It's ALL in the Processing

Real Estate Broker/Owner with Missy Caulk TEAM

BingI have had a "short sale" on the market since September. In December I found the sweet spot for listing price and got 3 offers. Followed the instructions to a T and submitted the offers.

Right away, Wells Fargo sent out 2 Realtors to get 2 BPO's (Broker Price Opinions)completed.

They were going to work with the best offer and told me not to send over anymore offers unless they were better.

The processor was fabulous, she emailed us right away, called me once a week to give me updates, I was thrilled.

The buyer agent who brought the offer was a part time agent out of area. Wells Fargo asked for one more document and they needed it by Monday. All weekend beginning Friday we told the buyer agent to get the document to us by Sunday. Colleen ( my assistant ) and I called him throughout the weekend to get it to us.

Sure enough on Monday morning the processor from Wells Fargo called me at 8:30 AM. I had to tell her that I didn't have the one document back. She told me she had to delete the file. On Tuesday morning the document came. We sent it over to Wells anyway, but when we called to follow up they said the file was closed and they were starting over.

The agents excuse was the buyer didn't come to work on Monday. I told him well, "We told you it had to be here by Monday so you should have gone to pick it up over the weekend."

I got another offer a few days later. We again followed all the instructions to a T, and sent all 44 pages over to them. Because the BPO's had been completed, we felt it would go quicker.

NOT !!!

Call usI received another request for a another BPO and was told there was a RUSH on it. Five minutes later the agent called and we gave him the code to get in and he went out the next day. This was 2 weeks ago today. We still have not heard from Wells Fargo. We have made numerous calls to them and the processor will NOT CALL us back.

I called the agent who did the BPO and he said he turned the appraisal in over a week ago. This time the BPO is 70K less than the first two which were done in December.

When we told him WHO the processor was this time, he laughed, "good luck" he said, "she is terrible".

We have complained twice now to the people that answer the phone at Wells Fargo, told them how efficient the first processor was and how now 2 weeks later have not heard a word from the second processor. They have informed us that unless the current process violates company policy they can not switch us.

Is this frustrating or what?

Anyone have any advice on what to do?

Things went so smooth with the first processor that I just can't believe it is going this way this time.


Posted by


Missy Caulk, Ann Arbor Realtor

Missy Caulk, Broker/Owner of Savvy Realty Group can be reached at 734-926-9797 or email:

Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

TLW, just copy and paste. I don't know but I am going to try to get in touch with someone higher up on Monday.

Lizette, usually the first one works it out with second one so it doesn't go into foreclosure.

Robin, same thing we me we had an offer for 99,000. on a condo. They said no, now on the market 9 months later at 68K. Smart. real smart.

Cathy, Josh? Been waiting over a year on a lake lot, the listing agent tells us weekly they are getting it but don't have it. I know they are waiting the 6 months redemption period in Mi.

Elizabeth,  I hope we don't resort to that.


Feb 01, 2009 11:09 AM
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Missy - I have have to work with wells fargo, I'll expect the worst.

Feb 01, 2009 01:23 PM
Yonas Woldu

Short Sales Can be very furstraiting, The banks should understand, the effecincey of selling short sales will help our economy as well as our banks.

Lets keep working to make this econmy better.

Feb 01, 2009 03:51 PM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Missy, I would give you some advice if I had a clue what to say! If the lender knew what this asset manager was doing there would be he&^ to pay! But, we are at their mercy. Good luck and let us know what happens with this lady (speaking loosely).

Later in the rain~Deb

Feb 01, 2009 04:27 PM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Missy, simply AMAZING, isn't it!  And we wonder WHY these banks are losing so much money and need our tax dollars for a bailout!  INCREDIBLE.  MIND-BOGGLING. 

Join my new AR group and post your blog at

Regina P. Brown

Feb 01, 2009 04:34 PM
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Missy, I feel your pain. I have had my issues with the Short Sales and how inefficient they are dealing with them...NOT

I too had an offer in October sent it in along with all the necessary paperwork. Last week the buyers found something else and this week IndyMac Bank called and suddenly wanted to do business.

