Wells Fargo Changing Short Sale Practices
By Cindy Greenya, Cindy Greenya
(Century 21 Redwood Realty)
Wells Fargo Changing Short Sale Practices I received an update this morning from The American Banker Report in their article"Wells Fargo Curtailing Short Sale Extensions" that Wells Fargo will no longer allow extensions on their approved short sales. Out of the last dozen or so short sales that I have closed, none of them have been able to close by the original approval date. Every single one has required an extension for one reason or another - particularly when there are 2 mortgages on the property. I am interested to see how this is going to play out. So here is the real question, how much money is it going to cost us as tax payers and the banks in additional attorney's fees to give an extension on a short sale? If a week to 30 day extension is going to save the bank $20-30,00...