Real estate blog entries tagged with wells fargo short sales by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster Real Estate)

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wells fargo short sales: How Long Does Wells Fargo Take to Release a Client From Bankruptcy? - 11/14/12 11:13 AM

How Long Does Wells Fargo Take to Release a Client From Bankruptcy?
It's not often I bash Wells Fargo. I find their Short Sales to be among the easiest to work. Their paperwork requirements and time frames are up front and they tend to stick to them or deliver their decisons before the time frame is done.
My beef with Wells Fargo right now is how they are handling a Short Sale Seller I am representing who has had their bankruptcy dimissed. It was dismissed by the bankruptcy court in mid-September. The court order dismissing (not discharging) the bankruptcy was sent … (13 comments)

wells fargo short sales: Wells Fargo is Being Sued by the Federal Government - 10/09/12 07:07 AM

Wells Fargo is Being Sued by the Federal Government
Just saw a blip come across my Twitter feed from The Wall Street Journal, that the Federal Government is filing suit against Wells Fargo for behaving recklessly when issuing FHA loans. And apparently the damages sought are hundreds of millions of dollars.
So let me get this straight? The Federal Government, feeling the pain of more FHA loan defaults than they ever thought they'd see, want retribution. Great! How about the Federal Government continuing to help home owners in distress that end up in Short Sale or Foreclosure by extending the Mortgage … (46 comments)

wells fargo short sales: Why is Wells Fargo Hiring Negotiators That Can't Read HUD-1 Settlement Statements? - 03/08/12 01:44 AM

Why is Wells Fargo Hiring Negotiators That Can't Read HUD-1 Settlement Statements?
When it comes to Wells Fargo Short Sales, I have been a big fan. Between the Home Mortgage and Home Equity departments, I've had plenty of success....and in very reasonable time frames. A typical Wells Fargo double header Short Sale, with a home mortgage 1st trust and a home equity 2nd trust, usually takes me about six to eight weeks to get approved. That was until I met my most recent Wells Fargo Home Equity negotiator.
A HUD-1 settlement statement is the legal sized document that is a balance … (14 comments)

wells fargo short sales: What Do Northern Virginia Short Sale Sellers Have to Fear? Mortgage Insurance Companies. - 08/15/11 01:03 PM

What Do Northern Virginia Short Sale Sellers Have to Fear? Mortgage Insurance Companies.
When you're a Northern Virginia Short Sale Agent, sometimes you get deals that just break your heart. The one I'm about to tell you about, with the kind permission of the Seller, is one of those deals.
During the month of June, I received a phone call from a Seller. We'll call him Jack. Jack had found me while researching Short Sales on the Internet. He had a property that was very much upside down and draining him emotionally and financially. Jack is a man in his mid-60's, … (19 comments)

wells fargo short sales: What is Most Likely to Go Wrong in a Northern Virginia Short Sale? - 07/26/11 11:43 AM

What is Most Likely to Go Wrong in a Northern Virginia Short Sale?
If you are contemplating selling your Northern Virginia home in a Short Sale, you'd probably like to know what can go wrong. Well, if you are experiencing a legitimate financial hardship, have hired an experienced Northern Virginia Short Sale Agent and priced your home to market value; the answer is not much. Short Sale Banks are getting easier and easier to work with.
The biggest leap of faith a Northern Virginia Short Sale Seller will take is trusting that the Buyer with whom they go under contract is actually … (7 comments)

wells fargo short sales: Another Wells Fargo Short Sale--SOLD! - 06/10/11 10:22 AM

This Wells Fargo Short Sale hit the market on January 29, 2011 for $147,500. It was a one loan, FHA Short Sale.
After a price reduction to $135,000 on February 28th, this Wells Fargo Short Sale found its next owners. The contract was written on March 1st and was submitted to Wells Fargo for Short Sale Approval right away. In this case, Short Sale Approval came on April 27th. It ieven offered the Sellers a financial incentive for conducting the Short Sale.
On June 10th, this Wells Fargo Short Sale made it to settlement. The home sold for $137,000. The Buyers … (13 comments)

wells fargo short sales: Careful What You Wish For in the Land of Northern Virginia Short Sales---You Just Might Get It! - 02/28/11 04:19 AM