A little too long and a little too late. Now, I'll have to start a square one again and i noticed that they put a pre-foreclosure status on that one.

It's really too bad that we all have to deal with such incompetence. IF you find a wonderful secret, please write a blog in bold with the secret on how to get these banks to do their job!

Feb 01, 2009 04:53 PM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Wow....I would be wanting to annialate that first Agent that didn't get the paper back on time.  Yea, I know it doens't do anyting for your current situation....but you wouldn't even have this situation if the Agent had more tenacity.

Feb 01, 2009 06:26 PM
Chuck Willman
Chuck Willman - Alpine, UT

I have found that, with short sales at least, it's best to be persistent and try not to apply logic to the process... they rarely make sense. (ok... that second part was more sarcastic than helpful.) I'm waiting for the day of the "pre-approved short sale price."

Feb 02, 2009 01:52 AM
Julie Ferenzi
john greene Realtor - Plainfield, IL
Julie Ferenzi

I've worked with Wells Fargo before and it was a constant headache.  I don't do my own short sales anymore because of the time involved.

On the other hand, I would never turn them over to just anybody...  I work with a mortgage broker who I have invested with in the past, and he works using an automatic notification system that keeps all parties in the loop as he negotiates the sale.  I still get my commission, the house still gets sold, AND I saved myself lots and lots of time.  I agree though Wells Fargo has some really aggrevating employees on staff, which is really unbelievable because they do get paid bonuses when a file closes. I guess this particular person doesn't need the money? 


Feb 02, 2009 03:48 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

It is a terrible shame that it's all in the hands of what ever processor the file ends up on the desk of.  I find we have the same problem with the processor of our bank owned properties.  Sometimes we get a great one and get an answer immediately and then sometimes we wait for weeks.  How do these people keep their jobs?

Feb 02, 2009 05:43 AM
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

So frustrating...I hope you get this one together eventually...without further trauma! :)

Feb 02, 2009 07:07 AM
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Missy-SS madness, I'm telling ya, somethings got to change! It's enough to make you go bonkers! I hope you sort it all out soon!

Feb 02, 2009 07:46 AM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Missy...I'm in the midst of writing my first short sale contract.  Woe is me!


Feb 02, 2009 10:58 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

This kind of stuff makes me crazy!  Good luck with this one!

Feb 02, 2009 01:02 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Well, Missy, sounds like Countrywide has a competitor for the 'worst bank to deal with' reputation. It is insane to close a file for lack of one piece of paper. Think of the hundreds or more dollars that went down the drain. I go straight to the top, to the President's office when people are incompetent. Last summer we held off a sale at the courthouse steps by going to the top at SunTrust until we could get the loan through. Sounds like Barb will be able to help and Lonn's idea is hysterical!

Another thing is - our Congressmen need to hear about this sort of nonsense. This is very poor Business 101.

Feb 02, 2009 03:12 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

frustrated  Missy... just making my rounds now... lol   Seriously though, this is just not called for. I am having some issues with loan officers in Florida that have ruined a few borrowers lives... these people should just be lined up and shot. I guess this proves that some people just don't take pride in their job. Sorry that I have no suggestions, except those that might land me in jail.. And yes, I am dead serious... hey, I am okay when people make a legitimate mistake... but when they are lazy or purposely lie, etc, etc... just not acceptable.  good luck with this.

Jeff Belonger

Feb 02, 2009 03:20 PM
Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

We have been waiting for over a month for approval for 2 short sales - one with CW, one with Chase.  We don't even have a short sale negotiator assigned.

The banks need to get with it - this is insane. The buyers we have are too few and there is just no excuse for this approach.

