How do I get my seller to obtain $5,000 with Wachovia...

Hello, 

 

I have heard the wonders of Wachovia, but amazingly I've never had one with them.  I have closed tons of short sales, but unfortunately none with WAchovia.

I am ready to list the property and I would like to know who to contact or to know if that is an standard process.

 

Any Help will be appreciated.  Thanks!

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Permalink Reply by Julie Cendejas on June 7, 2011 at 7:17am

Hi there 

Wachovia has been the BEST lender in my experience. My sellers called and talked to them directly - they 'interviewed' them on the phone and took their financial info then and there. I did have a LOA letter so I could speak to them - but once I had the offer - I submitted it to the bank and got an answer in 6 days - a FULL approval letter. 

I wish all banks had it together as they were! 

Hope I answered your question

Julie

 

Permalink Reply by Enrique Vasquez-Plaza on June 7, 2011 at 7:33am

thanks Julie!

I just contacted a WAchovia Manager I had in an old email.  She was very helpful and told me she would meet with my client and I at the property and we will start from there.  In the meantime I am gathering all the info. he asked me for. 

 

 

Permalink Reply by Eric Mieles on June 7, 2011 at 3:59pm
There should be an area manager assigned to your area. They will se if the loan qualifies for the fast track program. If it does you can market the property with certain verbiage and the confidence you can close quick. Once you get an offer you submit autho letter, purchase agreement, HUD and fast track form. That's it.

Good luck
Permalink Reply by Julie Cendejas on June 8, 2011 at 3:55am

Harry - Very ironic and I do see your point. I was speaking strictly on a matter of being a bank that made things easier than the rest, (from an agents point of view at least). My sellers were very happy with the whole process too of course - and happy that a decision was made so quickly. All parties were a little surprised at how quickly they accepted. 

I think it is interesting to note as you did that Wells and Wachovia are vastly different when it comes to doing short sales and their process.  

I personally think it's sad that a lot of the success of whether a short sale will be approved or not tends to hang on who the lien holder is and/or what negotiator you happen to get within their system. 

 

Permalink Reply by Bryant Tutas on June 12, 2011 at 1:28am
Let's place this in the newsletter today and see what kind of responses we can get
Permalink Reply by Roger D. Cummings on June 12, 2011 at 5:50am

Enrique,

              I have closed several World/Wachovia short sales and they are much more streamlined than any other process I have come across (including HAFA).  Not all states have designated short sale managers but fortunately California is one of them.  I'm not sure who handles your area but I can give you our manager for Santa Clara County, Kay Maurer @ 408-761-4454 or [email protected].  I'm sure that she can help you find someone to help and best of luck with your transaction!

 

-Roger

Permalink Reply by Karen Roberts on June 15, 2011 at 2:39pm

We are told that the documentation from old WAMU loan files are lost.  WAMU or Wells Fargo is not being nice.  They would rather pay a homeowner $25,000 to $35,000 to get out of the house, than allow the homeowner to stay in the home for life because they cant produce any of the paperwork, not the note, not anything. 

Permalink Reply by Karen Roberts on June 15, 2011 at 2:40pm
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Permalink Reply by Karen Roberts on June 15, 2011 at 2:40pm
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Permalink Reply by Enrique Vasquez-Plaza on June 21, 2011 at 12:00pm

Great!

thank you very much to all of you.  Well, I contacted the Field Manager on June 7th.  Just met with her on Jun 20th and presented a good offer, that she said "matched the BPO".  so we should be getting an approval next week!  For now, we are only waiting on WAchovia call to borrower to opt out from HAFA.  Hafa can pay borrower 3K, but traditional pays the same, and no hardship documentation is required.  Hardship is approved on the meeting by manager and its so simple.  

 

IMPORTANT: Field Manager told me that WAchovia no longer promises 5K.  Instead, they promise 3K for relocation assistance, but manager told me on first conversation she would try to get me 4K.  On meeting day, I arrived with 2 huds (one showing 3K, and another showing 4K) After listening to borrower's hardship, she told me to make new HUD for 5K.  Great!!!  

 

We will see!

Thanks to all!

Permalink Reply by Enrique Vasquez-Plaza on June 21, 2011 at 12:02pm

Thanks Roger! I will keep it in mind!

Good luck to you my friend!

Roger D. Cummings said:

Enrique,

              I have closed several World/Wachovia short sales and they are much more streamlined than any other process I have come across (including HAFA).  Not all states have designated short sale managers but fortunately California is one of them.  I'm not sure who handles your area but I can give you our manager for Santa Clara County, Kay Maurer @ 408-761-4454 or [email protected].  I'm sure that she can help you find someone to help and best of luck with your transaction!

 

-Roger

Permalink Reply by Eric Mieles on June 21, 2011 at 1:48pm
Great job. Way to go. I just closed one last week and have another in the pipeline. Love it!!

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