Thanks, we got this nearly 18 months ago. Not much has changed. They still don't get it. Short sales? Yeah, they'll hold everything up at the last minute. It is my firm belief that most of the workout negotiators used to be the lowest of the last in the unemployment line. Sorry.
I really appreciate you sharing this info. I have just printed it out to read over the info. If nothing else, it will give me a good idea about how the whole short sale situation works! I appreciate it!
Thanks for share in a glimpse of the process. it is nice to know that some banks have guidelines. It would be nice if they all let us know their guidelines. Keep up the good work
I just completed a short sale with Wells Fargo (closed last week) and they were one of the easier companies to work with. It may just have been that we got assigned to a great negotiator, but the whole process from contract to closing was less than 30 days.
If you can get the negotiator to communicate with you via e-mail it will go much quicker!
Congratulations on the closing Amy! I agree... I really like working with Wells Fargo. They've always been quick with their approvals and we're always able to get 6% paid.
I appreciate so much this info. I am involved in SS currently with WF. I have the buyer. So we are still waiting to hear back on our original offer. I will forward your ad over to the listing agent.
I have been involved with a Wells Fargo short sale since March '09. All the paperwork was sitting around for a month before someone in their organization decided to take a look at it. After the file was assigned a negotiator and the title search and appraisal were completed, we received a fax on May 14th stating they were working on the file as they typed and we should receive an approval to particiapte faxed to us by the afternoon. Todate we are still waiting for the faxed approval to participate. Then we were told the property appraised for 244,000 and they wanted a counter offer of that amount. Instead we send comps showing that our offer or 219,000 is relatively close to the fair market value and also pointed out all the repairs that we would have to make to the property. If we wanted to pay 244,000 for the property we would purchase on of the properties in the area for that price that were completely updated without any repairs. Haven't heard a thing from Wells Fargo since, so when I read all the articles from Wells Fargo stating they are in the process of streamlining their short sale process. I think to myself who are they trying to fool!
I like Wells Fargo's attempt to streamline the process. I did have them counter back at a higher price on my last one but I had the comps to back it up and they were willing to listen. It worked out great for all involved.
I have been trying to work with Wells Fargo on a short sale. After several months,I am very frustrated. The contract that I submitted is only $7,000 away from the second BPO they have recieved. The auction is scheduled in 3 business days, and I have submitted mountains of paperwork that has been requested, sometimes twice. Even though they have what they request, its like they won't read what they have, and request it again. I would just like to get the auction stalled, so they can let me know if they will work with the contract they have in hand. I just can't speak to someone that can fast track a request to the negotiator. Does anyone have any suggestions?
We are in neogotiation with WF right now. We are trying to buy a house that has been on the market for over a year. The the first mortgage is $518,000. The seller bought the house at the peak of the market in 2006 for $612k!! It's been listed at 700k..no offers, then $550k....no offers, then $450k and offers have started to come in, but in the high 300's. We offered $410k and the seller presented our offer to the bank.
The bank counter offered at $535,000!!! WTF. The seller agent thinks they just countered with what they are owed plus realtor commissions. No appraisal has been done on the house. We're trying to get WF to get an appraisal on the house. It will not appraise for anywhere near $500k I don't think.
We are trying to purchase a short sale home. The lender is Wells Fargo. We do not have closing costs, so we put our offer in the the seller pays the closing costs? What are the chances of this happening?
We made our offer according to the comps in the area. We wanted to be a very fair offer... The offer was submitted to the bank on Sept 30th, so far we have not heard anything from our agent.. wish these could go faster, but we will just have to sit tight and wait. At what point does Wells Fargo come back with more info?
If you just submitted the offer on the 30th, you realistically won't be hearing anything from the bank until probably the first or second week of November. We all wish they would go faster, but unfortunately this is the nature of the business right now.
A home owner in California can't sell his house although it has been listed for over a year. I am looking at purchasing it now that it is going to short sale. Seller owes wells fargo 500k and an affiliate of Wells Fargo another 900k. All total, he owes $1.4 mill. Comps in the area sold in the $1.2-1.6 mill range in the last couple years. But, seller of this home just cant sell. The home is as nice as the others that did sell (if not better then the comps). No issues with the home. Realistically, what would be a fair offer on the short sale given that this is where this is going? Also, is it going to be a problem that there are two lenders?
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Thanks, we got this nearly 18 months ago. Not much has changed. They still don't get it. Short sales? Yeah, they'll hold everything up at the last minute. It is my firm belief that most of the workout negotiators used to be the lowest of the last in the unemployment line. Sorry.