Wells Fargo:What they want on the borrower's authorization form

By
Real Estate Agent with All Real Estate Options
https://activerain.com/droplet/q9q

I have been working on trying to get authorization (or over a week) to speak to Wells Fargo (and them to be able to speak to me) about a listing I have that is a potential short sale.

The first person I spoke to gave me a list of items they wanted on the form, so I used the authorization that is built into our listing agreement and faxed it over to the authorization dept. **MISTAKE** I called them back the next day and they informed me that it takes 3 business days to process. Not a problem! I called back after my 3 business days were up and they still didn't have it. That lady gave me a list that had additional items on it then the first list. I then used a different form. She told me it's possible to be in the system within 24 hours, so I called back today and the lady who answered busted my bubble and told me 3 business days.... again. However, I'm still going to call back tomorrow.

Now the point to this isn't to complain actually, but to let other agents know, who may not be familiar with the process, to be patient and not to wait to start the process when you finally have a contract. Do it as soon as you list it!

Here are the items that the 2nd lady listed:

Homeowner's name

Property address

Loan Number

Mailing address of homeowner if different than property

Last 4 digits of the homeowner's social security #

Their signature/date (homeowner)

Agent's name, contact info

Homeowner's phone #

When I'm successful in jumping through their hoops, I will post it here, so when anyone in the future has a short sale through Wells Fargo, they will know which hoops they need to jump through ahead of time.

 

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Pam lists and sells homes in Jacksonville, Orange Park, Green Cove Springs, Fleming Island, Middleburg,Ponte Vedra, Atlantic Beach, Neptune Beach, Jacksonville Beach, Orangedale, Fruit Cove, Switzerland and St Johns County Florida.

Are you facing foreclosure? Call Pam at 904-910-3516 to discuss your options.

Pam Graham with All Real Estate Options handles Jacksonville Florida short sales, Orange Park Florida short sales, Fleming Island Florida Short sales, Middleburg Florida short sales, Green Cove Springs Florida short sales, St Johns County Florida short sales, Ponte Vedra Florida short sales, St Augustine short sales, Palm Valley short sales, Duval County Florida short sales and Clay County Florida short sales.

 

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Mortgage Assistance Relief Services Disclosure

ALL Real Estate Options is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.

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Rainer
1,350
Barbara Ayres
Sunrise Lending - Tucson, AZ

There is a national speaker from Phoenix, Patrick Ritchie, who has just put together a class on short sales. You can contact him at Patrick@TheCreditRoadMap.com.  He is putting this class on for the realtors in Tucson on Friday.  It is such a timely subject.  You might want to contact him to bring his class to your realtor association!

 Barbara Ayres - Sunrise Lending - Tucson, AZ

Jan 09, 2008 09:20 AM #1
Rainmaker
595,386
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
I once had a Wells Fargo agent from the Tampa area tell me that we would close whenever they were good and ready and that I shouldn't be surprised if it didn't close on time because it happens all the time. I informed her that it did NOT happen all the time with my sales because I made sure there were no last minute surprises. But this woman did not care and made it clear that since they had the money, then had the power. I have never used Wells Fargo again.
Jan 09, 2008 09:23 AM #2
Rainer
30,113
Christopher Currins
CBC Home Inspections - Godfrey, IL
Metro East Home Inspector - IL.
I have just refinanced a loan to get away from Wells Fargo. They were misplacing payments I made and charging me with various add-on fees and almost impossible to communicate with. In the end the balance I owed was less than what they were claiming.
Jan 09, 2008 09:36 AM #3
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Pam,

 

Use a "limited power of attorney" form. Included the sellers ID and the loan number and what you are authorized to do. You are then their "attorney in fact" not an "attorney at law", but the lender can deal with you just as if they were talking to the client, with in the limitations.

Works like the client calling. Only downside is it needs notrized.

Bill

William J Archambault Jr

The Real Estate Investment Institute

First National Mortgage Sources

Jan 09, 2008 09:58 AM #4
Rainmaker
386,684
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Pam- Looks pretty reutine. These loss metigation department sometimes change policy and not everyone is up on the changes. Countrywide was good for that in September. Keep at it and be nice!
Jan 09, 2008 03:47 PM #5
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

Hi Barbara-Thanks for the info. We actually had a short sale expert teach at our association. What I'm starting to find is that not all forms fit all lenders, so you just have to ask them what they want.

Lisa-Was this Wells Fargo agent the loan originator or in loss mitigations? Gosh, the arrogence!

Christopher-That's terrible! I have never had a bad experience with them. I realize that this is normal, so I expect to get different responses from different people.

Bill-I could do that but still run into the issue of them not getting it. Good suggestion.

Mark-I knew you would say that! :) Luckily, I am a patient person when it comes to these things. Also it helps that I don't have another agent breathing down my back wanting to know when it's going to happen. I haven't gotten an offer on it yet.

