Special offer

Dear Wells Fargo... Congratulations! You Bought a House for $8,000 less than offered!

Reblogger Suzanne McLaughlin
Real Estate Agent with Sabinske & Associates, Inc. (Albertville, St. Michael)

I have thought these very same thoughts from time to time.  But, this is definitely worth reblogging for more Google juice.  

Does anyone at Wells Fargo read their press?  I know they don't care, but they should at the very least review their business decisions which are costing them Millions.

Jennifer did an excellent job with this post, and I believe that she really picked up on the pain and confusion that many people feel when they are dealing with Wells.  There are so many inconsistencies with Best Practices on their part.  They may be getting tax breaks and the government insurance likely kicks in to cover losses, but that is no excuse for ruining people's lives and breaking other people's hearts who have their hopes and dreams tied to a particular home.  

Thanks, Jennifer, and I look forward to many more of your well-written posts!

Original content by Jennifer Prestwich 100026886

 

Dear Wells Fargo,

illustration of house in chains


Congratulations!  You've bought a house!  I know you are going to be very happy there.  The schools in the area have a great reputation.  What's more, there is a community pool, tennis courts, and an extensive trail system throughout the area's lakes and open space.  

Even though you have never seen the house or been inside - in fact, you aren't even in Colorado - I know that you will appreciate the 5 bedrooms and 4 baths.  The basement is set up perfectly for out of town guests, with its full bedroom and bath and large rec room.  I'm sure you will have a lot of visitors who will want to take advantage of your hospitality, so you'd better make sure you have plenty of towels!

And what a wise choice you have made, declining the short sale offer that was $8,000 more than what you have declared to be the opening bid at the foreclosure auction.  So shrewd.  I'm certain that the legal fees and holding costs and loss you are taking on the original loan are much, much less than that.  What an excellent business decision!

Plus, this house has so much room!  Not to mention a 3 car garage and large yard with a brick patio.  Oh, Wells - may I call you Wells? - imagine the warm summer days you will spend on the patio barbeque-ing with your friends.  Will you invite Bank of America?  And Citigroup?  And Chase?  

Enjoy your new home!  I can only imagine that when you saw this beauty come up in your loss mitigation files, you could hardly wait to move in.  Why else would you force this foreclosure auction when there is a valid offer in the works?  You knew the sellers were in dire straits when you got their hardship letter.  Loss of income?  Pish!  Terminal Cancer?  Tosh!  You wanted this house, and - by golly! - you got it.

Nice job.  Have fun at the auction!  Oh- and don't forget that you need to bring certified funds for the full amount of your winning bid.

Sincerely,

Jennifer

winking smiley face

Jennifer Prestwich, REALTOR®

Your Castle Real Estate

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The information contained in this blog is believed to be true and correct and while every effort is made to ensure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about its accuracy for any particular purpose. All information is copy written and the property of Suzanne McLaughlin.. 

For more information about real estate values in your area, give me a call or email me at 763-497-1870 or mclaughlinhomes@gmail.com  

Suzanne McLaughlin

Sabinske & Associates, Inc.    

When you need to buy or sell in St. Michael or Albertville Minnesota, or anywhere in Wright County, Sherburne County or Anoka County or Hennepin County, give me a call! 

Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Suzanne-After so many years of high short sale situations, still find financially perverse decisions on the part of lenders. On the surface this makes no sense. Do you ever wonder if there is some way their losses are cushioned by tax strategies?

Jan 10, 2012 11:34 PM
Gordon Sloan
Group1 Real Estate, selling houses in Salt Lake City Utah - Salt Lake City, UT
Salt Lake Homes For Sale, Salt Lake Real Estate

Sizanne, this is very good stuff. If I could spell apra po I would say "this was that".

Jan 10, 2012 11:42 PM
Kathy Denworth
BHHS Keys Real Estate - Islamorada, FL
Realtor in the Florida Keys, Islamorada, Key Largo

You stated that they "should review their business decisions which are costing them Millions", I think what you mean to say is that is costing US, the taxpayers millions.....

Jan 10, 2012 11:58 PM
Christopher Pataki
RE/MAX Associates - Hockessin, DE
Hockessin Delaware Real Estate

This is why I just love Wells Fargo.  Never accused of using common sense.  They meddled in 3 deals of mine last February and we were not sure that any would settle.  The strange part is that one deal included a buyer with 800 credit score and 30 years at the same job, one was a CASH sale and one was a listing that caused them agita.  Again, that's why I love Wells Fargo................................chris

Jan 11, 2012 12:06 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Does anyone more techie know how to send this to them on Twitter....though my lt experience was that no one there was monitoring their tweets...oh surprise !

Jan 11, 2012 12:08 AM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Suzanne,

I saw that last night and laughed. That post should be sent to the CEO of Wells Fargo. The system is broken.

Rich

Jan 11, 2012 12:22 AM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Thanks to all of you!  This was a great post by Jennifer.  

Rich.....oh, yes, it most certainly is.  

Sally and David...wouldn't it be nice if we COULD get their attention?

Chris, I feel your headache.  It is that old saying, if I quit banging my head against the wall, will it hurt less?  No, in this case.

Kathy, I agree.   With the bailouts, it has cost US Millions.

Corie, it is apropos FYI. Thanks for stopping.  

Jerry - I absolutely believe that these decisions are based on tax strategies.  And, I wish the House would quit giving them reason to destroy not only people's lives, but our commissions and efforts to try to help. 

Jan 11, 2012 08:43 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Suzanne,

Wells Fargo used to be one of the great companies out there.  They were written up in several business books, which we constantly reread, Good to Great and Built to Last.  They forgot to follow their own success formula, like everyone else they are tempted by the new and lose sight of the fundamentals that made them.  No one likes to do the fundamentals, because they are boring. A

Jan 11, 2012 08:50 AM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

the sad part is the buyers losing their home they thought they were purchasing... the sadder part is that I sincerely doubt the banks feel the "pinch" of a loss, they just get insurance $$ and TARP to pay for it!

Jan 11, 2012 09:24 AM
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Wells Fargo.  Wow, I don't even know where to start.  They have let go so many, many people, and they still can't comprehend what they have gotten themselves into as far as losses.  

Jan 11, 2012 10:28 AM
Debbie Walsh
SHAHAR Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Very good reblog my friend!  This is the first one I have seen that isn't a Bank of America!

Jan 13, 2012 06:54 AM