Yet Another Successful Asheville Short Sale with Wells Fargo

This condo was a pretty typical Asheville short sale.  There was one mortgage with Wells Fargo.  At the time I took the listing, the mortgage was not in default, and HOA fees and property taxes were also current.  There is a misconception among borrowers that they must be in default by as much as 90 days before their lender will consider a short sale.  This was true several years ago, but is usually not the case today.

Appeldoorn condo

Banks look at a borrower’s financial hardship, and sometimes that means that a borrower is not currently in default, but default may be imminent.  I am thankful this borrower contacted me before missing any payments – because of this, we never had to worry about foreclosure proceedings and it was a very easy process.

Many borrowers ask me how long a short sale will take.  While there is no definite time frame, this short sale took just over 5 months from the time we put the condo on the market until it closed.  But it only took 60 days from the time we received an offer from our second buyer.  Our first buyer did walk away, and our second buyer (the one that did close) needed financing.  It’s quite common for a borrower to walk during a short sale, and so it’s important that the property be priced aggressively to attract multiple offers.

My advice to borrowers who are contemplating a short sale is this: do not wait to ask for help, or to at least ask for more information.  Give me a call or send me an email anytime, and I’ll gladly give you as much information as I can.  Short sales are not right for everybody, but they are better than a foreclosure.  And when they are done quickly and without the borrower going into default, there is less damage to the borrower’s credit rating.

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