Another CT Wells Fargo Short Sale Success - Wells transitions to Equator and we pay the price!

This double Wells Fargo short sale (WF first and a WF HELOC) started out like many others. Wells (who was once my favorite lender), has only gone downhill in the last year or so. After a securing a buyer for the property and submitting a full package, Wells began their usual fumbling around. After a BPO came in too high, Wells countered and no agreement was ever reached on price...so the first time around, our short sale was left dead in the water and we started over.

Soon a second buyer was secured, and at exactly this time, Wells decided to move all their files over to Equator. Equator is a software platform that automates short sale processing. Equator has proven to be an improvement for every lender who has transitioned to using it, however it usually takes the negotiators a few months to learn to use the program efficiently.

While Wells staff transitioned to Equator, the processing on our file slowed to a crawl...weeks passed as we pushed Wells Fargo to take action.

Making matters more complicated was the fact that only the 1st loan moved to Equator, and the HELOC was handled separately and manually. Contrary to popular belief, having two liens with the same lender usually doesn't make it any easier to negotiate a short sale, as both are still handled separately. They dont just "work it out amongst each other".

Finally an approval was issued by the first, and the HELOC followed soon after. The first was a full settlement, with zero seller contribution. The approval from the HELOC was a lien release only - which has seem to become standard fare for the Wells Fargo Freddie Mac owned first coupled with a Wells Fargo home equity line of credit.

Once our problems with Wells Fargo were solved, it was time for the buyers lender (who else but Bank of America) to kick us around. Delays on top of delays followed, ending with their final ridiculous condition - REMOVE THE DISH  -  OR ELSE!

My sellers removed their dish off the roof and soon after, this Wells Fargo short sale closed.

OWED: $400,000

APPROVED AND CLOSED: $290,000