RANT: Wells Fargo's "set up"short sale procedures

By
Real Estate Agent with Alain Pinel BRE 01367196

Crisis management. Stress. Pressure-cooker situation exacerbated by incompetent set up or Loan Adjustor "specialist".

Who hires and trains these people?

After 3 months of constant follow ups and compliance with repeated demands for documents, we finally received short sale approval. But buyers back out. Three days later, got an all  cash buyer. I requested revised short sale approval to show new buyer's names.

But NOOOOOO....they close the file, and sends it back for set-up. They'd rather go through this than move forward on an all cash offer?

New "specialist" assigned, tells us we have to start all over again with new short sale package. In a sequence of no less than 10 emails ---

  • his not attaching a document he was referring to
  • his itemizing his requirements to which we comply
  • then he responds saying we didnt give him 60 days' bank statements, or dated financials, or 60 days' pay stubs
  • I respond telling him he asked for 30 days statements and pay stubs, and yes, the financial statemsnt are indeed dated, so he should look again
  • he "corrects" his email to show what he is really asking for and again refers to an attachment
  • Same story...attachment not attached
  • He responds, provides attachment, boxes the requirements
  • Told him we have provided what he's looking for in the requirements.....
  • He again "corrects" his requirements.

AAARRRRGGGGHHHH!

Who are these people? Have they been trained at all? Who's supervising their work?

It's getting so that they are now as bad as the other bank behemoth --- Bank of America.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Short Sale REALTORS®
"Whacked"!!!
Diary of a Realtor
Short Sale Support Group
The Vent
Tags:
wells fargo short sale
wells fargo loan adjustor specialist
wells fargo short sale setup

Spam prevention
Show All Comments
Rainmaker
354,188
Melanie Ross
Coldwell Banker Solano Pacific - Benicia, CA
Benicia CA & Vallejo CA Real Estate, 707-319-2828

Pacita,

I would track down your local short sale manager for Wachovia, he/she most likely will also handle WF short sales and at least get some visiblity for you to accomplish the short sale.  They normally only handle portfolio loans, but at least you might have an ally.

Jun 28, 2010 03:15 PM #1
Rainmaker
3,304,138
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  This has not been our experience....must be a newbie who slipped thru the cracks...escalate, escalate....dance to the closing !

Jul 06, 2010 12:43 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
710,643

Pacita Dimacali

Alameda/Contra Costa Counties CA
Ask me a question
*
*
*
*
Spam prevention

Additional Information