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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/wells-fargo/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <guid>http://www.homesbyminna.com/blog/central-ct-wells-fargo-fha-short-sale-just-10-short-weeks-to-a-happy-ending.html</guid>
            <link>http://www.homesbyminna.com/blog/central-ct-wells-fargo-fha-short-sale-just-10-short-weeks-to-a-happy-ending.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Central CT Wells Fargo FHA short sale - Just 10 short weeks to a happy ending!</title>
            <description> <![CDATA[ 
This Colchester, CT homeowner was at the end of her rope as even FSBO efforts to sell while saving money had not ended in a successfull sale of her upside down property.


Little did we know that this particular short sale would be among the simplest and smoothest I have ever seen.


Since the loan was FHA (which offers short sale preapproval) we sent a complete short sale package at the same time we entered the market at an aggressive price. Just 18 days passed until we secured a strong buyer. Less than two weeks later we had the ATP - Approval to Participate - in the FHA short sale program.


We quickly sailed through inspections, appraisal and final approval...and this Wells Fargo FHA short sale closed 5 weeks later.


OWED: $180K


APPROVED AND CLOSED: $167K with full debt forgiveness and $1,000 seller incentive


TOTAL TIME FRAME LIST TO CLOSE: 10 WEEKS
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            <pubDate>Thu, 03 May 2012 10:21:08 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/not-even-a-shoot-out-could-stop-this-wells-fargo-short-sale.html</guid>
            <link>http://www.homesbyminna.com/blog/not-even-a-shoot-out-could-stop-this-wells-fargo-short-sale.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Not even a shoot out could stop this Wells Fargo short sale!</title>
            <description> <![CDATA[ 
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 Manchester, CT home 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 into my clients vacant home and used it to position their snipers. A stand off with the neighbor and police followed, resulting in the man being gunned down by police...The buyer was caught hiding behind his car to avoid gunfire.


The buyer walked soon after. 


Back on market with another price correction, a new buyer - one who was not bothered by the events that had taken place at the home, was secured. However -Wells Fargo refused to accept that the hostage  situation had had an impact on the value of the property. Sheesh.  Weeks passed as we attempted to dispute the value of the property with the lender.


Eventually Wells Fargo saw the light and revised their value, giving us an approvable short sale. Several more weeks passed as we negotiated cash and note demands with the mortgage insurance company, until finally  the stars aligned, and almost a year after my sellers plight to sell her house began - this Wells Fargo short sale closed.


Never a boring day in the life of CT short sale agent!
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 14:10:37 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-ct-wells-fargo-short-sale-success-wells-transitions-to-equator-and-we-pay-the-price.html</guid>
            <link>http://www.homesbyminna.com/blog/another-ct-wells-fargo-short-sale-success-wells-transitions-to-equator-and-we-pay-the-price.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another CT Wells Fargo Short Sale Success - Wells transitions to Equator and we pay the price!</title>
            <description> <![CDATA[ 
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
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 14:05:56 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-very-painful-wells-fargo-short-sale-success.html</guid>
            <link>http://www.homesbyminna.com/blog/another-very-painful-wells-fargo-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another very painful Wells Fargo short sale success</title>
            <description> <![CDATA[ 
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 Wallingford, CT 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 picture.


Working with Wells Fargo has really been a disaster lately. I dont know if they're having some internal issues or what, but it seems files sit endlessly before a negotiator gets in contact. Furthermore - the contact info for the negotiator is NEVER released until the negotiator decides (on their own timeline of course...) to initiate contact. Now this is great when they are timely, but few are, at least anymore. We used to have a pretty successfull system for guessing the negotiators email address, however - they've since gone to a new email addressing system. I guess they realized people were catching on.


The HELOC department at Wells is a joke. This time, we were able to gain a phone number and extension for the negotiator there, but that was futile as she never answered the phone, and promises of returning calls in 48 hours were not usually met. Even at the very last hour when final HUD approval was needed, Wells refused to make any exceptions to their 48 hour response time "rule" and we all waited anxiously biting our fingernails hoping that we would in fact be able to close before time was up - which we eventually did.


Wells Fargo - You used to have a B+ in my book, but the veils of secrecy, ridiculous wait times, and unhelpful negotiators have ground you down to a SOLID D. Just over being a complete failure.


I heard a rumor you're moving over to Equator? Please, please, TELL ME IT IS SO!!!
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            <pubDate>Tue, 29 Nov 2011 08:38:54 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/a-wells-fargo-fha-short-sale-success.html</guid>
            <link>http://www.homesbyminna.com/blog/a-wells-fargo-fha-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A Wells Fargo FHA short sale success</title>
            <description> <![CDATA[ 
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 Manchester, CT 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 Wells Fargo refused to move the FHA preapproval along despite the fact that all FHA short sales go through this preapproval process as soon as requested and before a buyer is obtained. While Wells Fargo dragged their feet, a buyer was eventually secured. Another 2.5 months dragged slowly by as Wells lost paperwork, refused to return emails or calls, and we ended up with a horrible negotiator who truly seemed to enjoyed being nasty and rude, denying us information and dragging the short sale process along at a snails pace.


