…and claims their processing time to approve or deny an offer on a short sale has been reduced to just 25 days. If true, that is a considerable improvement over the three to six month average the lending industry now takes to make a decision on a short sale offer. [FYI my personal record is waiting for eleven months from offer to short sale approval. I represented the buyer and he closed 30 days after receiving bank approval of his offer – made one year prior.]
Although the Wells Fargo short sale guide is directed to REALTORS®, the information contained within should be of interest to both Buyers and Sellers contemplating a short sale. Check it out here: REALTOR® Short Sale Guide
From the letter accompanying the REALTOR® Short Sale Guide:
Short sales remain significant factors in today’s marketplace, allowing more prospective buyers than ever to become homeowners. Because these transactions are more complex, it is imperative that real estate and lending professionals work efficiently as coordinated teams to help our customers. To this end Wells Fargo has created a step-by-step REALTOR® Short Sale Guide.
We are committed to accelerating the short sale process. In fact, for those loans we hold in our portfolio, we have already undertaken efforts to streamline the sales approval process. The majority of the loans we service, however, are owned by other investors. So in many cases, Wells Fargo must obtain the approval of the first and any second mortgage investors. Our goal in these situations is to move the process along as quickly as we can.