A Wells Fargo Short Sale Fund Wire and its Return to Title

By
Real Estate Agent with RE/MAX Gold DRE #00697006

wells fargo short saleIt's like Wells Fargo burped and threw up fund wires. A bunch of Wells Fargo short sale fund wires yesterday were returned to a local Sacramento title company. It's sort of been trickling in throughout the week. I couldn't figure out what was going on. After all, it's not like we haven't been closing Wells Fargo short sales left and right for a long time. Why would there be a glitch in the system of all a sudden?

A while ago, Wells Fargo changed how it was issuing its short sale approval letters. It used to just issue the approval letter, but now it sends an initial approval letter with a final short sale approval letter at a later date. Constantly tweaking and updating its short sale approval process, I suppose, like any good corporation, being efficient increases revenue. But yesterday two of my Sacramento short sales had the funding wire returned.

Read more about a Wells Fargo Short Sale and its return of short sale fund wires.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Mortgage / Finance
Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Lyon Realtors
Diary of a Realtor
Tags:
wells fargo short sale
sacramento short sale agent
short sale approval letters
funding wire
wells fargo fund wire

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Rainmaker
723,229
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Elizabeth, In almost every instance where a process is implemented to inprove the efficiency for the Lender, every down stream participant in  gets to suck it up with a disruption of their process, usually without warning. Also one party can take forever to take action, but everybody else needs to respond quickly.

Aug 18, 2012 12:44 AM #1
Rainer
234,697
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

We certainly depend on the banks processes to work and lots of issues when the don't - I am sure that Title got it figured out. Regards Dave

Aug 18, 2012 12:59 AM #2
Rainer
218,050
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Wells Fargo is also messing with their approval letters with regards to the defiency removal lingo..don't like it here in Palm Springs Valley!

 

Aug 18, 2012 01:10 AM #3
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hey Kimberley: I don't know what you mean. In California, Wells Fargo does not demand a deficiency in a short sale approval letter. Maybe somebody at Wells Fargo made a mistake?

Aug 18, 2012 01:14 AM #4
Ambassador
2,135,080
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I've had that happen a couple times, usually it takes a couple days and some additional signatures to get closed, but it should work out. I just wish they had things figured out the first time rather than wasting everyone's time with errors like this.

Aug 18, 2012 03:43 AM #5
Ambassador
1,229,656
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I have had fund problems with Wells Fargo in the past, and it is frustrating to think you deal is closed and then to learn otherwise.

Aug 18, 2012 04:17 AM #6
Rainmaker
2,535,671
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

It sounds like Wells Fargo changed procedure in one department, and it pinched another department in the process.  I hope they remedy the problem this coming week and they close successfully!  If anyone can make it happen, it will be you!

Aug 18, 2012 12:02 PM #7
Rainmaker
2,911,322
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth and the saga continues with another large corporation.  When they try and change thing to make it easier sometimes it turns on them time will tell and we'll see

Aug 18, 2012 08:00 PM #8
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