Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and a HELOC, both with Wells and haven't done a Wells SS in a while.
Also, is there a document that compares the various banks' short sale time frames? I have one that's a couple of years old.
WF is WAY faster and more efficient than B of A. B of A is all talk and remains a nightmare to deal with. They set up subsidiaries like UTLS and AMO to blame for not getting stuff done. Too bad this mega-banks can't be limited by the MLD as to how many loans they can do!
I agree Jeffrey..Wells Fargo is much easier and more efficient to deal with. B of A can be just as bad now as they were 5 years ago. Depends on the negotiator and that is a complete crap shoot..and that Buyer Substitution 48 hr. PR schtick??? Just that!
I have a "substitute" Buyer deal going right now. When the first one started waffling I lined up a back up offer who had their loan in place and could have CLOSED by the date assigned to the original Buyer. Been 75 days so far beyond that COE date! Even thought the replacement buyer meet all the terms of the last Buyer and could have closed on the transaction. Now B of A wants a new appraisal, new Seller paystubs, bank stmnts, etc.
With B of A.... DON"T BELIEVE THE HYPE! My opinion... B of A needs to be chopped up into regions. Ever hear the saying "too big to fail?" B of A is too big to survive! They are the epitomy of inefficiency. Only more disfuctional entity is Congress!
OMG. I have a totally opposite opinion. Since WF went on Equator, I think they've been a nightmare. I've had the same file in "APPROVAL" for over 3.5 weeks and the negotiator just keeps saying the same thing that it's off with the investor. I started this file in OCTOBER. I have a BOA loan I submitted in the second week of January and by the second week of February had an approval on. I like BOA all around SOOOO much more than WF. WF just sits on paperwork, doesn't respond, then needs updated paperwork because THEY haven't moved the file along.
Hello everyone, thank you for your comments. I welcome more comments; these are very helpful. -Sue
Wow. And you've had DIFFERENT results from B ofA?? I have a file on my desk NOW that was HAFA approved back in August that I've been calling on with a CASH offer since October. This is Buyer # 4, file is 2 years old and FAR from the record holder for staying in my drawer. I've easily had 6-8 files that have surpassed the 2 year mark with B of A.
One story after another..."talk to AMO" "it's with the Investor", "there's an open task on the bank side"... yada, yada. The amusing thing to me is how they always tell you about the Agent module of their website to make things go smoother. Lol.
My suggestion: have your Seller request WF to identify the investor (as they will NOT respond to us agents, but are required to if the borrower asks.) Once you have the investor info, they'll be considerably more responsive.
Good luck. Hope that helps?
I've only had one substitute buyer with a BAC short, and it took 6 weeks for the new approval. I was giving the listing suggestions along the way for rattling the cage. Wasn't too bad. But I agree the substitute buyer thing has a long way to go. I am not sure what part of the process they are shortening. They may only be moving the files farther away from the back burner.
In my experiences, and I know all of us on here have different experiences.... B of A wins hands down for fast approvals and definitely for knowing how to work Equator. I won't even DARE to submit a short sale in equator with Wells...much faster the old fashioned way with them. I WILL say that ALL other banks are faster than B of A when u need to substitute another buyer after first buyer has walked. As much as B of A has tried to make that process go faster, it is still not fast enough.
They do what's called a soft decline, which is starting over, without really starting over.... REALLY? lol
It still takes a couple of wks to get back to where you were with your prior buyer prior to them walking....duh....
I wish they'd fix this, for they are just getting in their own way and allowing another delinquent owner to stay in the property longer and not pay and cause more impatient buyers to walk AGAIN..forcing the process all over again.
Wells Fargo is much faster than BofA. Although lately I seem to be fighting inflated BPO's from Wells. I had an approval from them in December for $92,000 and then in January with substitute buyer they won't go lower than $112,000 and it was the same vendor who conducted the BPO both times. What is up with that? Properties don't increase like that in 30 days (BPO was done in November but counter was given in December). But still was able to get approval in 40 days vs 4 months with BofA. BofA files just seem to be ignored and task expire without being addressed.
Most recent experience is BofA about the same as they have been for the past year or so - fairly good as long as it's an Equator transaction.
WF - now that they've gone to Equator they are horrific. And, WF HELOC (cannot be done through equator) is worse.
I was excited when I started working on two new WF files late last year thinking it would be like it was two years ago and finish in 37 days.. Now, not so excited - in fact they are two of the worst experiences I've ever had.
just my .02
Actually Wells Fargo HELOC's have been much easier and faster than the first's in my opinion. Isn't it amazing how some people have vastly different experiences....opinions... ?
I have one Well's short sale that is going on 1 year and the second buyer, 5th negotiator :-(. I call twice a week and so does the home owner. I have escalated the file, basically I have done everything I know to do short of driving to the short sale department and sitting on somebody's desk. I submitted the last offer on Dec 12, 2011 and am very afraid I am about to lose this buyer too. From my experience with Well's, they have a terrible manual system (for some reason they would not let me do this one on Equator).
On the other hand I have closed 2 BAC short sales in the last month and have 3 more working, all on Equator, all going fabulously well.
So reading all the emails on this thread, it really must be a case by case basis, or maybe regional?