Wells Fargo

Not even a shoot out could stop this Wells Fargo short sale!

Short sales are almost never smooth sailing – but this one came with more than its fair share of "disturbances".

Before calling me, my client had been listed with a Realtor with no real short sale experience – which had resulted in nothing but the house sitting on the market as 6 months passed with zero progress. Now facing foreclosure,  my clients situation had become time sensitive. We listed the house with a price improvement, and not long after a cash buyer was secured.

Then the unthinkable happened. As the buyers were at the home, a hostage situation broke out…the neighbor decided to hold his family hostage and my listing quickly became a crime scene. Police broke…

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…

Wells Fargo - Oh where did you go wrong? You had it so together once...it seems those days are long gone now, aren't they?

This particular short sale was a Wells Fargo double header - A Freddie Mac first with Wells, and a Wells HELOC. This fun combination always requires a few things -For Freddie Mac to demand a note or cash, refuse in excess of "X" to the second and for the second to play hardball and only give a lien release...which is exactly how this short sale went down. This time though, we were able to get the note and cash contribution waived for the first, however the second would not budge and the client is forced to deal with the making some arrangements with the second after Freddie Mac and their first have disappeared from the…

Wells Fargo, once one of my favorite short sale lenders to work with has really gone down the tubes with their short sale processing. It seems they are overwhelmed, understaffed, and generaly a complete mess lately. What used to be a 4-6 week approval process has now turned into several months. I'm not sure where Wells Fargo went wrong, but I recently heard they were moving to Equator - following in the footsteps of Bank of America and GMAC. Equator is a step in the right direction for any lender and in my experience really expedites the short sale approval process, so I hope this is not just a rumor, but fact.

This particular sale started slow and followed suit all the way to the end. It took three months to find a buyer for this home, during which…

I personally like working Wells Fargo short sales. It seems they have slowed down some in the last year but they are still reasonable to work with and their approvals dont take FOREVER.
This particular sale was challenging as it had three separate loans with Wells Fargo. Furthermore, the first was owned by Freddie Mac, who has recently picked up some very nasty short sale guidelines that make working with seconds near impossible.
Freddie Mac now refuses to allow more than $3,000 to go to any second, and goes even further to disallow any seller contributions to the second as well.
What used to happen was that when a second mortgagee wanted more than the first would give, a party to the sale could simply pay in the difference. So if a first lienholder was…

ASC cuts off nose to spite face - A Connecticut short sale success story

Owed:

ASC (Wells Fargo): $220,000

9 other random liens: $21,000

SOLD: $102,000

After a year of being listed with another agent at a too-high price, ZERO price reductions and no marketing except a single mls pic and a lot of misinformation ( including the wrong bed/bath info) these sellers were on the brink of foreclosure when they called me fall of 2009. 

About a week after a price correction and full marketing, a buyer was secured willing to pay $157,000. Negotiations with ASC began. Unfortunately this property came with some extra baggage - 9 non-mortgage judgement liens totalling just about $21,000. I requested a modest payoff on these from ASC. After many…

An ASC Short Sale Success...4 lienholders...not a pretty or quick affair..but SOLD!

Usually I give kudos to ASC (Or rather Wells Fargo who owns ASC) but not much this time. Though I usually find Wells Fargo to be on the ball, I have to say I was rather disapppointed this time.

A buyer was secured in December...we just closed last week...May...almost 6 months later. I was not highly impressed with my particular short sale negotiator...she was slow...inefficient...and unorganized. In fact several times throughout she accidentally closed my file, each time leaving me with hope a new negotiator would be assigned upon "re-opening"...but no such luck.

Also complicating matters were the 3 junior lienholders...each a nightmare in their own special way.…

I recently closed a short sale with Wells Fargo Financial and had a very pleasant short sale experience. Wells Fargo Financial has a new process to pre-approve and expedite their short sales.

Owed: $400,000

Closed $299,900

5 days for Wells to complete BPO and preapprove "quick sale" price.

5 more days on market at quick sale price to secure a buyer.

10 days for Wells Fargo to approve the sale.

27 days for all parties to prepare to close. 

5 minutes for my Wells negotiator to review and approve the final HUD-1.

47 days total from list to close.

By far the smoothest short sale I had ever experienced. And if Wells Fargo can do that.....Well what's the hold up...BofA...Chase...GMAC....?????

Facing foreclosure in…

I recently closed a short sale with Wells Fargo Financial and had a very pleasant short sale experience. Wells Fargo Financial has a new process to pre-approve and expedite their short sales.

Owed: $400,000

Closed $299,900

5 days for Wells to complete BPO and preapprove "quick sale" price.

5 more days on market at quick sale price to secure a buyer.

10 days for Wells Fargo to approve the sale.

27 days for all parties to prepare to close. 

5 minutes for my Wells negotiator to review and approve the final HUD-1.

47 days total from list to close.

By far the smoothest short sale I had ever experienced. And if Wells Fargo can do that.....Well what's the hold up...BofA...Chase...GMAC....?????

Facing foreclosure in…

I recently wrote about an unusual experience I had with Wells Fargo where just after sending in my list agreement and my authorization, I received a call from Wells wanting to pre-approve the short sale.

They immediately had a BPO done and I got a call the following day from my negotiatior. He shared the BPO price with me and asked my opinion on what we should price it at to definately move it in 30 days. I gave him my opinion, we dropped the price and 5 days later we secured a strong buyer at list price.

Now here's where I got a little nervous. My negotiator told me he could personally sign off on the approval if the loss was under a certain amount - not the case here. With such a large loss he had to get "investor approval"...but assured me this…