What banks pay for a short sale

Specific Banks
We have worked with a number of lenders over the last four years. Some of the stories that you have read or heard about are true…and this is a new year with new stories to share with you.

Chase
Currently Chase Bank is actually sending out letters to homeowners that have Chase loans. These letters are encouraging homeowners to consider selling their homes short AND offering them up to $30,000 to move on. It is true. I successfully negotiated two short sales in the last few months where the homeowners each received a check for $20,000 at the close of escrow.

Wells Fargo
For our blog topic today I wanted to discuss working on a short sale with Wells Fargo and some of the experiences I have had. Lately I have been hearing a lot of different agents complaining about working with Wells Fargo on a short sale file. My team and I have a lot of short sale success with Wells Fargo and that is because we understand how they do business. Wells Fargo is incredibly detailed when it comes to reviewing your short sale file and we make sure that every file submitted is accurate and detailed. If you have been hearing anything negative about the Wells Fargo short sale department lately it is probably because of the agent and not the bank.

Bank of America
Bank of America has received a bad rap in the last couple of years but I have to share with you that they have improved tremendously. I am getting short sale approvals with one or two BofA loans in 2-6 weeks right now. Yes, that fast!

Wachovia 
I would have to say that Wachovia has the best short sale program in place that I’ve had the pleasure of handling. They come to the table with a pre-approved’ sales price so we can list the home at exactly the price and terms they are willing to accept. This is accomplished up front. The short sale approval letters are generated within a matter of weeks and then escrow begins.

I’d love to talk to you more about this subject, or anything related to short sales or foreclosures, so please give me a call today.