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On another note - Wells Fargo Short Sale

By Catherine Myers

Real Estate Agent with Windermere Bay Area Properties

July 19, 2008 09:48 AM

So on Countrywide, if you've been following along, things have slowed down again. In fact, the one that I got a call from a negotiator right away.. has stalled, and strangly this one , with a new offer we had just sent over , the first is NO LONGER SHORT! So its only the (also Countrywide) second that will be short. You'd think a negotiator would want to just get this off her desk and be done.. But we'll see...

But on another one... 30 days start to finish I just got an approval of a Wells Fargo (ASC) short sale. Right now, it is the second slowing us down (Carrington). The Wells loan even had MI that they got approval, and approved it with no note to seller, nothing. Just ready to go , well except we need that darn approval from the second. So we wait on Carrington - but I thought it was good enough news to share , that Wells was attentive, quick, to the point and got it done!

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Nancy Neilen

Hartford Escrow - Rancho Mirage, CA

Well from an Escrow standpoint, we open Escrow as soon as there is an offer so we can provide as complete of an estimate for those Short Sale Lenders as possible. It saves time of having to go back for reapproval when we "REALLY" get the debt info for those Sellers. Face it, not all Sellers are up front and forthcoming with information. A lot of times they are embarrased by how deep in do-do they really are.

I had one with Wells Fargo/ASC which was approved within 30 days AND we closed "8" days before our due date! Talk about Amazing! It just so happens that the Buyers loan was Lender direct, no Loan broker so they were in understanding of our deadline. Hats oFf to all the parties on that one.

Also, I know Countrywide is getting a bad rap on their Short Sale Approvals however I had an approval in under 30 days from them as well. My Buyer is the one holding things up. He wasn't expecting such a quick response.

All in all, it's out of our hands when it comes to approval. One would think that they would pump out those approvals for the "small" losses and get them out of the way and then move on to the big losses.

Keep trying and don't give up!

Jul 21, 2008 08:00 AM

Michael Wayne Jackson

Coldwell Banker - Novato, CA

Broker - Seniors Real Estate Specialist Novato

Congrats on your recent approval Catherine. I have a loss mitiagator for Citimortgage demanding the seller come up with $50,000 cash at closing and to sign a $50,000 promissory note.

Jul 21, 2008 08:03 AM

Anonymous

SadBuyer

This is the only website I have found that said something nice about Wells Fargo in regards to a short sale. Everything else seems to be numerous horror storys from buyers, sellers and agents alike. Neither us (buyers) or my agent ever heard from Wells Fargo, nor did their listing agent return calls. Our agent had to call him continously for updates, which were none, and on one occasion he even lied to us about something in the house being repaired and when we looked - it wasn't, the listing agent had never even been in the house.

My experience is apparently like many others, beyond being well qualified and had our offer (the higher offer by 12k) overlooked. I can only assume it was a) not submitted, b) never looked at, or c) shunned due to unwillingness to start new paperwork.

We were not informed of our offer being -anything-, we only knew because the listing status updated a month later to Accepting Backup Offers and upon leaving the Listing Agents supervisor messages, he called back to say, "oh yeah, it's in escrow with the first offer. Maybe he threatened to sue them or something."

I've requested my agent immediately remove all homes on our search that require us to go through Wells Fargo, as well as their listing agent. In the meantime, I will count down the days until someone who paid less than we wanted to moves into our dream home.

Congratulations on your luck, it appears to be extremely rare.

Aug 18, 2008 11:05 AM

Anonymous

Janette Quinones

WOW Im so glad I found this site. My husband and I have been going through hell since Feb. Every home we have tried to purchase has had a problem. Either the agent holds on to the offers and collects them and then starts a bidding war. Or the agent/lender takes for ever then the owner of the property goes and strips it clean and then we have to go in lower. We are well qualified with 20% down and excellent credit score. We are on hold with Wells Fargo and Country wide. I guess we will have to be patient. I dont get it though the interest rates are going up and houseing is at a stand still. I guess Ill go to Wells, myself and see if anyone can help us out. We can close in two weeks two. Go figure, As for a little giggle one of the homes that we were the highest bidder we ended up pulling out on the last day since we found out that the agent and seller where playng games using there friends to bid but really didnt have what it takes. They lost! IT'S still on the market. LOL We were $110,000 higher then there asking price. We really wanted the property. That's what they get.

Sep 03, 2008 05:13 AM

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

Wells has been my easiest Bank to work with so far. No I take it back, HSBC made a decision in 20 minutes. Wells has taken a bit longer than a month.