Careful What You Wish For in the Land of Northern Virginia Short Sales---You Just Might Get It!
I'm a Northern Virginia Short Sale Agent. Have been since 2007. Back in those first years as a Short Sale Agent, I wanted nothing more than the Short Sale bank to set an acceptable price BEFORE there was a contract. How much hassle would that cut back on, right? And the Buyers' Agents were screaming the same thing. Buyers wanted certainty, that's why they avoided Short Sales. They had no way of knowing if their offer would be approved and move to settlement.
Well, … (3 comments)

wells fargo short sales: My 31 Days of December Challenge: Day #17 - 12/17/10 04:02 AM

This has been a month filled with Short Sale Approval Letters. But before you get to the Short Sale Approval Letter, there is usually a counter offer that comes from the Short Sale Bank. Perhaps they feel the sales price is too low. Perhaps they want a cash contribution from the Seller. One or the other is likely to happen. Sometimes both.
Today I am dealing with two counter offers from Wells Fargo. One with a Bristow Short Sale, the other with my Centreville Short Sale. Counter offers are not bad things. Means the bad is getting close to issuing that … (9 comments)

wells fargo short sales: My 31 Days of December Challenge--Day #8 - 12/08/10 07:31 AM

Eight days into December and I feel I can't catch my breath. Today, a Counter Offer from ASC on a Short Sale I am working with them. Along with the very reasonable counter offer came a note that nearly ran my temper off a cliff:
We'll need to know that the second trust is okay with the amount stated on the HUD.
Normally, that would not come as a shock. Freddie Mac loans, for instance, need second trust approval before they will process the Short Sale on their end. However, this is an ASC double header (first and second trust)...a completely … (7 comments)

wells fargo short sales: The Quest to Fax a Northern Virginia Short Sale Contract Package - 11/12/10 02:58 AM

Why some Short Sale banks have not come into the electronic age is beyond me. Emailing Short Sale Contract Packages makes so much more sense to me than faxing something off to what I imagine to be a poorly maintained fax machine, spitting out faded pages onto an overflowing work area. Of course, that's not where faxes go when you fax to Wells Fargo, the bank in question here. They are sent to a number that converts the document to....you guessed it....an ELECTRONIC IMAGE. So why can't I email it my Short Sale Contract Package to them?
This week, I was … (14 comments)

wells fargo short sales: The Way Wells Fargo Short Sales are Handled is About to Change - 09/22/10 02:00 PM

There's been a rumor floating in cyberspace that Wells Fargo will no longer be issuing extensions to settlement dates for approved Short Sales. You either settle or you don't. This was a jolting thought, and since it was unconfirmed, I decided to confirm it. I called the Mid-Atlantic Short Sale Director for Wells Fargo. He said that some Wells Fargo policies are changing, but that's not one of them.
Before I got to exhale in relief, he explained a policy change that IS coming, that in my humble opinion, could be far more complicated to deal with. What he described was Wells Fargo Foreclosure Postponement Policy. … (27 comments)

wells fargo short sales: Something is Beginning to Stink in Wells Fargo's Short Sale Department and I Don't Like It - 07/27/10 08:20 AM

Something is Beginning to Stink in Wells Fargo's Short Sale Department and I Don't Like It
I'm a reasonable person. I know when things aren't adding up. And I will tell you right now, they are not adding up on my most recent Wells Fargo Short Sale.
My Centreville, VA Short Sale listing ratified a Short Sale Contract on June 28th---just last month. As I always do with all of my Wells Fargo Short Sales, I collected all of the needed paperwork and faxed over the 72 page tome to Wells Fargo's Short Sale Department. Upon following up, I was told … (19 comments)

wells fargo short sales: Manassas, VA Short Sale: Approved and SOLD! - 06/29/10 09:59 AM

Manassas, VA Short Sale: Approved and SOLD!
The story of this Manassas, VA Short Sale began on March 8, 2010 when this lovely single family home in Coles Run Manor hit the market at $389,000. It was what I have come to call a Wells Fargo Double Header Short Sale, with both a first and second trust. The property was on the market for sixteen days before we had a ratified contract on March 24th. From there, it was time to send the contract package to the Wells Fargo Short Sale Department and the Wells Fargo Home Equity Short Sale Department.
Wells Fargo Short Sale … (7 comments)

wells fargo short sales: Centreville, VA: Outstanding Single Family Home in Fair Crest for $749,000 - 06/28/10 06:34 AM

This Vincent floor plan home by Winchester Homes is exquisite. Before it was built, the buyer told the sale rep he wanted a replica of the model. Winchester Homes did exactly that. You'll notice that every aspect of this home is upgraded, starting with the brick front elevation with dormers.

