Well, it took 12 days from the time the Bank Appraiser showed up at our seller’s on April 19 to April 30, 2013 where we have a verbal approval for the Short Sale from the Bank!! That has to be a record specially since we were trying to get Short Sale approval from 2 lenders!!
Considering that in 2012 we had a San Jose Short Sale that took more than 480 days to close, 12 days is simply amazing and Wells Fargo Home Equity folks should be commended for their efforts to help this Homeowner avoid missing their payments.
Credit to the banks like Wells Fargo which have now figured out most of the wrinkles in processing San Jose Short Sale applications. And if your Short Sale Agent is qualified and experienced enough to put together a clean and well organized application, then your results could also be very similar.
But allow me to explain why it was critical for us to get this San Jose Short Sale approved in record time since the sellers were running out of funds and they did NOT want to miss ANY payments that would have damaged their credit.
1) Protect Home Owner’s Credit: It was paramount for us to get a Short Sale approval without forcing the owners to miss ANY payments.
2) Work with Home Owner’s Calendar: We only had 40 days from the time we got an offers and submitted it for approval. The deadline for us was the date that the owners had to become LATE on their payment.
3) Protect Owners Privacy: We did NOT use any street signs or marketing material sent to their immediate area to promote this sale since it was important to help them with this transition.
4) Get Owner outside Help: We coached and directed the owners to seek outside help to understand ALL their options. We advised the owners to seek Counselor help from Department of Housing and Urban Development (HUD) which has a Home Owners Help Line. Additionally, since one of the lender was force the owners to miss a payment before they would consider a Short Sale, we advised them to contact Consumer Finance Protection Bureau to escalate their Short Sale request.
We are excited to report that the Short Sale has been approved and the Home Owners are well on their way to a fresh start. Contact Us if you have any questions on Short Sales.