I am currently involved on the listing side of a short sale with Wells Fargo. I had received their "Realtor Short Sale Guide" and decided it would be helpful to others to share. This document was mailed directly from them and provides a list of everything they require to getting a short sale successfully approved in the quickest amount of time. Below are these steps;
How to get started?
* Homeowner is required to call the Short Sale Phone team at 1-866-903-1053. Financial Information is reviewed and pre-foreclosure sale counseling is completed.
* The Realtor faxes the complete short sale package to 1-866-359-1975
Documents Required to Begin a Short Sale Application From the Realtor
From The Realtor
* Fully executed listing agreement
* Net sheet/ HUD (our payoff is not necessary)
* Fully executed purchase contract with all pages initialed by buyer(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 their 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.
** Another important fact to note with Wells Fargo, along with many other companies as well, is that the short sale approval is good for 30 days. If closing does not occur within 30 days the entire short sale package may need to be resubmitted with updated information, or the approval process may need to start over.**
Comments(15)