Great article from one of my fellow coaching students, read and let me know your thoughts:
Check this out…Wachovia is setting the benchmark for the Short Sale process…the days of 30, 60, 90 days waiting for a short sale approval are over.
Today on a call with Robert “Bobby” Jackson; Asset Manager, Wachovia we were treated to one of the most exciting and industry moving initiatives that will change the way Real Estate is bought and sold for many years to come.
“Wachovia Short Sale”…as it’s branded…was rolled out in Northern California and has been a huge success. Wachovia is partnering with Real Estate Agents to expedite offers on short sales. Imagine…45 days to close a short sale…that’s 45 days from the day the offer is sent to Wachovia. This “Best Practice” will change the way short sales are done by every bank…nationwide and it’s brilliant!
Of $160Billion in real estate loans held by Wachovia, $80Billion is in California!!! Wow…Of this…30,000 of Wachovia’s California mortgages are 60 days + late with no notices of default…People need help…Our economy needs help!
Tim Harris comments: On this call Mr.Jackson revealed some simply startling facts. For example: In California alone there are currently 110,000 homeowners who are now 60 days late. In other words, on the path to foreclosure. Oh..and thats JUST FOR WELLS FARGO AND BOA. The actual numbers are certainly considerably higher. He also revealed that in the Bay Area of California they are approving short sales that are for 10% of the previous bubble price. Example, a $350,000 house that just sold short for…..$35,000. When we asked what they thought the near and long term future of the real estate markets were….’do you see any bottom to the markets anytime soon’…his answer was that they see no bottom and that all the national lenders he has spoken with are expecting things to get significantly worse.
With pressure on banks to dump bad assets…banks have been bundling these mortgages and selling them for pennies on the dollar just adding to the foreclosure epidemic. With moratoriums placed on foreclosures, Wachovia’s pro active measures will set the standard for mortgage economic recovery.
As you may know…Wachovia was bought by Wells Fargo and the “Wachovia Short Sale” is only a test…but it has the potential of changing the Real Estate industry. You’d think the geniuses that run Chase/WAMU and BofA/Countrywide would follow this program and embrace the successful trail that Wachovia’s cut.
What next…Wells Fargo must expand this program nationwide and do it’s part in Helping Homeowners!
This initiative has the potential of changing our economy. The stigma of the short sale is no more. Buyers will make offers on properties knowing that they will get a response in a few days…not months.
“Wachovia Short Sale” is Epic!
As always…thanks to Tim & Julie Harris…Harris Real Estate University for teaching us the Secrets to the Short Sale!
