Wachovia Short Sales Made Easy

Last week we had an office meeting where a representative came in and talked to the agents about Wachovia's new accerated short sale approval process. If you have a Wachovia or World Savings mortgage, this blog may interest you. Wachovia has just launched a streamlined process for getting short sales approved and closed.

Here's the difference between what you can expect in a typical short sale versus Wachovia's new streamlined process:

Typical                                                                          
Lender won't even talk with you until  you submit an offer
Wachovia
Listing agent contacts a personal representative right when you sign a listing agreement

Typical
Owner typically doesn't speak with any consistent lender contact
Wachovia
Personal Lender rep. meets with seller at seller's home and conducts confidential interview

Typical
Accepted offer is sent to lender along with financial hardship package. There's usually at least 3 weeks before a negotiator is assigned. Once assigned, they order a Broker Price Opinion or Appraisal. As long as they don't lose the package or switch negotators, you may get an answer in another 4-6 weeks. My last one took 4 months and that one was suppose to be "easy". There are cases when this may take a shorter time depending on other factors.
Wachovia
Accepted offer is sent directly to local sales rep and an answer is expected within a week!

Wachovia still needs to see that the owner is in a financial hardship position prior to approval a short sale. If the owner wants to stay in the home, they will first attempt a loan modification. Either way, Wachovia has set a tremendous precedence for streamlining the short sale process. Way to go Wachovia!