As a Realtor, I am aware that short sales are here to stay for the next few years. It’s a fact that I prefer to ignore. I’m invited to attend short sale seminars by the dozens. I’m asked to embrace them as a way of life in the Real Estate World. I have yet to represent a short sale seller, by my own choice. I refer the business to someone who has the patience to deal with the lenders, the seller, the calls, the faxes, the lost paperwork, etc.

I have, however, represented many buyers in short sale transactions. Until recently, these transactions were a waiting and wondering nightmare that cause buyers to say “Why won’t anyone take my money?! All I want to do is buy a house. I have a 30% down payment and I can get a loan, why won’t anyone [seller’s lender] talk to me?” When the buyer has been complaining this way for 8 or more months, it’s hard to offer an adequate explanation. There really is no good answer. That is, until recently.

This week, my buyers received lender approval on a short sale offer we made only six weeks ago! Yes, that seems like lightening speed compared to four, five, six months with no response. Additionally, this lender is providing the seller with a $5000 move out credit. That’s right, real money to move for a seller that has been hit hard with financial woes. Amazing.

So, who is this magical lender with the power to respond to offers in 7-10 business days or less? Who can close a real estate transaction in an average of 37 business days, start to finish? Who is this lender that provides local contacts who understand our market conditions? Who is it?

It’s Wells Fargo Home Mortgage – formerly Wachovia. Wells Fargo Home Mortgage has developed a field short sale program where field managers are assigned areas where they will provide outreach to sellers about their options regarding short sales. These same managers provide a point of contact to the Realtor Community as well. In fact, the very person who approved our short sale in six weeks spoke to our local Chapter of Realtors this week in Petaluma. I was so impressed that I went up, introduced myself and shook his hand. Thanks, Sam Bedros!! You may make a short sale believer out of this Realtor after all.

Posted by:Martha O’Hayer