Two years ago when a client told me they wanted me to short sale their home and their lender was Wells Fargo, I would visibly cringe.  Dealing with Wells Fargo in those days was a nightmare.  They didn't have sufficient staffing to handle the requests, their process was weak and it took so long that when you got the approval the buyer had moved on so you had to start all over and nobody at Wells cared.  Today they are one of the fastest, they make status update calls to you and often you can deal with the negotiator through email. 

There flaw is bizarre.  When they have more than one loan on a property they have not figured out how to let one negotiator manage their interest.  You have to deal with two different departments, each with their own interest so they double the work for themselves and believe it or not the junior lien  holder part of Wells Fargo often kills the deal because they demand more money than the other department is willing to pay for the lien release.  They should be embarrassed!

If you want to read more about short sale negotiations, check out my weekly real estate column, "Getting Short Sales Done," over at Rocklin and Roseville Today and reprinted at Sacramento Today.

 
Posted by Julie Jalone on 04/28/2009 11:07 AM   Comments (4)   short sales, article  
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Kentuckyanna
04/15/2009
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It is always fun to get away for a few days and even better when you return and appreciate home. Last week we traveled to Elizabethtown, Kentucky to visit Michael's son Mark and his family. I enjoyed spending time with them and seeing Kentucky. I… more
Should you walk away?
03/17/2009
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If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away? Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a… more
Just a bit angry today!
03/04/2009
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This morning I read an article in the Sacramento Bee about the former executives of Countrywide that got rich on bonuses and golden parachutes after they made tons of questionable loans which we are all now paying for. Believe it or not they have… more
Call it What You Will
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There have been some significant changes with lenders that are catching financially strapped homeowners unaware and reducing their alternatives to avoid a foreclosure. If you or someone you know is not making their monthly mortgage payments and… more
Busy Sacramento Week
02/05/2009
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This past week has been very busy and adds to my belief the real estate market is weather driven or at least it seems that way to me. Every time we get some warm sunny days, I am too busy to spend much time outside! It is nice to see the Sacramento… more
Buying a short sale listing
01/27/2009
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What do I need to know about buying a short sale listing? This was essentially the question one of my readers sent me last week. I have written a number of articles including " Six Steps to a Successful Short Sale " and " Short Sale Success " on… more
Stop Sacramento Foreclosures
01/23/2009
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A total of 523, 624 California properties received foreclosure filings, including default notices, auction sale notices and repossessions in 2008. This was a 110 percent increase from 2007 and almost five times as many compared to 2006. The city… more
 

Julie Jalone

Roseville, CA

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MagnumOne Realty

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Cell Phone: (916) 276-6883

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