Why Are LENDERS Sooooooo Stupid??? Part II or This Week I HATE Wells Fargo!

By
Real Estate Agent with Alain Pinel REALTORS BRE#00861017

This is an email that I sent to the short sale negotiator with Wells Fargo Home Mortgage. It may not do any good but at least I feel a teensy bit better. Carol is my partner on several short sale listings. Without her, I would go insane!!!

Dear _______,

I am sure that Carol informed you but I want to officially notify you that yet another escrow is canceled and the 4th buyer has walked from this property. The first three were due to delays and procrastination from the first lien-holder (you and whoever deleted our file late-January) and the last buyer because the 2nd lien holder would not accept your generous offer of $10,000.

 

We have put the property back on the market at yet another price reduction as we are still in a declining market. I am really puzzled that neither you nor the second lien-holder seems to know what time is of the essence means in a real estate contract. In this situation, time is money as well as every time that we put the property back on the market; you stand to lose 5-7% of the condo's value. Five months is TOO LONG for a process that should have been done in 4-6 weeks!

 

In the next HUD-1--if we get another offer before our clients' pending bankruptcy--I will only ask for $3000 for the second lien-holder. I also feel that because we are doing our job for the THIRD time due to yours and the seconds dilatoriness, we are entitled to be paid our commission 3 times and I will ask for this. As I doubt that you would pay Keller Williams 9% and the other agent 3%, we will settle for 3% for Carol, 3% for me and 3% for the buyer's agent.

 

Believe me, I and every other agent who is working hard to help people in Marina Bay out of their cumbersome loans are getting extremely fed up with the process. Something has to change or you will soon own dozens of homes that you will NEVER sell to owner-occupants as the owner-occupancy rate is less than 60%. Wells Fargo will spend hundreds of thousands of dollars to foreclose and then lose even more as investors will be the only ones with cash to purchase and then no one else will be able to sell EVER and the vicious cycle of foreclosure will perpetuate itself until you and the developer and a few investors own the entire complex. Is this what Wells Fargo wants????

 

If we cannot close our next offer in less than 30 days, you will own this condo. You really need to help us help you.

 

 

Warm Regards,
Rebecca White, GRI
415.412.1977

www.RebeccaRealtor.com

Keller Williams San Francisco Properties

The 3rd Largest Real Estate Company in North America

Comments (6)

Andrew Haslett
Van Warren Home Inspections, NAHI CRI - Fort Knox, KY
Heartland of Kentuckynulls, Best Home Inspector

Rebecca, Did you really send this email? Oh.

I have a tendency to do this, too.

I think the right sentiment is there. But, maybe there was another way around it.

Someone I know offered a suggestion one time:

You can say, you are so ugly that you'd stop a clock.

Or

You can say, your appearance is of such a nature that time stands still.

The way I understand it, in both instances you've given the same information.

In the first, the person could be offended. In the second, the person probably thinks you've just complimented them.

And finally, you catch more bees with honey than vinegar.

Thanks for the reminder.

Maybe next time I have such a dynamic situation, I can pause before inserting my foot in my mouth.

May 30, 2009 04:14 PM
Andrew Haslett
Van Warren Home Inspections, NAHI CRI - Fort Knox, KY
Heartland of Kentuckynulls, Best Home Inspector

Oh, one more thing.

You could inform them that you will no longer handle the listing. Or, you could inform them that you will no longer handle the listing as you have. Offer them an hourly contract price to work the listing, and get a hefty retainer up front -- which you can apply to time already spent. :-)

May 30, 2009 04:16 PM
Rebecca White
Alain Pinel REALTORS - San Francisco, CA
Real Estate Agent - San Francisco

Thanks for the comments. I am a very nice person. I am just really tired of being too nice to no avail.

 

~Rebecca White

May 30, 2009 04:22 PM
Anonymous
M.G. (the seller)

As part of the family trying to sell the condo, I can vouch that Rebecca has handled this extremely challenging situation with the utmost professionalism.  The people we have been trying to work with at Wells Fargo have not.  Being "nice" and "polite" have gotten us nowhere with them, and we have lost at least 4 offers because of their failure to move on them in a timely manner.  This has been beyond frustrating for us as the seller and I greatly appreciate the fact that Rebecca is standing up to them on our (and her) behalf.  I would hate to see the condo go to foreclosure after all of the hard work that she and Carol have put into it, but it looks like that is where we are headed - despite numerous offers at market value.  

May 30, 2009 06:44 PM
#4
Anonymous
carol mohalley

There is nothing left to say, except this is a sad state of affairs and someone in authority and decision making power needs to step up.  Anyone know who that might be beside Obama.

Jun 13, 2009 04:26 PM
#5
Michael Haigh
The Michael Haigh Team - Rocklin, CA
Production Manager/Top Producing Sr. Loan Officer

WOW - you and I should talk sometime soon...I was the number one lender in the country for two of the largest "big bank lenders" and finally left that world as I could not get anything done and things were just getting worse. 

Now I have fun, my full team - my own assistants, processor and underwriter as well as a social media / strategic marketing person and we get things done in a couple of days, not weeks and months.

My last deal (your favorite) was day 9 into their finacing contingency, listing agent says can you help...going to love this, we removed financing contingencies in 3 days, closed 9 days later. Two days after we closed the "lender" called the client and said they needed more conditions...and we had already closed. 

So if you need help, please feel free to call on my office...oh and we'll make you look good to your clients.

Mike

Apr 21, 2010 05:33 PM