wells fargo short sales: The Oaks, Niceville Florida - Short Sale Approved by Wells Fargo - 03/19/12 01:13 PM
Wells Fargo just approved this short sale at The Oaks condo complex in Niceville Florida. The approval time was less than 60 days, despite Wells Fargo's taxing use of the Equator short sale processing system. Here are the details:
Mortgage Holder: Wells Fargo
Balance: appr $190,000
Sales price: appr $82,000
Waiver of Deficiency: yes
Seller contribution: yes
This Oaks condo in Niceville was an investment property. Often, a short sale seller will be asked to "contribute" to participate in the loss when that is the case. The seller agreed to contribute about $1200, which was negotiated down from Wells Fargo's … (4 comments)
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wells fargo short sales: Wells Fargo Approves Fort Walton Beach Short Sale - Swift and Strange - 11/01/10 04:35 PM
I just received approval for a Wells Fargo short sale in the Bayou Subdvision, Fort Walton Beach Florida. The approval was a swift 30 days, but the journey getting there was strange. Here is a summary
9/29 – Short Sale package faxed to Wells Fargo
10/5 – Broker Price Opinon completed
10/22- Negotiator asks for $1000 cash contribution from seller. Seller asks if buyer can pay this fee, negotiator says “YES”. Buyer agrees to reduction in buyer credit.
10/23- Revised Settlement Statement (HUD) sent to Wells Fargo increasing their net by $1000 by reducing buyer credit
10/24- Negotiator says “unacceptable”, … (3 comments)
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wells fargo short sales: Wells Fargo Approves Sandestin Florida Short Sale in Magnolia Bay - 07/20/10 04:00 PM
Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale. The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not "short".What does this mean? The sales price of the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity. Most short sales in the market area are "upside down" on both mortgages. Usually, the senior lien holder will pay a paltry sum to the junior lien holder to "entice" them to release their lien and allow the sale. In this case, … (6 comments)
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wells fargo short sales: Wells Fargo and Chase Approve Hammock Bay Short Sale, Freeport Florida - 07/08/10 01:20 PM
This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale. Purchase Price: $170,000 apprWells Fargo mortgage balance: $230,000 apprChase mortgage balance: $60,000 apprFactors: Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval. Chase delayed their approval due to reorganizing internal departments. Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.Reminder: Consider keeping your second mortgage or equity line current if you are doing a short sale. If you don't, your file may be sent to a debt collection agency, or to the lender's … (5 comments)
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wells fargo short sales: I Need a Broker Price Opinion- This is a Comparative Market Analysis! - 01/08/10 08:18 AM
I recently got a Mary Esther Florida short sale approved by HSBC, who always provide interesting twists to their short sales. Here is the story:
Property: Owner occupied home in Mary Esther Florida
Market Value: $130,000
Senior Lien: Wells Fargo - VA loan - $190,000
Junior Lien: HSBC - $40,000
Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale. Getting approval from HSBC, the junior lien, was a different story. HSBC had farmed out its collection efforts to a company called Professional Recovery Services. After months of waiting for a response on short sale approval, … (13 comments)
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wells fargo short sales: Wells Fargo Approves Short Sale Near Rosemary Beach Florida- In Eight Days! - 11/24/09 05:51 PM
This corner lot in Riviera Beach, Panama City Beach, Florida was just approved for short sale. This property is near Rosemary Beach Florida..Lender: Wells FargoMortgage Balance: $275,000 apprSale Price: $50,000 apprFaxed short sale package: November 16Received Approval: November 24
Approval Time: 8 daysPromissory Note: NoneCash Contribution: None
Sales Factors: Complete short sale package, realistic offer price, legitimate hardship, serious buyer.If you need to sell your home as a short sale in Seaside, Seagrove Beach, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Seagrove Beach Real Estate
Seagrove Beach, Seaside, Watercolor Short Sales & … (10 comments)
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wells fargo short sales: Why Isn't Picture of Cash "Proof of Funds"? - 08/25/09 06:20 PM
As I get closer to approval on my Wells Fargo short sale, the lender is asking for updated “Proof of Funds” from the buyer. The buyer’s agent says the buyer has cultural beliefs that make him dislike banks. He refuses to open an account just to show he has $30,000 to buy the short sale. The buyer has the money in his safe deposit account and in his wallet.
These are the real pictures the buyer’s agent emailed me, “proving” he has the money. One was a closeup of the cash and the local newspaper, so it had a "date"…. … (34 comments)
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wells fargo short sales: VA Short Sales: "Stuck" With Appraisals for 6 Months! - 06/21/09 12:15 PM
I recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV.
The seller's short sale VA appraisal came back at $135,000, much higher than the offer and fair market price, in my opinion. The buyer backed out … (13 comments)
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wells fargo short sales: Two Approvals! - 05/09/08 05:02 PM
I received two Short Sale approvals- one today and one yesterday- from Countrywide and ASC/Wells Fargo. It's going to be a good weekend!
1. ASC/Wells Fargo: Package was submitted on February 22. It took ten weeks, about 2.5 months for approval. The offer was countered early on.
2. Countrywide: Submitted on March 2, only five weeks ago. No counter and no contact with the negotiator. Approved in little over a month.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Short Sales and Foreclosures on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Santa Rosa Beach, Navarre … (11 comments)
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wells fargo short sales: Negotiators: Business Demeanor - 03/29/08 12:08 PM
What a pleasant way to end a Friday! I had spent much of the day making check-in calls to short sale lenders, those for both active and pending listings. In addition, it was one of those days where the phones were ringing non-stop anyway, hard to get any work done. I received a phone call from an "Ann Smith" (name changed to protect identity) stating she was from ASC Wells Fargo. In a very clipped tone, she asked me to identify the file she was calling about. Hmmm. Was I psychic? How did I know which file she was calling about? … (4 comments)
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