HELP :) work for a small office and no one is familiar with the wells fargo short sales let alone the equator system and to top it of...this is my first short sale. I did fax in the third party authoirsation form. and registered on the system....can anyone point me to an online training for this system or in general short sales...I feel totally out my depth here, but trying to help the seller out.
thanks in advance
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Log in to Equater a few times a day. Check your email often. They will not give you details on the email but will prompt you you have a message or a task. Wells Fargo, even in Equator is personality driven. If you get a tough person they will push for docs within 24 hour with Notaries on a shortsale affidavit. Have your seller send you any check stubs and bank statements as they get them.
Give them this list to start:
q Letter of authorization to speak about your account with your mortgage company (attached).
q Information page with: Borrower name, property address, borrower current address (if different), all phone numbers, emails and fax numbers, mortgage account number and social security numbers.
q Letter of Hardship (of owner/borrower) hand written is OK .
q Personal Financial Statement (List of bills/debts including home AND List of income) hand written is OK.
q * Pay check stubs (last 3).
q Completed and signed IRS Form 4506-T Request for Tax Return - requesting the past two years ATTACHED
q 1040 Tax Returns (last 2 years).
q * Bank Statements (all accounts/last 3 months).
ü Copy of Listing Agreement.
ü Copy of Sellers Disclosure.
q Any offers existing.
(* if not available please hand write note stating they do not exist and why)
Additionally download Wells Fargo Financialworksheet.pdf
If this is a HAFA deal there will be additional forms Dodd-Frank, ARASS and others. Go the Wells Fargo area on this site and they will have all the forms. Get your seller to fill out with documents upfront. You will do fine. Call me if you need some coaching through this. 832-867-0835 Tony
HI Kartina,
I hope you found the the answers you've received helpful. I have been working as a Short Sale Coordinator for agents for the last few years. I have worked in Equator with Bank of America, Wells Fargo, & GMAC.
I agree with Brett regarding the HAFA. The best thing to do is call Wells Fargo SS department; 866-903-1053. And make sure that they get the correct docs prior to getting started. It use to be that if the loan was a Fannie or Freddie then you would have to send in the HAFA docs first , getting the borrower qualified for this before initiating in Equator. But I have found that this program can be long and drawn out, however, I have processed Coop SS's & Streamline Coop SS's with ease and with a lot less documentation requests made from the bank.
If you haven't initiated the loan as a short sale in the system yet, other than calling WF, that would be your first step. Then tasks will be assigned to you to upload docs and submit the HUD figures into their form as well as the borrowers financial information.
It is a really great system once you get the hang of it! :)
Melody Najera - California
Melody@SacAreaHomes.com
I have to agree with those that are encouraging you to use a 3rd party negotiator or short sale assistant. The best way to help the seller is to have the sale close. Your chances of closing are greater with help than not. If you have questions about what a 3rd party negotiator does and the typical costs, please feel free to call me. My direct line is 262-573-6309
I will gladly handle it for you and pay you a referral fee at closing. The time for training was way before you took the listing. You would be doing your client a disservice by attempting a short sale and making mistakes at their expense.
Referring your short sales out can be a very effective business model as I do shorts sales exclusively for a few agents and make them look like rock stars. If it's within my MLS area I handle it all, if not I do most of the work except Listing in the MLS and showings. I handle all communications as an "assistant" to the listing agent.
Check with your local Board to see if you need any special training to even handle a short sale. Ask Wells questions. It's in their best interests to close the sale as a short sale, so ask them. You don't have a choice who the negotiator is on their side and hopefully you end up with someone who is communicative and responsive but it not, don't be afraid to go up the ladder to their supervisor.
Since your transaction will be handled via Equator, look for training modules about Equator.
But again... ask questions of the Wells person. IS your client HAFA eligible? Once you've started the short sale process with an offer in hand, you can't turn back and start over to get the HAFA approval. And be sure to let your Seller know that just because you're in the midst of the short sale process, it doesn't stop the foreclosure wheels from turning.
You'll also need to be sure the agent representing the Buyer is on board with everything and is able to educate the Buyer accordingly. Lots of education for everyone in the transaction if everyone is new to the process.
I think Julie is right you can learn to do this and Wells is pretty easy to work with but to protect your seller and yourself I would ask a broker at another brokerage that is short sale saavy if they woud dbe interested in co-listing with you. That way you have a fail safe for your seller. Learning is great and you will probably have to learn this sometime and now is good a time as any but be careful that your seller doesn't have to pay for your education.
Carole
That is what our company does for agents and attorneys. Just let me know if interested/stuck.
Katrina, Not to "pile-on" as someone else put it BUT, if no one in your office has worked a Wells Fargo Short Sale or worked in Equator, you should do what's right for your client and hire a 3rd party negotiator who is licensed in your State to handle it. It will likely cost you 1% but well worth it to have someone else handle these tasks and get your client the approval they need. There's no time left this year to "learn on the job". Also, don't expect the person you hire to teach you how to do it yourself as that would be taking future income away from them.
The MOST important take away is you need to do what is in the best interest of the client - and - providing them the expertise to handle their situation is what's right.
Best of luck,
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