Wells Fargo Short Sale Approval | How Long Will It Take
Wells Fargo has recently merged with Wachovia, and like Wachovia's Short Sale Fast Track Program where approvals are generally granted within 30 days, Wells Fargo is doing its part to keep property values stable by reducing the time it takes for a short sale to be approved. Once your application has been received, along with your purchase offer, your Wells Fargo short sale can be approved within 25 business days.
What are the benefits for a quick approval?
- For borrowers facing a financial hardship, a quick approval means a more positive impact on your credit report. If you are currently behind on your mortgage, a quick approval means no additional late payments. If you are current on your mortgage and are qualified for a short sale, then you will likely have no late mortgage payments on your credit report.
- Short sales help stabilize property values. Unlike bank owned foreclosures, there is more incentive for the bank to minimize their losses by selling the property at market value, instead of below, preventing the neighborhood values from plummeting.
- Your experienced Alexandria VA short sale listing agent is able to market the home, advertising to other buyer agents and the public that a quick approval is likely. This helps to encourage buyers who would normally avoid short sales reconsider them.
If you are currently experiencing difficulty paying your Wells Fargo Home Mortgage, please call Wells Fargo directly to determine your home retention options. Contact the Loss Mitigation Team directly at 1-866-903-1053.
As a Certified Distressed Property Expert and Certified Default Resolution Specialist, I help homeowners who are in distress understand their options. These options may include loan modification, forebearance, short sale, Homeowner Assistance Program (HAP) for Northen Virginia military families, or other alternatives that may be approved by your lender. Before you max out your credit cards or deplete your savings trying to keep your mortgage current, feel comfortable giving me a call at 703-623-8759.