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Short Sale Information

Short Sale Articles

Wells Fargo Bank Short Sale

The real estate crisis has hit thousands of Wells Fargo borrowers, many of whom are now seeking ways to stay out of foreclosure. If you’re one of them, one thing you can consider is a Wells Fargo Bank short sale—an agreement with the lender to sell your home for less than your outstanding balance and forward the proceeds to them as payment for your loan. It’s not as complicated as it sounds; in fact, Wells Fargo has a reputation for being one of the easiest banks to deal with. Here’s a quick guide to help you start out on the right foot.

Submitting your Application to Wells Fargo Bank Short Sale

The first step to a Wells Fargo short sale is putting together application package to send to the bank. This will include all the documents the bank requires, such as tax forms, bank statements, pay stubs, and your latest mortgage bills. You will also need a hardship letter explaining the circumstances of your default and your reasons for getting a Wells Fargo short sale.

Listing your Home

Once the bank has received and approved your application, you can find a realtor to help you list and market your home. You will have to send the listing agreement to the Wells Fargo short sale office along with a list of comparable properties to justify your price. Be prepared to furnish any other relevant documents, such as information about your home and mortgage contract.

Evaluating an Offer

You usually have a set period within which to approve an offer to purchase. Once you’ve found a potential buyer, send the bank a copy of the offer, the buyer’s preapproval or prequalification letter, and anything to provide information on the escrow account. Also include a title report showing any liens there are on your property—this will tell you if there are parties other th an the bank who have to approve your Wells Fargo short sale.

Selling the Home

After all terms have been agreed on, you can proceed to closing the sale and clearing your mortgage. You, the buyer, and your respective agents will all be present to officially turn over ownership of your property. You will also settle your mortgage with Wells Fargo by handing over the proceeds of the sale. Depending on what you agreed on, you may also have to pay fees for deficiency, processing, and other related costs.