I attended a meeting this week in which a "Local Short Sale Manager" from the San Diego area was a key speaker. I wanted to share with you the direction that Wachovia / World Savings is taking for short sales. Here are the key points:
- Wachovia has placed local short sale managers in the field. These managers will be the only contact for the homeowner and agent throughout the short sale process. They will sit with the homeowner and the real estate agent and discuss the options that the homeowner has as well as the short sale process. They will answer any questions face to face if needed. (A real person!)
- Wachovia has begun sending limited pre-approved short sale letters to distressed homeowners complete with the price that they will agree to sell the home for.
- Once a short sale listing is signed, the agent needs to contact the manager so the manager can immediately obtain an opinion of value from a local expert.
- When the agent has a fully executed contract and an estimated HUD-1 they can send it in to the manager who will review and get back with the agent within 3-5 DAYS with an answer. (not weeks or months!!)
- Wachovia is averaging 34 days from contract to close and is now shooting for 30 days.
Okay, I have not dealt with a Wachovia or World Savings loan as of yet, however, I would love to hear any experience that agents have had with them lately on a short sale.
Hopefully, other banks will follow the positive lead that Wachovia is taking and streamline this process for all involved!