Lenders are changing the game at will...

By
Real Estate Agent with Tierra Antigua Realty

Hello Fellow Professional Realtors,

Wells Fargo has struck again.  Short Sale Home being purchased by my clients for $250,000.  Appraisal comes in at $265,000.  Great neighborhood - Active Adult Community in NW Tucson.  Clients putting 20% down and fully approved.  Not so fast - At the 11th hour +, some idiot underwriter decided that my clients needed to put an additional $50,000 down because the home they were purchasing is in the same neighborhood.  And with 4 days until closing, my clients are walking away from wf.  (I'm sending them to another broker that will get the deal done)  These clients owe nothing, have impeccable credit and were going to sell their current home (fully paid for by the way) at below market pricing.

Where's the sense in what Wells Fargo did and why the timing?  Oh, and these folks had been doing business with wf for years and years.  Emphasis on had been.  Oh and this is a short sale so I need to go begging to another lender to extend the timeline to completion. 

Another case of being at the mercy of inept lenders who complain all the time about the market and their issues and can't find a way to make a solid deal work.  Spread the word around about this ridiculous way to treat customers by an institution that is all too glad to take "rescue" money and now hoard for their good and not the customer's.

Comments (2)

South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

I just finished reading the tale of woe by Charlie on his short sale, now this... its an OUTRAGE that banks are not abiding by ANYONES rules, just doing what ever they want to do so cavalierly, without regard to real human beings attached to each sale.  OUTRAGEOUS.

May 12, 2009 10:11 AM
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

This seems to be a common theme with Wells Fargo. I thought Country Wide was our biggest problem but Wells in pulling up fast.

May 12, 2009 10:51 AM