If you have spent a lot of time with short sales, you have probably heard about the holy grail of short sale deals- Wachovia Bank. While every bank has their own short sale terms, every Santa Monica short sale agent dreams of getting a Wachovia short sale under their belt. There are a few reasons why a Santa Monica short sale agent particularly loves dealing with this specific establishment.
First, your Santa Monica short sale agent loves a bank that will carry its own loans. That means that they are responsible for approving or denying their own shorts sales. Other banks are bound to submit all short sales to investors for approval, and that process can take time and can result in difficult terms to follow or adhere to. In fact, your Santa Monica short sale agent knows that these hoops created by other banks can result in denial of an offer more often than not.
Another way that Wachovia bank is different is in the amount of paperwork required to complete the transaction. Most of the time, your Santa Monica short sale agent will work with buyers and sellers to fill out mountains of paperwork, but Wachovia only asks that you submit the buyers and sellers purchase-and-sale agreement, a loan preapproval letter from the buyer’s bank, and the listing agreement from the seller. That’s it.
If you work with a Wachovia short sale, your Santa Monica short sale agent can help set up an appointment where a representative will visit the home for an appraisal and discuss economic hardship with the seller. If there is another lender involved, Wachovia will normally require that the offer will cover the entire portion of debt to the other lender.
One of the biggest changes in the short sale process is that you can usually expect an answer within a few weeks. It’s a process that makes working with short sales simple and more beneficial for all parties involved.