So Wells Fargo short sales can now be processed through Equator, which I thought would be a good thing. I was WRONG! It seems that utilizing this website for Wells Fargo is not a good idea as approvals are very slow, and the amount of paperwork required seems to double. I am experimenting....I just submitted a short sale via the old fashioned way (FAX) to Wells. I'm going to compare turn around time and amount of paperwork required to the short sales I have working in Equator.
One example....we had a short sale fall apart at last minute due to buyer not being able to secure financing. We had submitted this through Fax, not Equator. The negotiator said he would do a "soft decline" and when we received another offer the process would go quicker. We received another offer, I submitted through Equator, and also emailed the negotiator to tell him we had another offer. We uploaded all documents, financials, etc. No word for one month. Yesterday received a task asking for updated financials and paystubs. It seems that we have to pay for the banks slow moving process. We uploaded all updated info when we submitted the offer! Very frustrating. Is anyone else having this experience with Wells?
On the other hand, just had a decent experience with Chase and Citi on getting an approval through. Ah, the world of short sales! It's like riding a roller coaster!
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