After a lot of persistent nagging eventually an approval was secured and the cash buyer closed just a week later.


OWED: $170,000


SETTLED IN FULL: $61,000
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 08:35:24 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-connecticut-short-sale-success-with-wells-fargo.html</guid>
            <link>http://www.homesbyminna.com/blog/another-connecticut-short-sale-success-with-wells-fargo.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another Connecticut Short Sale Success with Wells Fargo!</title>
            <description> <![CDATA[ 


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 willing to pay the second $3000, but the second wouldn’t release for less than $5000, the seller could simply bring the additional $2000 to close to make up the difference, and everyone walked away happy.THIS IS NO LONGER ALLOWED WITH FREDDIE MAC. I’m not sure what Freddie hopes to accomplish with this, except to end up with more foreclosures, but then again, I have never suspected the banks have a clue as to what is actually good for them.Where we got “lucky” was that the second and third did not kill the sale over the $3,000, but agreed to take it for a lien release only. Unfortunately this left my seller to have to settle on the balance after closing once Feddie Mac was out of the picture, although the negotiator had many reasonable ideas as to how that could be accomplished.After multiple delays on the buyers lenders end ( which has now become an expected fact in every sale) we managed to close - even if 4 weeks late.


 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 14:58:09 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/asc-cuts-off-nose-to-spite-face-a-connecticut-short-sale-success-story.html</guid>
            <link>http://www.homesbyminna.com/blog/asc-cuts-off-nose-to-spite-face-a-connecticut-short-sale-success-story.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>ASC cuts off nose to spite face - A Connecticut short sale success story</title>
            <description> <![CDATA[ 
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 weeks of back and forth with my negotiator, ASC flat out REFUSED to pay ANYTHING towards these liens.


The buyer walked. Left with no way to pay the liens, we decided to sell the house with the liens attached. Long shot - but the only hope.


After a second buyer came and went and we rolled through a few more negotiators, a third and final buyer was secured. This cash buyer was willing to pay $102,000 for the property, and he was willing to deal with the junior liens.


Several more weeks of run-around followed, until ASC APPROVED THE SALE FOR $102,000.


We closed the short sale last week (May 2010) and both seller and buyer went along their merry way. Unfortunately, along the way ASC also killed their chance to collect and additional $55,000 in proceeds by refusing to address $21,000 in junior liens in any way. GO FIGURE!


10 signs you need a short sale 
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 10:02:21 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/an-asc-short-sale-success4-lienholdersnot-a-pretty-or-quick-affairbut-sold.html</guid>
            <link>http://www.homesbyminna.com/blog/an-asc-short-sale-success4-lienholdersnot-a-pretty-or-quick-affairbut-sold.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>An ASC Short Sale Success...4 lienholders...not a pretty or quick affair..but SOLD!</title>
            <description> <![CDATA[ 
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 for this Avon, CT home 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. After many phone calls with collectors, each leaving me wanting to tear my hair out, a level of acceptable compromise was reached...and we were ready to close.


Back to ASC for a final HUD approval...although this is usually a few day event...this time we were looking at much longer. Several weeks followed with more aggravation. Thanks to everyone's persistence...and with special recognition to my seller's attorney - by far the finest real estate attorney in all of Connecticut and one that I recommend EVERY TIME to my seller's for this particular reason...Finally the okay to close!


But wait! The morning of closing revelaed a threat of new litigation against the property. It was a race to town hall to see who could record first.


Luckily it was us.


A nightmare ASC short sale CLOSED!


CONSIDERING A CT SHORT SALE?
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 09:53:20 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/approved-and-closed-a-pre-approved-wells-fargo-short-sale-smoothest-short-sale-ever.html</guid>
            <link>http://www.homesbyminna.com/blog/approved-and-closed-a-pre-approved-wells-fargo-short-sale-smoothest-short-sale-ever.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Approved and closed: a pre-approved Wells Fargo short sale - smoothest short sale ever.</title>
            <description> <![CDATA[ 
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 Connecticut? Don't just walk away! 
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 09:49:53 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-connecticut-wells-fargo-short-sale-succes.html</guid>
            <link>http://www.homesbyminna.com/blog/another-connecticut-wells-fargo-short-sale-succes.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another Connecticut Wells Fargo short sale succes! </title>
            <description> <![CDATA[ 
I recently closed a Meriden, CT 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 Connecticut? Don't just walk away! 
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 09:37:03 -0600</pubDate>
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