<![CDATA[JANET WILLISON, Realtor® - Blog]]>Wed, 29 Jun 2011 22:50:35 -0800Weebly<![CDATA[My First Wachovia Fast Track Short Sale]]>Thu, 19 May 2011 00:00:00 -0800http://www.janetwillison.com/1/post/2011/05/my-first-wachovia-fast-track-short-sale.htmlI closed my first Wachovia Fast Track Short Sale yesterday.  It was not completely painless but what short sale is.  What made this short sale different, though, than the HAFA program or traditional short sales?  From the time the Wachovia Fast Track application was submitted until closing was a little more than 60 days.   From the time the Fast Track form was submitted, response was approximately 10 days.  Initially the Seller applied for the Home Affordable Modification Program  or HAMP and was not approved.  She then found out she was eligible for the Home Affordable Foreclosure Alternatives Program or HAFA.  At this point when we met, the homeowner was actually ready to move on, short sell and move to the next phase in her life.  She was hopeful that the process would not drag on; the Fast Track program allowed this process to be quicker.  In this instance the homeowner's short sale had to be transferred over from the HAFA program (speaking to negotiators) in Texas to the Fast Track with a local bank negotiator. 

Just a few, but not complete, benefits to the seller are listed below:

Wachovia Fast Track
  • seller incentive stipend up to $5,000
  • full release of lien with deficiency judgment waived
  • local negotiator with knowledge of CA marketplace (Woodland Hills, CA)
  • quicker response so the qualified buyer does not walk away
  • the homeowner does not have to be late on payments
  • no hardship letter is required
  • if necessary, will conduct a pre-contract interview
  • no out-of-pocket expenses from the seller
HAFA
  • seller incentive stipend up to $3,000
  • full release of lien with deficiency judgment waived
  • negotiator in Texas
  • may take several months for an approval of the short sale requiring more documentation
  • no out-of-pocket expenses from the seller
The Wachovia Fast Track Program was instituted in southern California in 2009.  It seems that many homeowner's are still not aware of this provision and are yet to take advantage of the program.  If you hold a Wachovia, World Savings or Golden West you may be eligible.
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