On The Planet of Greed That Wells Fargo Resides on...

By
Real Estate Broker/Owner with Buyers' Choice Realty



I was working short sales even before they became popular.  We used to call them "upside down" sales (you know, where the seller was upside down, meaning that they owed more than the home was worth).  I have done hundreds of short sales with every bank imaginable, but none have been as brutal as the short sales I've done with Wells Fargo.  (See:  "A Short Sale With Wells Fargo is Like Being in an Abusive Relationship"). 

Wells Fargo is the most ruthless establishment that I've ever worked with and due to the horrible way they treat the homeowners who are under water, I have stopped sending them business a long time ago.  As much as I abhore Wells Fargo, others hate them even more.  See:  Wells Fargo Sucks, Wells Fargo is the Devil and other Internet groups and pages that explore just how miserable this bank truly is.   Keep in mind that Wells Fargo was the largest recipient of the bailout money, to the tune of TWENTY FIVE BILLION TAX DOLLARS!!!  In spite of this, Wells Fargo continues to abuse hard working Americans with their shenanigans. 

Here is but the latest example of a Wells Fargo short sale experience:

1. I listed the condo in April of 2012 and got the first buyers within a month or two thereafter.  I 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.  I lost the first buyers because they didn't want to wait anymore.

4. I 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 in the same building.

5. While I was on my European vacation, with limited Internet access, 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.   We put the condo on the market again.  Through some perfect timing and sheer luck, we had multiple offers. The winning buyer offered $5,000 more than the price Wells Fargo 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 planet 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 recently sold for about that price, on the planet of greed that Wells Fargo resides on, Oceanview is better than Oceanfront!

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Ambassador
530,653
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate
Rainer
387,720
John F Muscarella
RIVER FARM PROPERTIES, LLC - Venice, FL
Broker/Owner, Venice, FL, Florida's Suncoast

You have patience in abundance Mirela.  I've always had difficulty with BofA and very little short sales with Wells Fargo.  Must just be their lending in NE vs. FL. 

May 04, 2013 08:04 PM #2
Rainmaker
1,593,132
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance
Mirela, I feel your anger and frustration. Make wine out of this rotting fruit. Rise above it and learn that banks are not on the consumers'' side. Move all your bank accounts out of large conglomerate banks. Use credit unions and small community banks, and write your political representatives objecting to mergers and acquisitions by these monster banks. .
May 04, 2013 08:12 PM #3
Rainmaker
377,695
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

Too bad, I had one short sale with Wells Fargo before they were on Equator. The first short sale negotiator sucked but the next one was great and we closed the deal. Sometimes I think the negotiators are told to counter the transaction no matter what the current price.

May 06, 2013 03:30 PM #4
Rainmaker
1,917,576
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I just went thru a disastrous SS experience( w/ WF ) lasting over 14 months . It's clear from THEIR actions that they had NO intention of ever striking a deal with the SS Buyer !

May 06, 2013 10:17 PM #5
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Mirela Monte

Myrtle Beach Real Estate
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