So I get a call because of an inquiry from the FHA website. A guy calls me and says that he wants some help with his situation. It BLOWS ME AWAY!!!!
Cliff Note Setup:
Buyer gets transferred when his company gets bought out. He has to move to Texas. He has to sell home quickly, but either way he needs to move if he's going to stay employed. He moves and the two buyers for his house fall through. He goes into foreclosure.
FLASH FORWARD:
Borrower comes back to local place after opening for work returns to his hometown. He has credit scores in LOW 500's. Guess What.... Wells Fargo rep tells him....
"no problem, put a contract on the home as we can go down to 500 for credit scores." Buyer gives seller earnest money .... GUESS WHAT???? Seller is going into foreclosure if they can't sell their home. Buyer, in the interim, raises scores up to 579, but has only been 1 year out since a foreclosure. Even if they had 800+ scores, it's virutally impossible to buyer after a foreclosure for a minimum of three years. Buyer is really distraught, as is the seller.
Wells Fargo rep says "Oh we can't do it....sorry....we need to be obove 600 for credit scores." This guy calls me and I say guess what...even if you have 900 scores, it won't matter if you're less than 2 years out from the foreclosure. I'm nice about it and say it professionally to the guy, but
- the buyer's going to lose his earnest money;
- The seller will now be going into foreclosure;
- Both realtors will lose their commissions....
Because the rep at Wells Fargo didn't do their job up front. I'll work with this guy, but in truth, he has to hit the 3 year mark for the best options to open for him.
My .02 Cents
Wells Fargo shouldn't let reps on the street that don't know what they're doing. They need to know the business. Secondly, work with a licensed loan officer. I guarantee you that if the prospect was working with someone who was licensed...
.....I wouldn't be writing this post today!
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