We spoke with a customer service rep from Wells Fargo last evening regarding one of our short sale transactions. In the course of the conversation, the rep informed us that from now on... when we list a short sale property and submit the 3rd party authorization with the listing information, they will immediately order the BPO so that when it's completed, Wells Fargo will be able to give you their bottom line $$ for acceptance. This is great news and helpful in knowing where the property needs to be priced for realistic offers that the lender will accept. It also shortens the process when an offer is received.
The Wells Fargo rep also told us that when their system records receipt of the contract / hardship package... they will assign a negotiator, normally, that same day! Again... actions that will shorten the process... it looks like our frustrations with the banker's processes might be alleviated somewhat due to the governmental guidelines and legislation and the real estate industry feedback and lobbying which has been poured upon the faulty banking systems. KUDOS to everyone for their contributions and cooperation in helping to untangle this SHORT SALE MESS!