Wells Fargo Short Sales

Comment

Comment by Kent Dills on February 4, 2010 at 8:25pm

Patti, If you've brought in another buyer it could extend things by a couple of days. Normally, if you bring in an offer at better than the required net, you get an answer back within one business day (sometime within hours)!

Comment by Patti Berube on February 4, 2010 at 6:23pm

Hi - I'm doing my first WF short sale & I got a net number back from the negotiator quickly(just over 3 weeks). I also only had 3 days to get a counter back to her, and since my buyer backed out I luckily got another to come on board and get her MORE than her net...so how much longer do you think before I get my letter of lender consent?

Comment by Kent Dills on February 4, 2010 at 2:20pm

Pacita, next time you do a short with Wells Fargo (or any other lender) and you will be paying off the first, don't submit a short sale package to them. You only need to submit a short sale package on the loans that will be taking a discount. :-)

Comment by Pacita C Dimacali on February 4, 2010 at 1:42pm

Dealing with Wells Fargo could be confusing, too. If there are two loans (i.e., one is a home equity loan), there are two separate departments to deal with in terms of short sales.

Best that you call more than once to confirm where to send the package. The first time I called, I was told that one department will handle the short sale for both loans. NOT TRUE!

Sent the package to the number they gave me. Checked weekly for status. Finally had a negotiator assigned But she told me that the offer received was enough to pay off the first loan, so she closed the file with no action taken. Reminded her that we have a second loan and it won't be enough to pay that off, too. Was told to contact another number to negotiate. That second negotiator had more requirements that we need to provide.

Although a bit confusing in the beginning, I'm encouraged that at least I actually get through to a human being by phone and by email. Can't say the same about Bank of America.

Comment by Paula Barrett on January 27, 2010 at 7:44pm

Does wells fargo have a list of items that need to be returned along with the 4 addendums

Comment by Sam Purtle on January 26, 2010 at 7:24pm

Kris - it is always great to have all the loans with Wells Fargo. Your scenario is all too familiar. 1st thing is that the primary lender determines the amount they will allow to the junior lien holders. It would appear that perhaps you do not need to short the 1st. Order a payoff on the 1st and if it close to $200k then no short sale is needed with them. It all comes down to the Net amount offered to the lien holders. If the payoff is 200k and the settlement charges are 30k then you have 20k to work with. I would offer $2500 to the 3rd and the remainder to the 2nd.

Comment by Kris Lindahl on January 25, 2010 at 10:01pm

I have a wells Short sale with 1st, 2nd, and 3rd. Any tips would be helpful. The first is 200k, the 2nd is 100k, and the 3rd is 10k. We will have about 250 to spread between the 3. What is the best way to address the 2nd and 3rd? They are all Wells Fargo.

Comment by Ryan Diedrich on January 18, 2010 at 2:56pm

If every bank did short sales like Wells Fargo, this country would have about 30% less foreclosures...if not more. They are quick and efficient!

Comment by Maya Thomas on January 18, 2010 at 12:56am

I love Wells Fargo!

Comment by Terry L. Osburn on January 13, 2010 at 8:39pm

It really depends on the negotiator and their skills. I have a double Wells going and the 2nd is and has been fabulous.
The first negotiator has been a little less than stellar.

• ‹ Previous
• 1
• 2
• 3
• …
• 17
• Next ›
• Page