Hi there everyone we are Jesse Moore and Dennis Pearce with Pickett Street Properties, certainly one of Seattle’s premiere short sale teams. Right now we are speaking about Wachovia. Wachovia no longer exists because it was taken over by Wells Fargo. Wells Fargo has been treating these files independently.
I began a short sale with Wachovia and it was going amazingly. I had an approval in 14 days and some months later I obtained approval and the client walked. Well, I was questioning why with Wachovia I received approval in weeks and then it was taking about 2 months to get approval at Wells Fargo. I talked to somebody at Wells Fargo and they stated Wells Fargo is applying their short sale policy to the complete Wachovia portfolio to bring them into the umbrella. I guess if you’ve taken over an organization it’s important to migrate them over into your system. It was unlucky that I happened to be a part of that transitional period.
The thing to know when you have a Wachovia mortgage, they aren’t as straightforward as they used to be. I’d additionally say in case you perform a little research on pay to play loans. Wachovia is actually paying sellers $3,000 and up to short selling their homes. Understand that these are loans that they own, not on loans serviced by Fannie Mae or Freddie Mac.
Another factor to know is chances are you’ll be eligible for moving expenses of $3,000 if you’re short selling on a Wachovia loan. You probably have a mortgage serviced by Wachovia and also you’re thinking about a short sale, give us a call. Once more, we are Jesse Moore and Dennis Pearce with Pickett Street Properties, considered one of Seattle’s premiere short sale groups and we’re here to help. Thank you.
For more information on short sales and how to avoid foreclosure, visit the Pickett Street Properties blog or you can also contact Pickett Street and get started today.