I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.
The long road first:
Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.
Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.
Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.
Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.
Seller stops making payments and we plan on going back on the market in Jan of 2012.
Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.
Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission.
On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.
We are all happy with the results!
If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.