Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!

By
Real Estate Broker/Owner with Mint Properties, Tni LeBlanc (805) 878-9879 CalBRE #01871795
http://actvra.in/7T8

Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!

I just received short sale approval from Wells Fargo in 26 days!  It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box.  So much is written about the bad short sales - the ones that drag on for months at a time - that I thought I should remind potential short sale sellers that not every short sale takes forever to be approved.  Many are approved in 30 - 45 days, and some lenders are even encouraging their distressed borrowers to apply for a short sale.

It should be noted that there are many factors that can affect how long your short sale will take to process, and, of course, short sale approval is not guaranteed.  That said, submitting a complete or near complete application at the outset will speed processing time.  For example, Wells Fargo Home Mortgage has forms that are specific to Wells Fargo that must be used in their short sale application package.  Including these forms at the beginning can improve processing time.  Also, promptly responding to requests for additional documentation and following up with calls to the lender can also play an important role.  An experienced short sale agent can help you put together a complete (and persuasive) short sale package.

If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced and diligent short sale agent to guide you through this process.  There are many pitfalls that can be avoided with the right upfront advice.  If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950. 

Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California. 

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Copyright© 2011 Tni LeBlanc * Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!*

Posted by

Tni LeBlanc, Broker
(805) 878-9879 mobile/text

tni@mintprop.com
www.MintProp.com
CalBRE #01871795

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Rainmaker
133,906
Jeanne M. Gavish
Jeanne Gavish, Keller Williams Realty Elite Partners - Spring Hill, FL
Keller Williams Realty Elite Partners - CIPS,GRI,S

I have had some very good experiences with Wells Fargo as well.  Great post.  Short sales get such a bad rap but they make up a substantial part of my business.

April 07, 2011 08:27 AM #1
Rainer
100,884
Keith Vermilyea
Silvercreek Realty Group - Boise, ID

It's good to hear the success stories once in awhile Tni, they offer up some much needed hope that our short sale transactions will go well so thanks for sharing...

April 07, 2011 08:42 AM #2
Rainmaker
336,589
Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Your Castle RE Colorado

Short sales can be complicated to navigate...  But I have found that if you submit a complete package at the outset, and follow the bank's rules- however silly they may seem- you stand a good chance of having them completed.  Nice job, Tni!

April 07, 2011 08:43 AM #3
Rainmaker
973,274
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Pasadena Real Estate Representation 818.516.4393

Congratulations, Tni.   This is great news for you and your client.  I submitted an all cash Wells Fargo short sale offer on behalf of buyer clients last week so I hope to have a success story soon as well.   

April 07, 2011 09:09 AM #4
Ambassador
736,989
Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Good Morning Tni..."26 Days Approval for Wells Fargo".  Now, that some great news and encouragement for anyone dealing with a Short Sale transaction.

April 07, 2011 10:03 AM #5
Rainmaker
501,980
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Congrats Tni on a job well done.  That is impressive.  Short sale sellers and buyers in your area should take note!

April 07, 2011 10:33 AM #6
Rainmaker
390,333
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Keller Williams Elite- Yes, this response time by Wells Fargo was impressive.  They have a timeline goal which amounts to 37 business days from when a package is received and they beat it.

Keith- Yes, there are success stories out there.  Not every short sale is a nightmare marathon.  You have to be ready for that - but it may be a lot quicker.  When the bank wants the short sale it can be a very smooth process.

Thanks Jennifer!  Yes, following their rules can be difficult and communication is key once the application is submitted.

Michael - I look forward to reading about it!

Jerry - Yes, it is encouraging.  Some short sales are being approved quickly.

Thanks Christine!

April 07, 2011 12:50 PM #7
Ambassador
1,879,609
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

This doesn't surprise me. I LOVE working with Wells Fargo.  Give them everything they need to process the sale and you can get a quick turnaround. Congrats.

April 07, 2011 04:17 PM #8
Rainmaker
390,333
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Chris Ann - I know any lender who can process a short sale in under 30 days is ok in my book.  I would love to work on more Wells Fargo files.

April 07, 2011 05:02 PM #9
Rainmaker
338,286
Karen Feltman
Cedar Rapids/Iowa City, IA Skogman Realty - Cedar Rapids, IA
Relocation Specialist

I had a great experience with a short sale where both loans were with Wells Fargo as well.  I think that they are one of the better ones.  But you are right, your odds of getting things done quickly is by making sure that everything is completed before sending it in. 

April 07, 2011 10:02 PM #10
Rainmaker
390,333
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Karen - I also think that they are one of the better ones.  They have at least outlined and published a reasonable timeline and their goal is to beat that timeline on every file.

April 08, 2011 08:39 AM #11
Rainmaker
343,488
Rodney Mason
Prospect Mortgage - Atlanta, GA
FHA 203K, USDA, VA, HomePath Renovation Specialist

That's great.  My last one with them last year was 6 months,

April 09, 2011 09:34 AM #12
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Rainmaker
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Tni LeBlanc

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