Sep 18, 2008 12:04 AM

Anonymous

Daniel in Ventura

My wife and I made an offer on a Wells Fargo short sale on Oct. 28th and had approval on the first by the 5th of Nov. As of today (Nov. 14th) we are still waiting on the greenlight from the 2nd; also owned by Wells Fargo. The fingers are crossed!!!!

Nov 14, 2008 02:44 AM

Anonymous

Daniel in Ventura

So the approval only took a few days...did they do an appraisal and everything? Do you remember the name of your negotiator?

Dec 01, 2008 08:05 AM

David Nichols

The Nichols/Ersery Home Team, RE/MAX Heartland - Lee's Summit, MO

Leenulls Summit Real Estate

congrats on the quick response. I find that a good, experienced short sale agent can navigate these waters a lot better than the average REALTOR. I honestly think we should have a MANDATORY SS designation if you want to list these properties. It would go a LONG way towards removing the stigma around short sales... their not ALL bad... the process alone makes them worth 10% + less than market value.

David Nichols, EXPERIANCED short sale REALTOR, Kansas City, MO

Dec 01, 2008 10:43 AM

Anonymous

Janice Poole, RE/MAX Realtor, Covington-Kent, WA

I have had success working with Wells Fargo on "construction-loan" short sales - It has been an educational experience, but I can tell you, they have been very realistic and cooperative

Dec 02, 2008 06:13 AM

#11

Anonymous

chris

We put an offer on a short sale on the Dec. 16th with Wells Fargo and were told that since the first buyers backed out right after they recieved the approval letter, Wells Fargo just needs to verify some info and change the names on the approval letter. The negotiator said we should have the approval if not by Dec. 24th (due to the holidays) then we would have it the week of Dec. 29th! BTW: our offer was identical to the previous buyers offer.

We tried to work with Countrywide for 6 months and finally just walked away and told them to take a hike, we hated the way they treated everyone involved in the transaction, completely unethical.

Dec 19, 2008 08:12 AM

#12

Carol Zingone

Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL

Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Congrats on such a quick turnaround - I have not heard that from many people with short sales.

Dec 22, 2008 02:23 AM

Norma Crouse

HER Realtors - Pataskala, OH

Norma Crouse

I have not heard of anyone in my area getting that quick of a turn around. That is great and hopefully that is a sign that banks are getting better. I tried to do a short sale with Wells Fargo earlier this year and they were the worst bank I had ever dealt with. Another really bad one is Saxon Mortgage. I never did get the Wells Fargo short sale closed and had offers for almost all the person owed on the property. It was very upsetting for me and the homeowner.

Dec 31, 2008 05:09 AM

Sergio Rebollo Jr.

Real Estate TeamMates - Miami, FL

Congrats on your quick approval!!! My experiences with Wells haven't been so quick. Ihave another one with Wells coming up...I'm hopeful!!!

Jan 01, 2009 12:46 AM

Anonymous

Curious in Florida

I have a property that I am looking to purchase. It is a short sale with the bank being Wells Fargo. The property is listed for sale with no takers for well over a year for $725K I think the borrowers owe 800K.

How negotiable is the price? There is deferred maintenance -- probably 50K How much would you discount off the price?

Jan 15, 2009 07:25 AM

#16

Roland Woodworth

Blue Cord Realty - Clarksville, TN

Blue Cord Realty

Catherine: It is hard to predict what Country Wide will do these days.. 30 days is a GREAT turn around !

Jan 17, 2009 03:36 PM

Cameron Jones

Realty of Warner Robins - Warner Robins, GA

I am so glad to hear this about WF. We have an offer in and have yet to hear back. Your info is appreciated. Thanks for posting about your experience.

Jan 29, 2009 04:35 AM

Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

We do alot of Wells Fargo Short Sales as well. They are definately excellent to work with lately. With countrywide, its all about getting assigned the right negotiator, as we have had some get drug out for ages, and others approved in under 30 days with a good one. Very inconsisitant. I think Wells Fargo has a much better streamlined process for doing them. They are strict, but consistent.

Mar 31, 2009 02:57 PM

Anonymous

Scott Harrison

I am looking to get on the list at Wells Fargo to sell their REO's. Can anybody provide a contact name at Wells REO division?

Apr 27, 2009 04:28 PM

#20

Catherine Myers

Windermere Bay Area Properties - Walnut Creek, CA

Walnut Creek, CA Real Estate

I've heard they're inundated with agents, and in most areas haven't accepted new agents in months or more than years! Its too bad, they need new blood badly. Anyway, you have to go to Premier Asset Services as they handle the Wells REO's : http://www.pasreo.com

Apr 27, 2009 04:40 PM

Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Coldwell Banker Realty

This just in from Wells Fargo: No more extensions on approval letters - close by the approval date - or don't close at all!

Sep 15, 2010 12:17 PM