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Go To The Investor To Get The Deal Done

By
Real Estate Agent with Group 4610 Network

As promised yesterday, we are going to fill the week with great content stories. Let's start with a Wells Fargo Story.

We have a loan that is serviced by Wells Fargo. Freddie Mac is the investor. As is often the case, the property was overvalued. We submitted some comps to the bank and asked the buyers to raise their offer. Freddie Mac responded to us a few days later with a warning. They were not going to postpone the sale date.

We decided to call their bluff and go to the investor. Freddie puts in a request for a postponement and they got it. I think it was actually postponed for 60 days. The BPO is still under review, but we think that they are going to adjust the BPO because of the 60 days.

Here's what you need to understand from this situation. The servicer has NO control in this process. Work through the servicer and give them a chance to get the job done. However, if they fail to mitigate loss, go to the investor. If you are stuck between the choice to be kind to the servicer and take a foreclosure or be unkind to the servicer and go to the investor, BE UNKIND! It's your responsibility.

The best part of this deal was an email from the negotiator at Wells Fargo. She emailed us to let us know that she was able to get the foreclosure sale date postponed. We kindly replied that she did nothing and we were the ones that got the foreclosure sale date postponed.

The negotiator at the bank believes that they are the final word in a short sale. They are simply a mouthpiece. Stop listening to the mouthpieces at the servicer.

If you need help with this idea, get your travel plans together to attend our Short Sales Uncensored event on Janua\ry 21st. We are going to teach you how to get things done!

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePowerhour.com

Comments (1)

Josh Pomerleau
Keller Williams Realty - Maple Grove, MN

You two Rock!!!

Dec 22, 2010 03:01 AM