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Wells Fargo Employees are NOT allowed to buy short sales that have a Wells Fargo mortgage on them!

By Damon Gettier

Real Estate Agent with Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert

August 31, 2010 08:07 PM

Wells Fargo Employees are NOT allowed to buy short sales that have a Wells Fargo mortgage on them! This might not seem like a huge issue to most, but when Wells Fargo is Roanoke Counties 2nd largest employer (as of May 2010) it can definitely affect the market! I just lost a short sale contract when the buyer found out that Wells held the mortgage.

What the heck? My seller wants to SELL! You would think that Wells Fargo would not want another foreclosure. Evidently there is no way around it with Wells Fargo unless the buyer pays the existing mortgages off, and then it would not be a short sale!

FRUSTRATING!

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Karen Bernetti

Southington, CT

Sorry to hear that Damon. Must be frustrating. Being the second largest employer in your area, it would seem like there should be some way to work around that rule.

Sep 01, 2010 01:12 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

That's crazy. If it is an arms length transaction then you would think Wells Fargo would welcome the opportunity to have one of their own employees own the property and have a new Wells Fargo Mortgage on it. Just shows common sense does not always prevail when it comes to short sales.

Sep 01, 2010 01:44 AM

Nevin Williams

Fairway Independent Mortgage Corporation - Cary, NC

Senior Mortgage Advisor

Damon - We all agree that Wells selling a home to a Wells employee is a great idea! Unfortunately since Wells sells most of their mortgages to Fannie/Freddie and Ginne they want to be able to sell it and not have issues with a buy back due to arms length transaction. It stinks but it's the way it works these days. If Wells decided to portfolio these loans their balance sheets would suffer and they would face liquidity issues so I'm not surprised. Sorry that this happened to you. What a tough deal....WF is a top employer and they probably own a lot of the real estate too : (

Sep 01, 2010 04:11 AM

Wells Fargo Employees are NOT allowed to buy short sales that have a Wells Fargo mortgage on them!

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Damon Gettier

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