) 903-1053. Financial information is reviewed and pre-foreclosure sale counseling is completed.
�� The realtor faxes the complete short sale package to (866)-359-1975, Attn: Setup
Documents Required to Begin a Short Sale Application.
From the Realtor
�� Fully executed listing agreement
�� Net sheet/HUD (our payoff is not necessary)
�� Fully executed purchase contract with all pages initialed by buyers(s) and seller(s).
�� Buyer pre-qualification letter or proof of funds if cash offer
From the Homeowner
�� Signed and dated financial worksheet listing all monthly expenses
�� Signed and dated hardship letter (why they are unable to pay the mortgage)
�� Letter authorizing the realtor access to information on the account. It must be dated and include the last 4 digits of the borrower’s Social Security Number, their signature, the full account number and the property address
|
This is our estimated timeline based on business days and assuming all documents are submitted in completed form and timely
Event
|
Timeline Business Days
|
Total Process Business Days
|
|
�� Complete Short Sale Application Received
�� Short Sale application activated
�� Complete Application assigned to Negotiator
�� Incomplete Application will delay process
|
3
|
3
|
|
�� Negotiator Initial review
�� Introduction call to Realtor and Homeowner
|
5
|
8
|
|
�� Property Evaluation Completed
�� Appraisal or Interior BPO per Loan Type
|
10-17
|
25
|
|
Additional Steps:
�� Mortgage Insurer Approval
�� Investor Approval
�� Additional liens negotiated by Realtor
|
10
|
35
|
|
All Items above steps complete
�� Application Decision 48 hours
�� Decision letters issued 48 hours
|
2
|
37
|
|
