Comment

Comment by Tammy Davis on October 20, 2010 at 6:38am

Good Morning ~
Just an FYI I want to pass on to everyone. Wachovia is now requiring the sellers to contact them to do a "pre-screening" before they will even acknowledge or review a short sale package. I faxed a short sale package in last Friday and was calling this morning for a status and was informed of this new policy.
Have a great day everyone....go get 'em !

Comment by Laura Marshall on September 25, 2010 at 12:11pm

I just received my Wachovia approval. The property is in foreclosure (CA) and the sale "could be" set on or after October 12. (sale would be held 3 weeks later). My negotiator told me that once they begin processing the short sale paperwork and a date has not been set, they will not set one. If it's already set...then that is that...I guess...close quickly.

Comment by Kylee Roe on August 26, 2010 at 5:49pm

Most of Wachovia loans are portfolio, so Wachovia is the investor. It's a new dance with Wachovia, they're still doing their short sales smoothly, but a few are going to fail here, as we all hustle and re-group. I still applaud them. B of A would never have even told us of the new policy, nor given us a chance to get our jobs done!

Comment by Ben Benita on August 26, 2010 at 5:02pm

I would find out who the Investor is on the note and contact them directly....circumvent Wachovia altogether and see what happens.

Also, check to see if there is mortgage insurance on the note and if so, see what the coverage ration is. With a high coverage ratio, you are facing an uphill battle b/c the Investor not only gets procees at the foreclosure sale, BUT, will also get paid from the MI compay for their losses......

Comment by Jeff Bradshaw on August 26, 2010 at 1:32pm

I just got a call from the CFO's department whom I emailed yesterday and they are very strict with sale date. There is no adjustments. Also if your approval letter is after the sale date they dont care. You also have to close and have the money to them 5 days before the sale date.

Comment by Karyl Moore on August 25, 2010 at 3:28pm

Thanks, Kylie! I will definitely check on that.

Comment by Kylee Roe on August 25, 2010 at 3:21pm

Karyl,
With you on Wachovia being one of the best. BUT...don't rely on the letter date. Per my Wachovia rep, sale dates ARE rigid. I would talk to your rep, and get the sale date moved to be sure you have no surprises! Can't rest at all these days. Wachovia is just clearing their books. I'm sure we won't even be dealing with Wachovia soon enough.

Comment by Karyl Moore on August 25, 2010 at 3:06pm

I got an approval letter today. The Trustee Sale is scheduled for October 6. The approval letter gave us until October 15 to close - so maybe that 'no extensions' policy isn't rigid. That's a 45 day close, too, and most lenders state 30 days. They are giving the Seller $2500 and paying 6% commission. No SS lenders are easy but Wachovia is one of the better ones, IMO.

Comment by DanaVoelzke on August 25, 2010 at 11:42am

I just closed a Wachovia short sale. They allowed the buyer to have a $6,000 building inspection AND a $5,000 incentive to the sellers to cover moving expenses. Wachovia is extremely easy to work with!

Comment by Jeff Bradshaw on August 25, 2010 at 8:24am

This new sales policy sucks. I hope Wachovia chokes on it.

• ‹ Previous
• 1
• …
• 3
• 4
• 5
• 6
• 7
• …
• 11
• Next ›
• Page