Late last week Wells Fargo Bank sent out an email to all escrow officers, currently handling short sales. The message was fairly disturbing. Wells Fargo says as a result of “industry changes” they will no longer be granting extensions on short sale approvals. This means if you get a short sale approval letter from Wells Fargo, your short sale must close by the date they tell you or else the sale will be cancelled. As a buyer this means you could do everything right from day one, but if there are any problems at the end and your lender can’t close right on time, you will loose the property. Up until last week, the listing agent could contact Wells Fargo and ask for an extension and it would usually be granted if there was a good reason for it. Closing transactions on time in this market is always a problem, this just puts even more pressure on an already tense situation. Since Wells Fargo cited “industry changes” as the reason for implementing this new policy you can be sure other major lenders will follow suit. The other earth shaking announcement in this email deals with trustee sale dates. As your agent processing your short sale I used to be able to get trustee sale (foreclosure) dates postponed as long as we were working on a short sale. I could call WF as little as 5 days before the sale date and get it delayed as long as we had submitted a complete short sale package and offer to them. According to what they broadcast last week, this is no longer the case. If they tape a sale notice on your door, that is the date they will stick to. This has huge implications for anyone who is in any state of default with WF. If you have received a notice of default from WF, you are in foreclosure and the clock is ticking. You can no longer wait until the 11th hour to start the short sale process. From the time the notice of default (NOD) is issued you have four or five months before your house will be sold at a trustee’s sale. Once that sale takes place there is no way to keep you out of foreclosure. This is all somewhat complicated but has huge implications for you as a consumer. Please contact me if you have any questions!

for more information please visit our website at http://www.edelmans.com

San Diego Homes For Sale,San Diego Home for Sale,San Diego Short Sale,San Diego Short Sales,Short Sale Expert,Eric Edelman,www.edelmans.com,Rancho Bernardo Homes for Sale,Rancho Bernardo Home for Sale,Rancho Bernardo Realtor,San Diego Realtor