Home > Blogs > Doug Bullwinkel > Home Loan Solutions

Dear Wells Fargo... Congratulations! You Bought a House for $8,000 less than offered!

Reblogger Doug Bullwinkel

Mortgage and Lending with E Mortgage Capital, Inc. NMLS 1416824 CA NMLS #281609

January 10, 2012 03:17 AM

This is a great letter to Wells Fargo from Jennifer Prestwich. It's a shame that some wonderful buyers did not get a chance to own this property. Hopefully this will get back to the genius at Wells Fargo that bungled this transaction.

Dear Wells Fargo,

Congratulations! You've bought a house! I know you are going to be very happy there. The schools in the area have a great reputation. What's more, there is a community pool, tennis courts, and an extensive trail system throughout the area's lakes and open space.

Even though you have never seen the house or been inside - in fact, you aren't even in Colorado - I know that you will appreciate the 5 bedrooms and 4 baths. The basement is set up perfectly for out of town guests, with its full bedroom and bath and large rec room. I'm sure you will have a lot of visitors who will want to take advantage of your hospitality, so you'd better make sure you have plenty of towels!

And what a wise choice you have made, declining the short sale offer that was $8,000 more than what you have declared to be the opening bid at the foreclosure auction. So shrewd. I'm certain that the legal fees and holding costs and loss you are taking on the original loan are much, much less than that. What an excellent business decision!

Plus, this house has so much room! Not to mention a 3 car garage and large yard with a brick patio. Oh, Wells - may I call you Wells? - imagine the warm summer days you will spend on the patio barbeque-ing with your friends. Will you invite Bank of America? And Citigroup? And Chase?

Enjoy your new home! I can only imagine that when you saw this beauty come up in your loss mitigation files, you could hardly wait to move in. Why else would you force this foreclosure auction when there is a valid offer in the works? You knew the sellers were in dire straits when you got their hardship letter. Loss of income? Pish! Terminal Cancer? Tosh! You wanted this house, and - by golly! - you got it.

Nice job. Have fun at the auction! Oh- and don't forget that you need to bring certified funds for the full amount of your winning bid.

Sincerely,

Jennifer

Jennifer Prestwich, REALTOR®

Your Castle Real Estate

Comments(18)

Comment

Show All Comments

Sort:

Cheryl Dickson

Retired Realtor / Retired Home Inspector - Oklahoma City, OK

Retired Realtor, GRI / Retired Home Inspector

LOL! Actually it's NOT funny as the END result, but I have to laugh at Wells Fargo for being so dumb. Jennifer did a great job on this one! Well said Jennifer! Thanks for posting it Doug, Loved it!

Jan 10, 2012 10:43 PM

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

RRRRRRR - I've had so much trouble with WF. I'm not even going to get worked up this morning about them and how they can kill a good deal!

Jan 11, 2012 02:24 AM

Joni Bailey

101 Main St. Realty - Huntsville, TX

Your Huntsville / Lake Livingston Area REALTOR®

That is really sad. I feel her frustration! :(((

Jan 11, 2012 03:03 PM

MichelleCherie Carr Crowe .Just Call. 408-252-8900

Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA

Family Helping Families Buy & Sell Homes 40+ Years

Doug, thanks for re-blogging this, I missed it. I love the thought of WF & BofA BBQing-maybe they have some money to burn?

Jan 11, 2012 05:49 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

Hi Cheryl: I agree that Jennifer did an excellent job and it gave me a good laugh too. Thanks for your comment.

I'm with you there John. These guys have cost everyone a lot of money in lost time and commissions. RRRRRR is right.

Hi Joni: Jennifer was able to put a very humorous spin on a very sad reality. It's nice to hear from you.

Michelle: This blog was funny but your comment about money to burn gave me an additional laugh. Thanks for making my day.

Jan 12, 2012 07:08 AM

Roy Kelley

Retired - Gaithersburg, MD

Good selection for a re-blog. We see many short sales listings going to foreclosure and purchased by the secured mortgage lenders.

Pink Chrysanthemum IMG_0655

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jan 14, 2012 03:11 AM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

Thanks for stopping by Roy. These banks must get some common sense when it comes to dealing with short sales to minimize the loss to the bank and eventually the taxpayer.

