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Short Sale Information

Short Sale Articles

Wachovia Bank Short Sale

As one of the most popular lenders during the housing boom, Wachovia Bank has a good share of the short sale and loan modification market today. Fortunately, the bank is a portfolio lender, which means they control their own funds rather than transferring it over to investors. And because there aren’t any lien holders on the mortgage, the Wachovia Bank short sale is among the fastest and easiest in the country, sometimes lasting a mere ten days after approval. Here’s a quick guide to the Wachovia Bank short sale process to help you get started.

Getting Approved

The first step is submitting the short sale application along with the necessary documents. For most homeowners, these include bank statements, pay stubs, tax forms, the latest mortgage bills, and a hardship letter where the borrower explains his financial situation. Approval can take anywhere from a few days to several weeks, depending on case specifics.

Listing the Home

As soon as the bank agrees to a short sale, the seller (or his agent) submits the listing agreement to the Wachovia Bank short sale department. A representative will then update the file to show that the home has been listed. The borrower can then list the home in the MLS, newspapers, and other channels as a Wachovia Bank short sale. If necessary, the short sale department may request a “pre-contract” meeting with the borrower.

Approving an Offer

Banks usually give a time frame within which the borrower must find a buyer and obtain an offer to purchase. The offer is then submitted to the Wachovia Bank short sale department along with the HUD form and a ratified contract, where it will be evaluated for approval. The response time is usually between 7 to 10 business days, and may be longer if there are any junior lien holders.

Closing the Sale

Most Wachovia short sale cases close within 30 to 45 days. The closing is treated much like a regular sale, except that the proceeds are forwarded to the lender instead of the borrower. Afterwards, the loan is considered cleared (although there may be fees to pay, depending on what was agreed on) and the borrower can walk away from the mortgage.