A Short Sale With Wells Fargo is Like Being in an Abusive Relationship

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Real Estate Broker/Owner with Buyers' Choice Realty

A Short Sale With Wells Fargo is Like Being in an Abusive Relationship

It started innocently enough: filled with good intentions and hope, then it became more and more abusive:

“Give me this, give me that…”

“That’s not good enough…”

“No, I won’t do that!”

“No, you can’t have that!”

“You do exactly as I tell you, or else!”

I would call. I would write. Send emails. Sometimes all my attempts went unanswered. Then, out of the blue, I’d get a phone call, or an email and all of a sudden I was hopeful again.  Then nothing again, but more demands and more abuse.

You know how it goes… Pretty soon, I was constantly in a state of alert, waiting for that next email, waiting on pins and needles for the next demand. Months and months like this. It was torture, I tell you!

This relationship was killing me! Take, take, take and nothing in return, only more abuse.

Finally, I said: That’s it! I’m not doing this anymore! I’m done! I want no more of this!

Then, Wells Fargo approved my Short Sale.

The End.

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Ambassador
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

I think a few Realtors here can identify with this, no?

May 03, 2013 04:31 PM #1
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Mirela - I think sometimes giving up would be more sane, and yet we keep plugging along toward approval.

May 03, 2013 04:57 PM #2
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance
Mirela, until recently and for over 20 years, I had all my banking at Wells Fargo. I finally had enough with this levitaton. Their asset managers and the greed of their daily operations policies took its toll on my satisfaction with this bank. Not to mention how nasty their REO managers are in dealing with Realtors. So long WF!
May 03, 2013 08:23 PM #3
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the approved short sale. I hope the next one will be easier.

May 03, 2013 09:20 PM #4
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I just closed on a Wells Fargo short sale.  In my case, they were a class act.

The listing agent managed it well.  From Jan 21 to April 30 is not unreasonable for a short sale. 

Of course, they countered the price in the contract of sale between the buyer and the seller.  However, my buyer didn't fold and we ended up with our expected final price.

 

May 03, 2013 09:56 PM #5
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Lenn:  Good for you, although, since you weren't the listing agent you have no idea what that agent went through and how many times he/she actually sold the unit before it finally closed.  Your buyers may have been the fifth set of buyers. 

Only the listing agent knows the agony of working with Wells Fargo.  I have one with them right now that I've sold four times and we're yet to close on the fifth set of buyers.  It's brutal.

Here is how it went:

1.  Listed the condo in April of 2012 and got the first buyers shortly thereafter.  Had the short sale package all ready to go, but Wells Fargo only allows you to work through their Equator system.  On the Equator system you are not allowed to upload the entire short sale package.  No, that would be too easy.  Instead, you have to wait until a task is assigned to you.  That way, they can request paperwork piecemeal, so as to string you along for several weeks before you can upload the entire package.

2.  If a task is assigned to you and you don't respond within the designated time (sometimes that window of opportunity is a day or two) and God forbid you have other clients, the short sale is denied and you have to start the whole process from square one all over again.  This happened a few times on this short sale.

3.  Lost the first buyers because they didn't want to wait anymore.

4.  Put the unit back on the market and found the second set of buyers.  Several weeks later we lost those buyers because they didn't want to wait anymore and another lower priced unit became available for sale.

5.  While I was on my European vacation, with limited Internet, I got the third set of buyers.  Cash deal, they were willing to wait for as long as it took.  This was in September 2012.

6.  Having lost all my patience, I hired a negotiator to deal with Wells Fargo, sometime at the end of 2012.  By March 2013, Wells Fargo finally approved the short sale, but they demanded $20,000 more.  The original sales price was $135,000 and Wells Fargo demanded $155,000.  Apparently, the price on comps had gone up during the wait from September to March.  The Buyers wouldn't pay the new price and Wells wouldn't approve the Buyers' counter of $145,000.  Goodbye Buyers number three.

7.  I started marketing the condo again and found a new set of buyers.  Through some perfect timing and sheer luck, we had multiple offers.  The winning buyer offered $5,000 more than the price Wells Fargo had demanded, so, only about a week and a half after Wells Fargo gave us the $155,000 price demand, I sent them an offer that was $5,000 higher than their asking price.  Naturally, I expected a clear approval of the higher offer, especially because it was a cash offer with no contingencies and no special stipulations.

8.  A few days later, so about two weeks after Wells Fargo said they wanted $155,000 for the condo, and after submitting an offer for $160,100, Wells Fargo came back with a new price demand: $169,100.  I submitted comps showing that NO oceanview unit had ever sold for that high of a price and that they were comparing our oceanview unit with Oceanfront units, which were typically selling for considerably more than the oceanview ones.   What was the Wells Fargo response? 

Are you ready for this?  Wells Fargo informed me that Oceanview units sell for more than Oceanfront ones.   Yeah, that's what Wells Fargo believes, because on that special planet that Wells Fargo resides on, Oceanview units sell for more than Oceanfront ones!  What plenet is that, you ask?  The planet of greed!

9.  So, now I am marketing the unit again at the $169,100 Wells Fargo price.  No buyers yet and it's been several weeks.  Never mind that an oceanfront unit sold for about that price, on the planet of greed that Wells Fargo resides on, Oceanview is better than Oceanfront!

May 04, 2013 01:42 PM #6
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Christine:  I agree!  It would be more sane to let it go!

May 04, 2013 02:50 PM #7
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Norman:  "Levitation" is the proper term for this brutal corporation rescued with our tax dollars that is allowed to continue sucking the life out of us!

May 04, 2013 02:52 PM #8
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Gita:  Thanks, but the next one with Wells will most likely be just as brutal.  I talk to other agents in the area and they all agree that doing a short sale with Wells Fargo is a very taxing endeavor.  Some won't even accept a seller client who needs to do a short sale if the bank is Wells Fargo and I am considering taking the same route.

 

 

May 04, 2013 02:55 PM #9
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