Wells Fargo Short Sale
Wells Fargo is one of the leading mortgage lenders in the country, and as such, has also led the efforts in offering short sales and loan workouts to borrowers. The Wells Fargo Short Sale process is known to be one of the most efficient in the industry. If you’re thinking of doing a Wells Fargo Short Sale for your home, now is the best time to get started.
Contact Your Bank
Your first step should be contacting your bank to learn more about the Wells Fargo Short Sale Services. Each borrower i s different, so it’s important to let them know your situation. Be straightforward and ask them whether a Wells Fargo Short Sale workout will work for you. I f you don’t meet the qualifications, they can suggest short sale Wells alternatives such as a loan modification or partial claim.
Contact a Short Sale Agent
Once you’ve decided that a Wells Fargo Short Sale is for you, you can contact an agent and start putting your short sale package together. A good short sale agent can help you through the whole short sale Wells process and help you gather the documents you need. Some of the most important are proof of income (such as pay stubs), bank statements, tax returns, and a hardship letter detailing your situation and explaining your Wells Fargo Short Sale request.
Your agent will then list your home on the MLS and other channels, where it will appear to potential buyers. You can also do your part and market your home on the Internet, public places, or through family and friends. The more your home is seen, the faster your short sale Wells can go and the better your chances of landing a good deal.
Submit to Your Lender
When you get a viable offer, you or your agent can submit it to the Wells Fargo Short Sale department for approval. Approval may take time because the bank has to negotiate terms with the buyer. Once your bank and buyer have agreed, you can proceed to close your short sale Wells transaction and turn over ownership of your home. In most cases, you can walk away with little to no obligations and start off on a cle an slate.