Our experience with Wachovia short sales proves this to be very true. Here's a recap of one of our recent Wachovia short sales.
A homeowner who was behind on their payments and denied a loan modification contacted us to help explain her options. After we talked about the pro's and con's of each we recommended she consult with her tax professional and real estate attorney to get their opinion and advice. Real estate agents cannot and should not give legal or tax advice as it is outside the scope of our license.
After the homeowner decided and committed to doing a short sale we signed the listing agreement.
Then we made contact with the local Wachovia field representative, Jennifer Kelly, Short Sale Manager, who assists homeowners and agents through their process and answers questions. She is a wonderful resource, efficient and timely in her response to requests for information.
Jennifer agreed to meet with the homeowner at the property address where the homeowner is seeking a short sale. The purpose is to check out the house condition, answer homeowner's questions, and assess the homeowner's hardship. She then gives a verbal pre-approval of the short sale. She also explains Wachovia's response to approving the short sale is between 7-10 days after receiving a contract signed by all parties.
She notates in Wachovia's system the property is listed for sale and advises us to put a comment in the MLS that the listing is a "Wachovia Short Sale".
Once we obtain an offer, we send the signed contract and HUD to her for approval.
We received an approval letter with a minimum net to Wachovia within 7-10 business days.
This particular short sale did not have any junior lien holders but if it did we would have had to obtain a settlement or approval letter.
The sale closed in about 30 days.
One of the big time savers is Wachovia did not require the homeowner to fill out a financial statement, provide W-2's, bank statements, prior year tax returns, and paystubs. This information was gathered when Jennifer met with the homeowner.
Wachovia prefers to do a loan modification rather than a short sale or foreclosure. Their loss is significantly less with a loan modification and there's an incentive for the bank to do so. But doing a short sale is much better than taking a huge loss on a foreclosure.
If you are a homeowner and are in distress with a Wachovia loan, or any other bank, call us at 916-956-4912 for more information.
Diane and Doug Briggs have earned the nationally recognized Short Sales Foreclosure Resource Certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows. They are also "Home Affordable Foreclosure Alternatives" (HAFA) Certified.
They are experienced successful Sacramento Short Sale Agents covering the Sacramento Metro Area, including the areas of Elk Grove, Pocket, Greenhaven, Wilton and Galt. Hablamos Espanol. Put our experience, integrity and knowledge to work for you.
Call Diane at 916-956-4912 or Doug at 916-747-1592.
Coldwell Banker
9250 Laguna Springs Drive, #100
Elk Grove, CA 95758
DRE License #: Diane Briggs: 01410348 / Doug Briggs: 01346951
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