After interviewing fellow realtors who are working in the short sale market many agreed that the most unresponsive lender for short sales is Wells Fargo. After working on a short sale for a client who is in trouble with an adjustable mortgage for four months with an offer that for cash from a buyer, all I want is a yes or no so I can move on to the next buyer. It took three months to get a rejection. They never sent a rejection, I found out after daily phone calls for three months seeking information. I have been talking to agents in the business who are working in the short sale arena. I keep hearing great response times from agents working with WaMu. Mixed responses for those working with Countrywide, although more positive than negative but the overall opinion from agents trying to present offers to Wells Fargo is that agents are simply wasting their time.
Wells Fargo according to one of their customer service reps , has hired a group of new employees, whose job is to be polite and only give out very limited information and not allow you to connect to anyone in administration and especially to block all from access to the negotiators who ultimately are the decision makers. In this lousy market I continue to sell homes but after an investor who claims to own 160 homes told me last week that he did have a successful short sale with Wells Fargo but it took a year to close, I have decided that I am not interested in wasting a year with any lender who takes a year to make a decision. Please let me know if you or anyone out there has had a positive experience expecially when the buyer made an offer to close in sixty days or less. If WaMu can get a response for some agents in less than a week, how come Wells Farge took three months. Please share any comments about which lenders it pays to work with based upon your personal experience for those who want to work in the short sale market.
Jim Thornton
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