WFB no longer granting extensions for short sales NOR postponing Trustee Sales!
RECEIVED this note from negotiator in an email today:
If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.
Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close.
Please let me know if you have any questions! Thank you!
Replies to This Discussion
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Permalink Reply by Paul Francis - Vegas Short Sales on
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Interesting... my contact at Wells Fargo said that the new policy for Fannie Mae owned loans is one postponement of the Trustee sale and that's it.
His advice to me was to make sure we have solid buyers from here on out.
He said that this policy was for Fannie Mae owned loans they service...
This was from talking to him last Friday. -
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Permalink Reply by Bryant Tutas on
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Nothing like making our jobs just a little bit more difficult! This is just another reason why banks should not be in real estate. They truly don't get it. They live in a world where everything is black and white where we all no in real estate you have to be flexible. Now what they could do is give us an approved price before we place the property on the market and then give 45 days to close once we find a buyer. I would then have no issue with the no extension rule.
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Bryant Tutas said:Nothing like making our jobs just a little bit more difficult! This is just another reason why banks should not be in real estate. They truly don't get it. They live in a world where everything is black and white where we all no in real estate you have to be flexible. Now what they could do is give us an approved price before we place the property on the market and then give 45 days to close once we find a buyer. I would then have no issue with the no extension rule.
Giving us an approved price before we place the property on the market and then 45 days to Close once we found a buyer would make too much sense.
I wonder how many hours (money) they could save if they dumped the Debt Collector games / attitudes...
Precisely why my Mother is no longer in Banking after 40 years... Common sense was thrown out the window. -
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Permalink Reply by Kyle Souza on
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Interesting considering WF and BAC have a hard time closing loans for buyers in 45 days. And how about the can't foreclose on property while under HAFA review either.
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Permalink Reply by Wendy Rulnick on
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That is insane. Or the file will be "removed". What a waste. Removed only to be resubmitted and cost everyone time and money.
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Permalink Reply by Jeff Payne on
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Don't get too up in arms about this, it is not a Wells Fargo policy for all of their short sales. We spoke with the short sale department head on Wednesday and she informed us that this is for certain investors and Fannie Mae is one of them. It does not cover all Wells Fargo short sales.
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