Feb 06, 2009 06:34 AM
Kent Simpson
Realty One Group Mountain Desert - Tucson, AZ
Real Estate Is About People

I've had & heard of other issues with Wells Fargo & getting anything done in a timely manner...LSR's, submittal to underwriting, name it!  The buzz going around our community is that Wells Fargo is harder to deal with than Countrywide (and I didn't think that was possible!) LOL

Feb 06, 2009 12:07 PM
Stephanie Lim
Lim Team with Keller Williams Realty Jacksonville - Jacksonville, FL

I have had good luck with Wells Fargo until a current short sale.  We submitted our complete package on an FHA short sale two days before HUD changed the rules.  They had the complete loss mitigation file for two months, last week we were told by the person on the front lines that it was approved and we needed to have the sellers sign and send back a fax.  After days of calling to try to get them to actually send a fax, they just yesterday sent us an approval for the seller to participate in the new PFS program with an inflated sales price that is 15k over the three most recent sales and requiring a net that exceeds our offer.  The buyer has at least 6 more active listings to chose from for less than that price.  We followed the prior HUD PFS guidelines to the T.  Now the negotiator is trying to use the 88% net that is outlined for when the home is on the market less than 30 days, and it was on the market 95 days before we could get an offer, making the new 84% ratio apply.  With a correct appraisal, our offer would net them more than the 84% so we would still meet the new guidelines.  We are on our second loss mitigator and can not get him on the phone to have a discussion.  Remember, this is after having the complete file (nothing missing!!!) for two months.  Our prior ones with WF closed in less time than this.  I definitely think it comes down to the negotiator assigned.  This one is terrible.  Our last one was awesome.

Feb 16, 2009 10:44 PM


Why we don't do something about this situation.

Below is my proposal. Do you want improve it? Give me feedback! Copy and mail e-mail to anybody you know. If we do not push the issue we are facing situations where even eqipped with number of ready, able and willing buyers we will not able close transactions for long, long time.

Saturday, February 07, 2009 Senator Dick Durbin U.S. Senate 309 Hart Senate Office Building Washington, DC 20510-0001

Subject: Reviving the real estate market must include provision to force banks to dispose of repossessed real property in timely manner.

Dear Senator Durbin, As practicing real estate agent I can report that selling real property in market dominated by banks disposing out their repossessed homes become absolutely nightmare due to lack of timely response from most of the banks. Buying real estate becomes something close to lotto game. We never know if we going receive an answer to an offer. We are waiting for simple “yes” or “no” several months, sometimes not receiving any answer to an offer at all. “Short Sale” is becoming something to avoid by most buyers since even Full price offers are not being accepted or refused for several months and very often homes are foreclosed regardless of waiting ready and willing buyer. Foreclosed regardless of several offers waiting to be accepted. Already foreclosed homes often face similar fate with offers not being accepted or refused for months, counter offers higher than listing asking price and similar nonsense. 1) Apparently in addition to banks inability to streamline the process the biggest problem is responsible bank employee motivation not to risk their regular paycheck when accepting an offer. Next problem is: 2) Complete lack of transparency in bidding process. Real estate agents hired by banks to sell “REO” properties keep the properties advertised (listed on MLS) as “active listings” regardless of number of offers already received. They know that “bank approval process” takes months and number of buyers is their insurance to have still interested buyers lined up in very likely case that patience of some of them will run out. This is practical remedy but not up to rules and regulation of MLS. (Multiple listing services) (For example house on 3055 N Oak Park Ave, Chicago, 60634 MLS #: 07032471 where the agent in answer to my inquiry about submitted by my client offer said that currently this is the highest offer($205k). The previous highest was $240k but the client run out of patience waiting for Countrywide to approve) Lack of transparency in bidding process gives opportunity for unscrupulous agent to pick and choose offers submitted to the bank and this way manipulate property value. I have no intention to describe in this short letters all problems related to bank procrastination. They are significant. There is very simple remedy to improve whole situation. As Real Estate Agent I would like to propose. A) Require “selling agents” to register offers submitted by their clients on line and have them attached to the MLS information of the property. (the information listed could be just indication that an offer exist and name of selling agent ) This would allow clear oversight for all parties interested, and would eliminate possibility of price manipulation by “listing agents” (representing seller) not submitting all offers to the owner. B) Require banks to answer to an offer in certain time frame (no longer than 30 days from the date of the offer) and automatically accept highest offers if the match the asking price or are in (for example) $5-$10k range below asking price, or pay fine - face automatic removal of the listing from the market. We need to address the problem in effective professional fashion. This would insure that number of foreclosed properties will not stay for months on the market dampening other property values. Current situation is intolerable.

Feb 23, 2009 01:40 AM