Wells Fargo short sale procedures and time frames are among the best in the business right now.  Having successfully sold many Wells Fargo short sales, I have become very familiar with their process. 

To begin, Wells Fargo sellers are asked to give the following information with the short sale contract package:

• One month of bank statements
• One month of paystubs
• Previous year's tax return
• Previous Year's W-2 (s)
• A signed and dated hardship letter
• A signed and dated monthly budget (showing incoming and outgoing money)

As the listing agent, I submit a preliminary HUD, showing the net proceeds to Wells Fargo.  I also include the sales contract, a competitive market analysis, listing agreement and third party authorization letter.  I also include four Wells Fargo addendums that I have saved as boiler plates to shorten the process.

Once this information is received by Wells Fargo, a thirty business day time frame for approval starts to tick.  That's assuming you have only one loan with Wells Fargo.  First order of business in this time frame is for Wells Fargo to assign an negotiator and to order a BPO (Broker Price Opinion) to determine the value of the property and see the sales contract will need to be countered.  If not, the file is reviewed by the negotiator to see if there is any missing paperwork before submitting the file to the investors backing the loan.

Short sale approval is rarely given beyond this thirty business day time frame.  Wells Fargo is extremely conscious of sticking to their time frames.  However, if there is more than one loan, even within Wells Fargo (such as a Home Equity line), the time frames will need to be extended by fifteen to thirty business days.

Wells Fargo short sales are nothing to frightened of.  You simply need to know the process.  Of course, having a Realtor to help you navigate the sale that has experience with Wells Fargo gives you the leg up.