Wachovia approving short Sales in under 30 Days

Arizona residents with loans that are serviced by Wachovia Mortgage. If you have fallen behind on your loan you may qualify to do a short sale that can be approved in less than 30 days in most cases. We just got one approved in 19 calendar days from submission of the package to the letter of approval.

Also if you are one of the unfortunate few who have been hit with a financial hardship, first I am sorry and feel for you, and Wachovia may be willing to give you up to $2500 at close of escrow for moving costs. This is great news to all of you that want to avoid foreclosure and be able to buy another home again in apprximately 2 years according to new Fannie Mae guidelines released in April.

Wachovia only requires a handful of paperwork
1. a signed listing agreement with the Realtor of your choice
2. A signed purchase contract between buyer and seller
3. The LSR for the buyer or proof of funds if they are paying cash
4. A hardship letter or interview with the local Wachovia Short Sale representative.
5. The HUD 1 Settlement estimate that the Realtor can get from his/her title company.

That is is, no financial documents, no tax returns, no bank statements no nonsense. They have the system down and get approvals out quickly from their underwriting department. There are many benefits to you as the homeowner as already mentioned there may be financial incentive at closing for moving costs. The chances of losing your buyer in the short time frame it takes Wachovia to approve the sale is minimal unlike when dealing with other banks. They are realistic in closing dates on the approvals typically 45-60 days, and extensions or postponements of auction dates if you are close to that date can in most cases be changed with a 5 day notice.

Most other banks take anywhere from 30-180 days in fact I just talked to Aurora this week and they say if a short sale package is submitted in May it will get reviewed in October! Some that are getting easier to deal with and approving in short time frames include Chase, Wells Fargo, and Nationstar Mortgage. For more information on this or other real estate related issues contact me directly.