Inside there is over 6,000 square of finished space for you to enjoy. At the center of the home is a magnificent kitchen with granite counters, breakfast bar, tons of cabinet space, wet bar/butler's pantry, double ovens, cooktop and even a built-in desk. The cool feel of the ceramic tile … (9 comments)

wells fargo short sales: Final Short Sale HUD Approvals: The Difference Between Wells Fargo and Bank of America - 06/24/10 10:13 AM

Final Short Sale HUD Approvals: The Difference Between Wells Fargo and Bank of America
I'm a Northern Virginia Short Sale Listing Agent. That means I tangle with banks like Bank of America, Citi Mortgage, GMAC, Chevy Chase, Chase Mortgage, Wells Fargo, Wachovia and World Savings Bank to gain Short Sale Approval. (Though I'd hardly call it tangling when I work with Wells Fargo, Wachovia or World Savings Bank on a Short Sale.)
Last Tuesday, a Bank of America Short Sale went to closing. Prior to closing, I submitted a HUD for final approval three business days before closing. Submit it one day … (5 comments)

wells fargo short sales: The Simpler the Better: Wachovia Short Sales Compared to Bank of America Short Sales - 06/17/10 05:22 PM

One of the things I really enjoy about my husband is his willingness to grocery shop with me. A trip to the store is a happy, mellow family event. Browsing the aisles of Whole Foods and seeing brands I am not familiar with, and the relatively short list of ingredients in their packaged foods, is a breath of fresh air. Simplicity has become a very welcome thing in my life, especially today.
You see, I started my day with some Bank of America continuing drama. The closer for a recent Bank of America Short Sale didn't realize that, after giving her five days to approve a … (18 comments)

wells fargo short sales: Woo-Hoo! Another Wells Fargo Short Sale Approval Letter! - 04/28/10 07:09 AM

As a Northern Virginia Short Sale Listing Agent, I get to deal with many banks, but Wells Fargo continues to be my favorite. You see, Wells Fargo Short Sales really do go much more smoothly than Bank of American Short Sales, Citi Mortgage Short Sales and others.
Wells Fargo sent out an email to their Short Sale Listing Agents at the beginning of April of their commitment to getting approvals on their Short Sale files. They only asked for a commitment from Wells Fargo Short Sale Listing Agents, like me, that Short Sale packages be sent in with all the information … (12 comments)

wells fargo short sales: Manassas Short Sale Opportunity: Single Family Home in Coles Run Manor - 03/08/10 07:08 AM

… (5 comments)

wells fargo short sales: Snow Days in Bristow, VA Aren't All Bad...Especially When You Start the Day with Short Sale Approval. - 02/15/10 06:09 AM

It's snowing again in Bristow, VA, but I am not in the least bit upset. Sure the roads of my neighborhood are still death defying from our two blizzards, but somehow, the trash trucks managed to get into today and pick up two weeks worth of garbage and recycle on a regularly scheduled trash day in Braemar. Better than getting rid of my trash?
I RECEIVED A SHORT SALE APPROVAL LETTER FROM WELLS FARGO.
Of course, thinking it would take much longer, my seller was in a panic about moving and the impending settlement date that is less than two weeks away. Since the … (16 comments)

wells fargo short sales: I Am on Overload and It's Not Because of the Real Estate Market - 01/10/10 11:41 AM

This very cold and blustery Sunday, I am on overload. And for once, it's not because of the real estate market. My first time buyers and short sale sellers are taking a breather today, so I get one too. That's a welcome change for a Northern Virginia real estate agent.
So what's got me on overload?
I spent the whole day shopping.
I know that some of you out there live for this activity. Not me. Every store my husband James and I frequented today fell into the category of a mega store. Now James is a shopper. He loves to browse the aisles. … (8 comments)

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