Wells Fargo Commitment to Short Sales

I Received this today and thought it was important to share with all those who have a Wells Fargo Mortgage.

The spring selling season is upon us and opportunities abound to boost the housing market and get it on a positive track. We have the advantages of low interest rates, affordable housing stock and the homebuyer tax credits that expire within just a few weeks. We also have an ever-growing supply of short sale inventory – and the sooner those houses can be sold, the better for all involved. Wells Fargo is ready to help.

April 30 is quickly approaching
The homebuyer tax credits have been pivotal in helping move inventory. At this time, it appears that the government will not offer another extension. Any first-time or move-up buyer who is interested in taking advantage of the tax credit must have a binding sales contract by April 30, 2010 – with the home purchase completed by June 30, 2010. Our team is ready and eager to help your clients meet this deadline.

Time is of the essence
Short sales remain significant factors in today’s marketplace, allowing more prospective buyers than ever to become homeowners. Because these transactions are more complex, it is imperative that real estate and lending professionals work efficiently as coordinated teams to help our customers.

We are committed to accelerating the short sale process. In fact, for those loans we hold in our portfolio, we have already undertaken efforts to streamline the sales approval process. The majority of the loans we service, however, are owned by other investors. So in many cases, Wells Fargo must obtain the approval of the first and any second mortgage investors. Our goal in these situations is to move the process along as quickly as we can.

We all have important roles to play
Great opportunity exists for those who choose to seize it. By working together, we can make homeownership achievable and sustainable for more individuals and families.