I recently completed my short sale package for Wachoiva short sale to Wells Fargo. The rep states I'm missing the fast track form... What is a fast track form? and where can I obtain one? Thanks in advance for any assistance.

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Hi Tinarsha, you would need to contact your area Short Sales Manager for Wachovia. I attached the one that is used for my area in Southern California.
Attachments:

Hi John,

 

I am doing a Wachovia short sale now.  Thank you very much for the form you share with us.  I would like to know have you done any short sale success with that  local short sale manager?  Also, What is the differences between Wachovia fast track and HAFA? What is the advantages and disadvantages of Wachovia Fast Track ? What is the advantages and disadvantages of HAFA?

I called Wachovia short sale department today ( 888-308-3963) and none of them heard Fast Track program. They only know HAFA and the traditional Wells Fargo Short sale.

 

This is my contact inforamtion

213-453-2046

kendrachui@gmail.com

 

Thank you very much. 

You should be able to obtain one from the rep. I have one...but it gives the reps information on it. Also...just and fyi -- I just went rounds with them because they do not allow electronic signatures on the contract and their fast track form states it can be approved in 10 days...well, that is only if the seller didn't qualify for HAFA. My package has been in with them for over 30 days...and it is still in review.
If I can help you are welcome to send me an email: tntdavis@gmail.com
Good Luck ~~
Hello Tammy,

Thanks for the reply, the rep sent me the form this morning! Thanks also for the heads u on the non acceptance of electronic signautre, lucky for me I was able to obtain wet signatures on this contract. But, I'm defintiely a fan of doc u sign:-) . My clietns did not qualify for the loan mod and was advised to short sale & offered relocation assistance. I hope to have an approval within 7-10 days. (at least that's what I've been told)

Have a Wonderful Day!

Thanks for posting this John, I'll add it to the site.  If you ever run across any other missing forms that you guys have, please post them!

I contacted Wachovia regarding short sale package I am going to submit.  The person who answered the phone in Short Sale Department doesn't know what is Fast Track Form.  I called 3 times they all told me within 48 hours after they received the short sale package they will assign a case manager.  Up to 12 business day they will either deny or approve the short sale.  Is that correct?  It is completely different from the messages I read from all of you.  The short sale department number I called is 888-308-3964. 

 

How many days does it take to get the short sale approval letter.  Anyone has the most updated information?  Thank you very much. 

I just initiated a Wachovia short sale.  I guess I officially initiated it 3 weeks ago when I contacted the area SS Manager directly - he answered the phone!!  Since the sale date was less than 3 weeks away he stopped the sale - here is what he told me:  he can only stop the sale in 2 ways:  1.  with an offer from a buyer, or 2. the house listing agreement and the seller applies for HAFA.  He also told me he had to have a minimum of 12 days prior to the sale to stop it.  He did not even ask for one thing from the seller to stop the sale - he did it after our phone conversation.  They then sent my seller a HAFA package which she returned.  The sale was postponed for 30 days.  Now we have an offer.  He said if the price is within around 5-10% of market value, he can get approval in 3-4 days.  We will have 30 days to close.  IF the buyer is approved by Wells Fargo they will extend the escrow period if the loan is taking a little longer.  IF the buyer is NOT approved with a Wells Fargo lender, they will NOT under any condition, extend escrow if the loan is not ready.  Makes for a darn good reason to have the buyer get a Wells Fargo loan.  The buyer will have a choice to do HAFA or the Wachovia Fast Track.  HAFA gives $3000 to the seller to relocate, Wachovia can give up to $5,000.  Wachovia is fast and no financial documentation is needed.  Unlike HAFA.  No reason to go HAFA - so I have recommended the fast track.  We will be done in 40 days, so he says. I'm liking it.  I am in Ventura County CA and we have one very proactive SS Manager who was brought back out of retirement to do this.

Hi Maggie,

 

Thanks for sharing your experience.  It is quit different from my experience.  I contacted the bank after I submitted the short sale package.  The person who answered the phone told me this short sale has assigned to a short sale processor.  I spoke with the short sale processor.  Her office number is 210 area code.  She told me with HAFA the homeowner will get up to $6000.00 incentive, we can negotiate the short sale price after it is approved.  She said with Wells Fargo short sale, no incentive, once the short sale price is approved no more negotiation.  

I have couple questions.  Hope you can help me

 

- Did you fax in the short sale package first  then they assigned you an area SS manager or you contact the local SS manager before you fax in the short sale package.   I called 3 times to Wachovia and they only asked me to fax those paperwork: hardship letter, HUD, Purchase Agreement.   I am in Los Angeles County CA. 

 

- My client did loan modification and got approved and had passed the trial period already.  Do you think because of the loan modification Wachovia prefer the homeowner goes with HAFA?

 

Thank you very much. 

Hi Kendra,

 

We have such a wonderful SS Manager working Ventura County (he says he does part of LA county also). so I called him first and he said to send him the LOA - Letter of Authorization and the listing agreement with the short sale addendum.  that was it.  He put in some type of request for a HAFA short sale and got a 30 day postponement on the foreclosure sale date.  Then he had a HAFA package sent directly to the seller, and she returned it.  someone from Wachovia also called my seller and she spoke with them.  I have not had to send him her hardship package at all.  Today I sent him the offer to purchase , the HUD-1, and some comps.  He emailed me saying he wanted the stuff in 3 separate files, which I will do tomorrow. (why didn't he tell me that to begin with?????)    Cooincidentally, he spoke at my office meeting yesterday.  I had a private meeting after that I had already set up with him and then two hours later he went to my client's house - and met with her, asked her a few brief questions - basically told her that with the fast track program, he might be able to get her 5K, where HAFA was only 3K.  He also told me that just till 2/28 there is a $1,000 bonus in place for the listing agent who closes in 30 days.  I plan to get that bonus - but he told me not to put it on the HUD - he will arrange it later.  AWESOME!

Hi Maggie,

 

Thank you very much for the info.  Do you think I can work with the SS Manager?  The listing is located at Norwalk ( zip code 90650).  I have all paperwork. I called Wachovia short sale department ; they told me they  never heard the fast track program.   I really want to know whom should I contact if I want my client do the fast track instead of HAFA. 

 

Here is my contact information

 

Kendra Chui

Cell: 213-453-2046

EMail: kendrachui@gmail.com

Fax: 213-234-4538

 

Thank you so much. 

Hi Kendra,

 

You can contact Ted who is our area manager in California. He is great. Just reach out to him.  His phone number is on the Fast Track form I sent here. My Wachovia short sale closed very quickly because i had a very good qualified buyer.  You may have a Wachovia short sale ready to go but all of our situations are different so do not get caught up and waste time.

Thank you very much, John.  I email him everything he requested yesterday.  How long does it take for him respond to you after you submitted all paperwork to him?

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