Wells Fargo FHA Short Sale Closed in Woodbridge NJ

Real Estate Agent with Rosa Agency 9591451

Wells Fargo FHA Short Sale Closed in Woodbridge NJ

We're pleased to announce another successful Wells Fargo FHA Short Sale has closed, this one located in the Avenel section of Woodbrige, NJ.


This bi-level was located on a quiet street and was a good value.  Wells Fargo FHAShort SaleThis Wells Fargo Short Sale  home was in good condition offering 4 bedrooms, 1.5 bathrooms, built in garage, hardwood floors, central air/heat.


As this was a Wells Fargo FHA Short Sale, our team knew exactly how to proceed.  FHA Short Sales follow the HUD Pre-Foreclosure Sale (PFS) Program guidelines.  First, we completed the HUD PFS welcome package with our client.  Wells Fargo also ordered an appraisal.  Once both of these items were completed, we received a HUD PFS Approval to Participate.  This clearly states how much to list the property for, and what the minimum net proceeds must be.  


We marketed the home as instructed, and within a few weeks, we had multiple offers on the property.  After selecting the strongest offer, we submitted the purchase agreement, buyer's mortgage pre-approval and a proposed HUD-1 Settlement Statement to Wells Fargo Short Sale department.  Within a few weeks, we received a HUD PFS Sales Contract Approval (SCRA).


At that point, the Buyer made his mortgage application and applied for the Certificate of Occupancy (it's our policy on Short Sales that buyers pay for the C of O, since our short sale clients are usually in a distressed financial position).  Once the buyer's mortgage was approved, we submitted a final HUD-1 and the HUD PFS Closing Work Sheet to Wells Fargo Short Sale Department.  After some minor revisions to the HUD, the closing was approved and we had a successful settlement.


Our Short Sale sellers were happy, because they got to walk away from their under water home without owing anything, and without any cash contribution or promissory note.  Our sellers even received a borrower incentive fee - an actual check - at the closing.


Another Wells Fargo HAFA Short Sale in the books, and we hope to close more over the rest of the year.

NJ Short Sale Center

If you have a Wells Fargo mortgage, and would like to discuss foreclosure alternatives, please
 contact me at (917) 518-7861 for a confidential consultation at no charge.


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Contact Manny Rosa for More Information

Manuel J. RosaManuel J. RosaSFR, e-PRO, BPOR, CHS, CDPE
Devore-Rosa, LLC T/A Rosa Agency
18-20 Bloomfield Ave.
Belleville, NJ 07109
Office: 973.751.1000 x. 529
Cell: 917.518.7861
Fax: 973.842.0837
Check out my new Website --> MannyRosaHomes.Com

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