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This was the announcement from Wells Fargo:

Wells Fargo Short Sale Update – as of September 15, 2010.

My Wells Fargo negotiator just shared with me their new short sale criteria effective immediately.

Short Sales with Wells Fargo that have a foreclosure date pending in the next 0-10 Days, files will be closed, rejected, returned to agents as declined.

· They are to be removed from Wells Fargo system immediately

· No more delays

· No more foreclosure extensions will be granted

Short Sales with foreclosure dates of 11+ Days must be closed in 30 days or Wells Fargo will proceed to foreclosure

· No more delays

· 45 day approval is no longer on short sales with foreclosure date assigned

· Must have Formal Wells Fargo approval letter, approval from any Jr. Liens

· Proof of funds if cash buyer, and Commitment letter from lender for buyer

Short Sales without a No scheduled foreclosure date

· Continue to work as current process

· Approval provided by Wells Fargo will be 60 days on these

· However, if foreclosure date is set at any time, closing process moves to above process and timeframe immediately reduced to a 30 day close or Wells Fargo will foreclose

Please note: If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted.

Our office just got a Wells Fargo Short Sale property with a trustees sale date scheduled for October 12th postponed to December 13th! 

Never give up even if the bank states they are not postponing trustee sale dates to complete a short sale!!