Wells Fargo Short Sales

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Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)

This group is for information, tips and solutions for Wells Fargo short sales.

Members: 1435
Latest Activity: Jan 6

Wells Fargo Short Sale Information

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Wells Fargo Short Sale Info and Items Needed

Wells Fargo Short Sale Dept 1-866-903-1053    (see below for ASC forms)
Short Sale FAX 1-866-969-0103
Letter of Authorization Fax 1-866-917-1877

Mortgage Servicing 1-877-841-5301.

Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821

Third Party Authorization: 866-917-1877 (fax)
Fax: 866-834-7850 or 866-834-7949

Email format [email protected]
OR [email protected]

ESCALATION DEPARTMENT 866-605-0829

Wells Fargo Executive Offices:  800-853-8516

Discussion Forum

Denying Buyer

Started by Susana Nunez. Last reply by Cami Pinsak Oct 26, 2017. 10 Replies

Escalation

Started by Steven Jackson. Last reply by Ben Benita Oct 18, 2017. 2 Replies

Comment Wall

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Comment by Susana on October 28, 2016 at 11:08am

@Helena no I'm not dual agent. I will have my seller call WF directly in hopes they can give him  more detailed answer as to the denial. They countered and the buyer accepted the full counter offer. I am waiting for executive office to call me they were going to investigating why its been denied. The seller's hardship is valid he is currently unemployed.

Comment by Susana on October 28, 2016 at 11:03am

@brett yes they took out a claim, the work wasn't completed. I was just informed that the insurance issued another check but seller never cashed or sent to WF. Would this cause them from denying the SS?

Comment by Aida Gonzalez on October 28, 2016 at 9:30am

I have 2 questions @ susana. does seller qualify financially for the short sale? the other question is. Is buyer related to the seller? find out, if yes, none lender will approve it.

Comment by Helena Kaucheck on October 28, 2016 at 9:16am

@susana are you a dual agent for both buyer and seller?  It seems strange that WF won't elaborate on the reason.  Would your Seller be opposed to call WF directly and find out why they were denied?  I've run into cases where the servicer will not disclose all the info to me but will for the borrower (Seller).  When you get someone from the Executive office I would make sure they know about your conversation with the investor -- including the name of the person you spoke with.  If all else fails, I've directly worked with the investor in the past to try and push the servicer towards a clear denial or an approval via the investor.  I've never run into a situation where there was such a vague reason.  Generally, a denial of the buyer's offer is due to contract price but as it relates to the Lender's requirement of net.  On the Seller's side I usually see it's due to some inability to support or approve the "hardship" during the review.  In the last couple of years, denials came in because the value of the home (lender's values) show the house may be what the loan balance reflects, - thereby denying/countering a short sale by providing a decision on a price that was far above market to see their loan value realized.   If it's the buyer then I normally see a counter.  Wonder if there's MI on the property and that is who is not approving or the file is not meeting their standards. 

Comment by Brett Goldsmith on October 28, 2016 at 9:15am

Did they take out a claim? Sometimes a lack of a claim could be an issue.

Comment by Susana on October 28, 2016 at 8:57am

@ brett & @paula yes its an arms length transaction and they didn't request an affidavit. No title issues ... Its a Sandy home and the seller was dealing with insurance issues with WF, besides that I am not aware of any issues the seller had with WF.

Comment by Brett Goldsmith on October 28, 2016 at 8:46am

@susana I'm assuming you meant it is an arms length transaction.

Is there any weird title stuff going on? Does the seller have a long history of dealings with this servicer? I've seen only a few times where it's the seller and there's generally no getting around that.

Comment by Paula Bachman on October 28, 2016 at 8:45am

Just to be clear, you have buyers who cannot sign an arm's length affidavit?

Comment by Susana on October 28, 2016 at 8:42am

@brett its not an arms length transaction. My first buyer was denied for the same reason then they asked me to get a new buyer and also denied for the same reason.

@paula he was approved HAFA

Comment by Paula Bachman on October 28, 2016 at 8:37am

Are they denying the sellers a short sale?  If the sellers qualify for a short sale, perhaps there is an issue with the buyer.

 

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