Jan 14, 2012 07:52 AM

C. Lloyd McKenzie

Living Albuquerque - Albuquerque, NM

Living Albuquerque

Good Evening Doug,

I resollved that I would not write anything aout banks this year. It's not because I have had a change f heart, but rather that I wanted to focus on more positive things, like Albuquerque Real Estate. Nonetheless, this is a very good post to reblog. Imagine...our Supreme Court ruled that Corporations are individuals...

Jan 14, 2012 12:56 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

I'm with you there C.Lloyd. I'm also trying to be positive in my thoughts and deeds to move forward to meet my goals this year. We can't let those negative news reports and attitudes get in our way of success. I thought Jennifer's post put a pretty humorous spin on an otherwise sad situation. It gave me a good laugh so I thought I'd share it. Thanks for your comment. You're always welcome here.

Jan 14, 2012 05:20 PM

CA COASTAL ESTATES Lauren Selinsky Perez CRS

California Coastal Estates - Aliso Viejo, CA

"Your Real Estate Broker" #oclauren

It's really sad that this happens.... When there are buyers really wanting to buy! It costs them an average of 50k to foreclose on someone...

BTW~ I am here, just had a week of NON-STOP showing and then I had a death in my family and having to go to TX tmrw... Trying to get all in... :/

Thanks for the message Doug~

Jan 16, 2012 05:48 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

Glad to see you are back. Sorry about your relative passing as that always takes a lot out of us. I hope things get back to normal for you soon.

Jan 17, 2012 01:55 PM

Karen Hawkins, MBA - Langley & Surrey, BC

Royal Pro Real Estate Network - Langley, BC

Yikes, that's a sad story...great commentary on why WF has its own challenges. Good choice for a reblog, Doug!

Jan 18, 2012 07:05 PM

Roy Kelley

Retired - Gaithersburg, MD

Have a great day and a wonderful weekend.

Dahlias at Brookside Gardens IMG_5832

Photograph by Roy Kelley.

Roy and Dolores Kelley Photographs

Jan 19, 2012 10:27 PM

Bob & Leilani Souza

Souza Realty 916.408.5500 - Roseville, CA

Greater Sacramento Area Homes, Land & Investments

Doug, this re-blog is an all too familiar story for us, since Bob and I go to the trustee's sales. Many times we see properties sell at auction for much less than what they were previously listed for. WF does seem to like taking their properties back since many times their opening bids are much higher than wholesale value.

Leilani

Jan 23, 2012 08:53 PM

Lottie Kendall

Compass - San Francisco, CA

Helping make your real estate dreams a reality

Great choice of a re-blog, Doug. Jennifer wrote a telling story in a compelling fashion.

Jan 24, 2012 02:55 AM

Anja Kerstens, 669.270.8034

Compass - Morgan Hill, CA

GRI, NHCB, CDPE, CHS. Silicon Valley Homes

Doug, I enjoyed this blog and appreciate the style in which it was written. Unfortunately, it could be the negotiator who "messed up" here. I am sure that Banks prefer to sell short than to add another dead asset to their inventory. We had a bank turn down a short sale offer just to approve a much lower one just weeks later. It just depends on the negotiator.

Jan 27, 2012 02:05 PM

Curtis Van Carter

Better Homes & Gardens Wine Country Group - Yountville, CA

Your Napa Valley Broker Extraordinaire

Doug

Thanks for reposting. Reminds me of, let's see how many similar stories. And didn't Wells just report record profits, to say nothing about their bonus'. cheers cvc

Jan 28, 2012 04:45 AM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

Karen: Sad but true. This has been happening way too often. They need to inject some common sense.

Roy: Thanks for your visit. Where do you find those beautiful flowers? Thanks for your comment.

Bob and Leilani: By going to those auctions, you see first hand what is happening out there. It's easy for the rest of us to forget just how many homes are being lost every day. Thanks for the reality check.

Lottie: Thanks for stopping by. Jennifer had a great way of telling her story and she really made her point. It's sad that it cost her a commission and a homebuyer their chance for a great house.\

Anja: I agree with you completely. For each of these situations, there is a failure somewhere, sometimes shared by more than one part of the transaction. Thanks for your comment.

Curtis: I appreciate your comments and thanks for visiting my blog. I was just up in the Napa Valley this week so next time I'll call to say hello.

Feb 04, 2012 06:32 AM