Walnut Creek Short Sale Update | Wells Fargo Bank Short Sales

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Walnut Creek Short Sale Update | Wells Fargo Bank Short Sales

Walnut Creek short sale experts East Bay Short Sale Group has some valuable info for homeowners who have Wells Fargo as their mortgage servicing company. We occasionally put out some informational videos just to kind of let you know what’s going on in the short sale market. If you’re in the middle of a short sale or you’re thinking about doing a short sale, some of these issues may impact your Walnut Creek short sale.

Wells Fargo just gave us a notice that they’re coming out with what they call a low doc process for Equator. Basically what that means is the Equator system is the online processing system that they use to manage the short sale process for all of their short sale files. Typically we have to go through and upload a ton of different documents, fill out a lot of different forms, worksheets and things like that. They required a lot of documentation which basically took a lot longer for us, but more importantly, a lot longer for them to go through and be able to make a decision on approving the short sale or not. That’s a good thing with Wells Fargo because now what they’re doing is they’re streamlining some of that documentation. They’re making us upload less information for your Walnut Creek short sale which is less information that they have to go through and decipher and be able to make their short sale decision on their end.

We’re hoping that what Wells Fargo has done here is going to allow us to submit files for approval quicker, allow them to be able to review the information and be able to respond to us with an approval even quicker. Right now, Wells Fargo is running about 60 days on their short sale approvals from the time that we submit the offer and the full seller package, to the time that they come back with the full approval. Then usually an additional 30 days for the buyers to close on their financing so we’re hoping this will take some time away from that.

If you have a Wells Fargo loan and you’re thinking about doing a short sale, or really any other lender that you make your payments to we can certainly give you information, give you a consultation on know what to expect in the short sale process, and give you an idea of what the time frame might be for doing a Walnut Creek short sale.

So if you have any questions about listing your home as a Walnut Creek short sale, contact us!