Jan 09, 2008 10:27 PM #6
Ambassador
1,023,687
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation
This is great advice, Pam!  This is a great list of info to get "up front" in this situation -  Thanks for sharing your experience.
Jan 10, 2008 10:55 AM #7
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties
Margaret-I'm happy to share. I get so much here, that I love to give back!
Jan 10, 2008 08:33 PM #8
Rainer
25,060
The All Pro Team
EXIT Realty Leaders - Crystal River, FL

Pam, just to let you know I have a bank I am working with right now that told me it would take 3 days as well.  They have had everything they needed for 8 days and it still has not cleared their system.  Good luck!

Melonie Haag

Jan 11, 2008 07:19 AM #9
Anonymous
Anonymous

Pam, just to let you know i personally have been through the same thing with Wells Fargo Bank.  But i am however trying to purchase a home through a realtor that thought the house was a potential for a short sale.  I put in an offer the end of October and my realtor sent the package to the bank immediately and she and the owner of the home kept calling to followup.  They kept getting the run around about they are reviewing, it would be 3 days, then they haven't had time to look at it, they would let us know status the next day and so forth.....  Then after over a month they said they actually never recv'd it so it was all resent to them again.. Each time they would call they would talk to a different peron each time, you could never talk to the same person or get someones direct phone number.  Finally around Jan 3rd we were notified that a negotiator was indeed reviewing my offer on the home after the owner became almost 3 months behind on his mortgage and refusing to make anymore payments..  The following day on the 4th she sent a BPO out to look at the house and do an appraisel.  Then early part of this week I was notfied by my realtor that they had approved my offer to do a short sale. I had offered about 15,000 off the house appraisal.  And we can close by the end of January.  My realtor had to mail the bank a good faith estimate this week and from what i understand, as soon as the bank signs off on it and gets it back to my realtor we are set to close as planned the end of January.  This has been a very stressful time for me with the wait, but overall i think if i get a good deal like i think i am getting it will be worth it in the end no only to me but for the family that was so close to going into foreclosure.   Well i wish you luck with your transaction and hope your time frame is better...  If you or anyone else would like to email me you can at bjjkb123@yahoo.com     ~Beverly~

Jan 11, 2008 05:57 PM #10
Rainmaker
526,417
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
After you have a successful Wells Fargo closing, ask the negotiator if you may contact him directly for your next short sale.  That is, if you liked him.  Wells Fargo will allow you to do this, rather than going through the entire waiting game again.  Some companies will not allow this, and you have to start at the beginning with each.
Jan 13, 2008 04:19 AM #11
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

Melonie-An agent in my office who does alot of short sales told me that he had one where he had been talking to them for a month or so and they had his authorization on file, but when he talked to someone there recently, she said there wasn't an authorization on file. He hung up and called again and spoke to someone different. They found it!

Beverly-I sent you an email to see how your deal is comng along. I hope you can close at the end of this month. Thank you for stopping by!

Wendy-Thank you for the great tip! I will pass that on to others in my office doing short sales. Thanks again!!!

Jan 13, 2008 04:57 AM #12
Anonymous
Pam Graham
Just wanted to give you an update on my short sale that i put an offer in on the end of October. Finally the offer did get approved. We got the contract back today from Wells Fargo. Surprisingly they are paying most all closing cost on the deal, paying my prepaids such as one year of insurance and the taxes on the home etc/  And i find this strange but they are giving the owner of the house 400.00  I figured after him doing a short sale on his home they wouldn't give him anything...  I've had my home inspection done, tomorrow is termite & house appraisel, and all the utilites will be rolled over in my name tomorrow and we are to close on the deal January 31st at 4:00  Yah i'm excited, this has been a long and drawn out process since October.  I just want to say that this wait has seemed like forever but it will be worth it...  : )
Jan 23, 2008 01:56 PM #13
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

I wanted to say that I didn't write the above comment, it sounds like it was Beverly who stopped by earlier.

Congrats Beverly! I wish you the best of luck! :)

Jan 24, 2008 04:57 AM #14
Rainmaker
121,959
Wendy Smith
Wendy Smith Real Estate - Clearwater, FL
Real Estate Advisor
When I fax a LOA to a lender, I keep it near the fax machine, then fax it again then next day, and the next day until I get a confirmation -that way they can't really give me the 'we didn't get it' routine - it is a bit of extra work but saves time in the long run, (e.g fax, wait 3 days, they didn't get it, fax it, wait 3 days and so on) 
Jan 24, 2008 07:53 AM #15
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties
Wendy-That is smart, a little work up front to save some headaches later.
Jan 25, 2008 12:44 AM #16
Anonymous
Authorization Forms

Articles like this for sure helps people a lot..you have provided your experience with Wells Fargo. the next i feel i don't need to call them for this information, as you have already provided them..thanks for sharing..

 

Aug 02, 2010 06:34 PM #17
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Pam Graham

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