Designated Agent for Wells Fargo?
Hi Everyone,
I received a call yesterday from a potential client looking to do a short sale. I asked him a few qualifying questions and then asked him about his lender. He said it was Wells and that he had talked to them about doing a short sale. He also told me that the representative he spoke to offered to refer him to their designated agent.
Has anyone else heard about Wells having designated agents?
I received a call yesterday from a potential client looking to do a short sale. I asked him a few qualifying questions and then asked him about his lender. He said it was Wells and that he had talked to them about doing a short sale. He also told me that the representative he spoke to offered to refer him to their designated agent.
Has anyone else heard about Wells having designated agents?
Replies to This Discussion
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Permalink Reply by Evelyn Broxterman on
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Yes, I have experienced that myself and do not know how to become a designated agent with WF!!! Wish I did!!!
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Permalink Reply by Ben Benita on
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I would guess it is for cleints who are VERY late on payments perhaps.......have never heard that term used, likely just another name for "ding-dongs-at-the-banks"!!!
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Permalink Reply by Alan Remigio on
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Wells does have a program that is still in its infancy that pretty much is a referral service similar to their REO dept. The difference between the two is Wells owns the property if it's an REO. I believe they are treading very carefully here because the three parties involved (seller, lender, buyer) have opposite economic interests and the lender is never an owner of properties in pre-foreclosure. Very gray area that should stay gray, or even non-existent, listing agents. Think about it carefully. You do not want to set a precedent here. Lenders are not owners until DIL or foreclosure occurs. You will never see a lender sign any documents in a short sale other than the release of lien AFTER short sale is closed. Once we all understand the seller has a lot more influence on the sale then we realize, we'll all close more.
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Not sure I follow all of Alan's commnets (I do not claim to be the brightest bulb), but, it would make sense if they use the term "designated agent" for Wells Fargo loans where Wells is BOTH the "Servicer" and the "Investor"...they may have designated agents for short sales involving their own properties?
I will send an e-mail to a few persons I know at Wells and report back. -
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Permalink Reply by Dianne Hicks on
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My most recent Wells had this. He said if he was not under contract with a listing agent they would assign one to him. They are pushing for an agent they want to list it. So... what does that mean, agent is a little less obligated to the seller and more to the bank?
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