Worst to best with a flaw

Real Estate Agent with MagnumOne Realty CA BRE Lic. # 01418097

Two years ago when a client told me they wanted me to short sale their home and their lender was Wells Fargo, I would visibly cringe.  Dealing with Wells Fargo in those days was a nightmare.  They didn't have sufficient staffing to handle the requests, their process was weak and it took so long that when you got the approval the buyer had moved on so you had to start all over and nobody at Wells cared.  Today they are one of the fastest, they make status update calls to you and often you can deal with the negotiator through email. 

There flaw is bizarre.  When they have more than one loan on a property they have not figured out how to let one negotiator manage their interest.  You have to deal with two different departments, each with their own interest so they double the work for themselves and believe it or not the junior lien  holder part of Wells Fargo often kills the deal because they demand more money than the other department is willing to pay for the lien release.  They should be embarrassed!

If you want to read more about short sale negotiations, check out my weekly real estate column, "Getting Short Sales Done," over at Rocklin and Roseville Today and reprinted at Sacramento Today.

Comments (4)

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Julie have you ever heard the saying the left hand doesn't know what the right hand is doing?

Apr 28, 2009 02:29 PM
Paul Weir
RE/MAX Gold - Grass Valley, CA

Hi Julie,

You are so right on with your analysis of Wells Fargo past and present.

We have run into this exact situation, numerous times, with a Wells 1st & 2nd on the same property. We are dumbfounded by their lack of ability to work out these details behind the scenes without drawing out and all to often killing the deal in the process.

Way to air this out there. You nailed it!

Lets us know if you ever see this ironed out.


Paul Weir
Realtor Associate, e-Pro
United Country - Town & Country Realty
226 Mill Street Grass Valley, CA 95945
530.273.3900 main
530.388.8641 mobile

Jun 12, 2009 09:04 AM
Joshua Haight
Keller Williams - Lincoln, CA

Wells has made improvement in this department! I think all of the banks still leave a tremendous amount to be desired in negotiating short sales though. It is as though they don't want these homes sold, and end up letting them go to foreclosure and auction instead, which benefits neither owner or bank!


Jul 15, 2009 10:26 AM
Bob & Leilani Souza
Souza Realty 916.408.5500 - Roseville, CA
Greater Sacramento Area Homes, Land & Investments

Julie, I just wanted to stop by and let you know about an upcoming AR MeetUp in Roseville:

Sacramento Area ActiveRain MeetUp #3 - Roseville, CA - Friday, 4/20/12 (3pm)


Apr 17, 2012 06:46 PM