Oakton, VA Short Sale Sold! Thank You Wells Fargo.

By
Real Estate Agent with Long & Foster REALTORS®, Manassas, VA VA License # 0225089470

The story of this Oakton, VA Short Sale started on September 11, 2009 when the short sale listing became active at a list price of $248,000.  Naturally, I thought the short sale seller made an outstanding choice of Short Sale Listing Agent.  And coming to the conclusion of a successful settlement this morning, the seller thinks he made a great choice in Short Sale Listing Agent too.

There were two loans, both with Wells Fargo.  Wells Fargo is a bank with which I have had a great deal of short sale success.  It probably comes from their internal time frames and ability to stick to them.

Initially, we were under contract with a buyer, who later got cold feet.  The listing was under a contingent contract for about two months with that first buyer.  And while we did get short sale approval from both loans shortly after the departure of buyer number one, it was not such a quick trip to short sale approval with the second, and final buyer.

Our second buyer was under contingent contract with my Short Sale Seller on November 23, 2009.  The new contract was over to Wells Fargo on November 24th.  For the first time since dealing with Wells Fargo on short sales, the contract had been sent to the wrong person.  We sent it to our negotiator.  Turns out, our negotiator was a closer and when she learned that we had a new contract, her answer to the problem with closing the file.  That was Janaury 5, 2010...the day we learned of this file closing fiasco.

Obviously, it wasn't the end of the world.  Thankfully, we had a patient buyer in buyer number two.  Short sale approval came mid-February and we settled today, February 25, 2010 for a sales price of $243,000.  Once the file was reopened, those Wells Fargo time frames that I love so much worked in our favor. 

Short sales are not known for smooth sailing, but they do get approved and closed.  The key to success is a knowledgeable Short Sale Listing Agent.

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Location:
Virginia Fairfax County Oakton Four Winds At Oakton
Tags:
wells fargo short short sales
wells fargo short sale approval
northern virginia short sale agents
fairfax county short sale agents

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Rainmaker
262,230
Michael Bergin
Coldwell Banker Residential Brokerage - ABR - SRES - Alexandria, VA
Northern Virginia Real Estate

I wish I could get WF to move on mine!

Feb 25, 2010 04:50 PM #1
Rainer
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Ron T. Weems Jr.
Weems Real Estate Group/N.W.R.E. LLC - Marysville, WA

Yes, I think short sales are hit or miss. Sometimes you get someone who knows what they are doing and can get the job done in reasonable time while others feel they have years to process them. Good Job Chris!

Feb 25, 2010 05:10 PM #2
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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Michael:  Keep on top of them.  They really are not so bad to deal with when you understand the system.

Ron:  When it comes to Bank of America, I agree about that issue.  Haven't had a bad Wells Fargo yet.

Feb 25, 2010 05:15 PM #3
Rainer
216,903
Stephen Arnold
HomeSmart International - Scottsdale, AZ
CRS, GRI, SFR

Good Stuff Chris Ann!  I think that Wells Fargo is easily the best of the worst!!  Thanks for sharing!  Every short sale closing is a little victory!

Feb 25, 2010 09:58 PM #4
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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Stephen:  The best of the worst, huh?  That's one way of looking at it.

 

Feb 26, 2010 03:33 PM #5
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Chris Ann Cleland

Associate Broker, Northern VA
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